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Unlock your guides11.6 What Is a Product?
2 min read•june 18, 2024
Products are the lifeblood of business, coming in many forms to meet diverse needs. From everyday items like toothpaste to big-ticket purchases like machinery, products fuel economic activity and shape consumer experiences.
Understanding types helps businesses target the right markets and develop effective strategies. cater to personal use, while support operations. Each category requires unique approaches to marketing, pricing, and distribution to maximize success.
Types of Products
Consumer vs business products
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Reading: Products and Services | Introduction to Marketing View original
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Reading: Influences on Consumer Decisions | Introduction to Business View original
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Putting It Together: Consumer Behavior | Introduction to Marketing View original
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- Consumer products purchased by final consumer for personal consumption
- Clothing, food and beverages, electronics, personal care items
- Business products purchased by businesses, government agencies, or institutions for use in operations or resale
- , machinery and equipment, office , professional
Classifications of consumer products
- frequently purchased with minimal comparison shopping at low prices
- Toothpaste, snacks, newspapers
- less frequently purchased with more comparison shopping at higher prices than
- Clothing, furniture, appliances
- have unique characteristics or brand identification requiring significant purchasing effort where price is not primary concern
- Luxury cars, designer clothing, high-end electronics
- consumers are unaware of or do not normally think of buying requiring advertising and personal selling
- Life insurance, funeral services, fire extinguishers
Categories of business products
- Raw materials are basic inputs used in production of other goods
- Lumber, crude oil, minerals
- includes long-lasting, expensive items used in production or operations
- Machinery, heavy-duty vehicles, computer systems
- refers to less expensive, shorter-lived items used in production or operations
- Hand tools, office equipment, computers
- are finished items ready for assembly into final products
- Tires, batteries, computer chips
- are used directly in production process
- Lubricants, paint, cleaning supplies
- Supplies and services are short-term or consumable items that facilitate operations
- Office supplies, maintenance and repair services, consulting services
Product Strategy and Management
- : A group of related products offered by a company
- : The complete set of all products offered by a company
- : Creating a unique name and image for a product in consumers' minds
- : The design and materials used to contain and protect a product
- : The stages a product goes through from introduction to decline
- : The unique benefit a product offers to customers
- : Distinguishing a product from competitors' offerings
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