Products & services can be divided into two classes . These're-
1. Consumer products;
2. Industrial products.
Product also includes many marketable entities like experiences , organizations , persons, places & ideas.
Consumer products:
Products & services which are bought by final consumers for personal consumption that called consumer products. Consumer products also have many categories like-
1. Convenience product: A product that consumers buy frequently , immediately & minimal comparison & buying effort that is called convenience product. For example: detergent, toothpaste , soap , shampoo, oil ,salt etc.
2. Shopping product: Products that are purchased by consumers through selecting & purchasing process usually compares in such attributes as suitability, quality ,price & style. For example: cars, mobiles , clothing, furnishes etc.
3. Specialty producy: Products which have unique characteristics & strong brand value having a significant group of buyers are willing to make a special purchase effort. For example: designer clothes, specific brand cars, gourmet foods etc.
4. Unsought product: Products that a consumer doesn't know or knows very little & normally they're not interested to buy. For example: life insurance, blood donations etc. Unsought products need lot of advertising, personal selling & many others marketing efforts.
Industrial products: Products that are purchased for further processing or for use in conducting business by individuals or organizations. So, the differences between consumer product & industrial product is "the purpose for which the product is purchased". If a consumer buys wheat for personal consumption then it is consumer product & if a consumer buys wheat for further processing then it is industrial product.
1. Consumer products;
2. Industrial products.
Product also includes many marketable entities like experiences , organizations , persons, places & ideas.
Consumer products:
Products & services which are bought by final consumers for personal consumption that called consumer products. Consumer products also have many categories like-
1. Convenience product: A product that consumers buy frequently , immediately & minimal comparison & buying effort that is called convenience product. For example: detergent, toothpaste , soap , shampoo, oil ,salt etc.
2. Shopping product: Products that are purchased by consumers through selecting & purchasing process usually compares in such attributes as suitability, quality ,price & style. For example: cars, mobiles , clothing, furnishes etc.
3. Specialty producy: Products which have unique characteristics & strong brand value having a significant group of buyers are willing to make a special purchase effort. For example: designer clothes, specific brand cars, gourmet foods etc.
4. Unsought product: Products that a consumer doesn't know or knows very little & normally they're not interested to buy. For example: life insurance, blood donations etc. Unsought products need lot of advertising, personal selling & many others marketing efforts.
Industrial products: Products that are purchased for further processing or for use in conducting business by individuals or organizations. So, the differences between consumer product & industrial product is "the purpose for which the product is purchased". If a consumer buys wheat for personal consumption then it is consumer product & if a consumer buys wheat for further processing then it is industrial product.
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