Types of Product

Types of Product

Products can be classified into broad categories. For example, based on who uses them can be classified as consumer products and the industrial products.

A) Consumer Products

It is the merchandise or other item of common or daily use, bought by individuals or households for private consumption. These goods or products are not meant for resale. These goods can be further classified on the basis of how consumer buy them : Let us now discuss each of them.

I) Convenience Products: Convenience products are products purchased frequently by customers without making any comparison and shopping efforts. These products are basically not costly and widely available. Subdivided into three Categories:

* Staples products are purchased regularly. Example are Pulses, Flour, Detergent, Toothpaste etc.  

*Impulse products are purchased without any plan are also widely available. Example are Toys, Chocolates.

*Emergency products are always purchased when there is an urgent need. Example are Pain killer, Room heater.

II) Shopping Products: Shopping products we can not purchase without any plan and compare the brands, price quality and style before buy the product. Example are Refrigerator, Television, Clothing and other highly cost Good's.

B) Industrial Products

Industrial products are purchased by companies to make goods, which they them sell. Example are Cement, Cotton, Steel Iron and Minerals etc.

C) Tangible Products 

Tangible products are those which, can be seen, touch, felt, held stored and transferred.

D) Intangible Products 

Intangible products are those which do not have physical entity like goods. Because these are generally known as Services not as Goods. Example are Hotel/Airline reservation.