Classification of Product

Mainly these are two types of product.
A. Consumer product
B. Industrial product
A. Consumer product: Consumer products are those bought by final consumer for personal consumption. Marketers usually classify those products further based on how consumers go about buying them or on the basis of consumers shopping habit marketers classify the consumer goods. There are four types of consumer goods/product:
• Convenience product: Convenience products are consumer products and services that the customer usually buying frequently, immediately and with a minimum of comparison and buying effort. Generally it is less costly and it can get everywhere. Such as soap, candy, tooth paste, newspapers, salt, oil etc.
• Shopping product: Shopping products are consumer products that the customer on such bases as suitability quality, price and style. When consumer purchases shopping products and services them he spends much time and effort in gathering information and making comparison. It includes Furniture, Sharee, Clothing, Ornament, TV etc.
• Specialty product: Specially products are consumer products with unique characteristics or brand identification for willing to make a special brands and types of cars, high priced photographic equipment, designer, clothes and the service of medical or legal specialists.
• Unsought product: Unsought products are consumer products that the consumers either does not know about or knows about but does not normally think of buying. Such as life insurance and blood donations to the Red Cross.
B. Industrial goods: Industrial products are those products bought by individuals and organizations for further processing or for use in conducting a business.
The three groups of industrial product and services include.
• Material and parts
• Capital items and
• Suppliers and services
They are summarized below:
• Material and parts: Materials and parts are industrial products that totally entered the marketers or producers product. If is parts of main product. Materials and parts includes raw materials and manufactured materials and parts.
* Raw materials: Raw materials consists of farm products (wheat, cotton, livestock, fruits, vegetables) and natural producs (fish, lumber, crude petroleum, iron)
* Manufactured materials and parts: Manufactured materials and parts consists of component materials (iron, yarn, cement, wires) and component parts (small motors, tires, casting)
• Capital items: Capital items are industrial products that aid in the buyers production or operation or operation. Capital items include installation and accessory equipment.
* Installations: Installations consist of major purchases such as buildings (factories and office) and fixed equipment (generations, drill, presses, large computers, elevators) etc.
* Accessory equipment: Accessory equipment includes portable factory equipment and tools (hand tools, lift trucks) and office equipment (fax, machineries desks). They have a shorter life than installation and simply aid in the production process.
• Suppliers and services: The final group of business products is suppliers and services. Supplies include operating supplies (lubricants, coal, paper, pencil and repairs and maintenance items (paints, nails, brooms). Suppliers are the convenience product of the industrial field because they are usually purchased with a minimum of effort or comparison. Business service includes maintenance and repair services (window cleaning computer repair) and business advisom services (legal, management consulting advertising). Such services are usually supplied under contract.