It simply refers to a firm’s offering to the public i.e something that can be offered to a market for attention, acquisition and consumption. It can be a good or service that meets the requirements of a particular market or segment and yields enough profit to justify its continued existence.
New cards
2
Classification of product
Consumer goods/ products
Industrial goods/ products
New cards
3
Consumer goods
These are final goods that are bought by ultimate consumers or households for personal consumption.
New cards
4
Types of consumer goods
Convenience goods
Shopping goods
Specialty goods
Unsought goods
New cards
5
Convenience goods
These are goods that are bought by the consumers with minimal buying effort. They are goods and services bought frequently, immediately and with minimal comparison. Examples include biscuits, newspaper, bread, egg etc.
New cards
6
Shopping goods
These are goods that consumers do a lot of selection and comparison based on various parameters, such as cost, quality, brand style, comfort etc, before buying them. Examples include television, radio, furniture etc.
New cards
7
Specialty goods
These are goods which are unique and luxurious in nature. They are goods that brand identification for which a number of buyers are willing to make special purchasing effort. Examples include cars, wedding dresses, men’s suits etc.
New cards
8
\ Unsought goods
These are goods or services which are available in the market but customers are not really interested in buying them. Examples include insurance, buying of shares, donating blood to Red Cross etc.
New cards
9
Industrial goods
These are products bought mainly for the production of other goods. For example, cocoa is bought for producing bournvita, timber is used in making furniture, wheat is used in making bread etc.
New cards
10
Classifications of industrial products
Raw materials
Installations
Accessory equipment
Operating supplies
New cards
11
Raw materials
These are industrial goods that exist in their natural form and will become part of another physical products e.g cocoa, wheat, cotton etc.
New cards
12
Installation
These consist of the major equipment of industrial users. They are ready-made, expensive and durable products which help the production processes. Examples include a school building, a factory building etc.
New cards
13
\ Accessory equipment
This is used in the production operations of an industrial firm but it does not become an actual part of the finished products. Examples include white board, chairs and tables as used in the school.
New cards
14
\ Operating supplies
These are convenient goods of the industrial field. They help in a firm operation but do not become part of finished products e.g pencils and stationery, fuel, board marker as used in schools etc
Studied by 25 people
