Marketing

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In common parlance, the word ‘product’, is used to refer only to the physical or tangible attributes of a product. In marketing, the product is a mixture of tangible and intangible attributes, which are capable of being exchanged for a value, with an ability to satisfy customer needs.

Products may broadly be classified into two categories — (i) consumers’ products, and (ii) industrial products. The consumer products may further be classified into different groups, given below:

Products, which are purchased by the ultimate consumers or users for satisfying their personal needs and desires are referred to as consumer products. For example, soap, edible oil, eatables, textiles, toothpaste, fans, etc. The Consumer Products can further be classified on the basis of two important factors:(a) the extent of shopping efforts involved (b) durability of the product.

Industrial products are those products, which are used as inputs in producing other products. These are broadly classified into (i) Materials and Parts, (ii) Capital Items, and (iii) Supplies and Business Services.