There are two general categories of products – consumer products and industrial products. Both types of products serve different purposes and cater to different customer segments.
Consumer products, as the name suggests. These are products that are consume by the end-user or the general public. So these products are intend for personal or household use and are available in the market. Consumer products can be further classified into four categories: convenience goods, shopping goods, speciality goods, and unsought goods.
Convenience goods are products that are easily accessible and have a low price point. Examples of convenience goods include fast food, soft drinks, and candy. So these products are usually purchased repeatedly and do not require much time or effort to buy.
Shopping goods are products that are purchase infrequently and require more time and effort to purchase. These products usually have a higher price. And are also compared before purchase. So basically here are some examples of shopping goods including appliances, furniture, and clothing.
Speciality goods are that products which have unique features and cater to a specific market segment. These products are usually purchase infrequently and have a high price point. Examples of speciality goods include luxury goods, collectables, and high-end gadgets.
Unsought goods are products that are not actively desired after by customers. Examples of unsought goods include life insurance, funeral services, and tax preparation services.
Industrial products, but, are products that are use as raw materials or components in the production of other goods. These products are not intend for direct consumption by the end user and are used in the production of other goods. Industrial products can be further classified into three categories: materials and parts, capital goods, and supplies and services.
Materials and Parts
Materials and parts are raw materials or components used in the production of other goods. Examples of materials and parts include steel, aluminium, and copper.
Capital goods are products use in the production of other goods and have a long lifespan. Examples of capital goods include machinery, equipment, and buildings.
Supplies and Services
Supplies and services are products that support the production of other goods. Examples of supplies and services include fuel, maintenance services, and office supplies.
|Types of Products||Subtypes|
Materials and Parts|
Supplies and Services