Explain various types of products.
Explain various types of products.
Products may be classified as follows:
(i) Consumer products: These products are meant for final consumption and are not meant for further use.Consumer products are of three types:
(a) Convenience goods: These goods are purchased frequently and with minimum efforts.They are meant for personal consumption. Newspapers,cigarettes,toothpaste,soaps,tea,etc,are examples of convenience products.
(b) Shopping products: These products are purchased after a comparative analysis of quality, price, warranty,etc,of various competitive bands available in the market. Furniture, cloth,TV, fridge, washing machine, scooters, cars are all examples of shopping products.
(c) Specially products: These products are purchased with special efforts. Antique jewellery, designer clothes,etc are examples of specialty products.
(ii) Industrial products: These products are purchased for use in the competition of other goods.Raw materials, components and machinery are all industrial products.
Products may be classified as follows:
(i) Consumer products: These products are meant for final consumption and are not meant for further use.Consumer products are of three types:
(a) Convenience goods: These goods are purchased frequently and with minimum efforts.They are meant for personal consumption. Newspapers,cigarettes,toothpaste,soaps,tea,etc,are examples of convenience products.
(b) Shopping products: These products are purchased after a comparative analysis of quality, price, warranty,etc,of various competitive bands available in the market. Furniture, cloth,TV, fridge, washing machine, scooters, cars are all examples of shopping products.
(c) Specially products: These products are purchased with special efforts. Antique jewellery, designer clothes,etc are examples of specialty products.
(ii) Industrial products: These products are purchased for use in the competition of other goods.Raw materials, components and machinery are all industrial products.
