Types of Product Classification - Product Classification - MBAnetbook.co.in

Friday, May 16, 2014

Types of Product Classification - Product Classification

Product refers to anything that can be offered to a marketer for attention, acquisition, use or consumption that might satisfy a want or need. A product is a set of tangible and intangible attributes, which may include packaging, color, price, quality, brand and seller’s services and reputations.

Product Classifications and Types

1. Consumer product: Product bought by final consumer for personal consumption. There are four types of consumer goods.  

Convenience Product: Consumer product that the customer usually buys frequently, immediately, & with a minimum of comparisons and buying effort. e.g. tooth paste

Shopping Product: Consumer good that the customer purchase after the process of selection. It requires characteristically compares on such bases as suitability, quality, price, and style. e.g. clothing
Specialty product

Speciality Product: Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Expensive and fashionable shopping goods Ameer Adnan, Cotton & Cotton.

Unsought product: Consumer products that the consumer either does not know about or do not want to think normally before buying. It has some emotional feelings. e.g. donations.

2. Industrial Product: Product bought by individuals and organization for further processing or for use in conducting a business.

Materials and parts: Raw materials are the basic materials that actually become part of the product. They are provided form mines, forests, oceans, farms and recycled solid wastes.

Capital Items: Capital items consist of office accessories and operating materials.

Supplies: Supplies facilitate productions, but they do not become part of he finished product. Paper, pencils, oils, cleaning agents and paints are examples.

Industrial Services: Industrial services include maintenance and repair services such as machinery repair and business advisory services such as legal, management, consulting, advertising, marketing research services. These services can be acquire internally as well as externally.