Which type of munition is characterized by having a designed impact point and a guidance system?

The type of munition characterized by having a designed impact point and a guidance system is guided missiles. Guided missiles are specifically engineered to home in on a target using various guidance technologies, such as GPS, laser, or inertial navigation systems. This allows them to strike with high accuracy, significantly increasing their effectiveness compared to unguided munitions.

In contrast, conventional explosives refer to a broad category of non-guided munitions that rely purely on their explosive power rather than a targeted guidance system. Bombs can vary widely, but the term often refers to unguided types that are dropped from aircraft without precision targeting capability. Demilitarized munitions are no longer usable for combat purposes and therefore lack any active targeting or explosive capabilities. Thus, guided missiles are distinct in their advanced technology and intended precision, aligning perfectly with the characteristics described in the question.