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Questions and Answers
What is the primary purpose of a product or service, according to the definition?
What is the primary purpose of a product or service, according to the definition?
What is the primary basis for product classifications?
What is the primary basis for product classifications?
What type of product classification would a refrigerator fall under?
What type of product classification would a refrigerator fall under?
What is an example of a business service?
What is an example of a business service?
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What is the term for a product that consumers do not typically think about buying until they need it?
What is the term for a product that consumers do not typically think about buying until they need it?
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What is a key characteristic of a specialty product?
What is a key characteristic of a specialty product?
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What is the main difference between consumer and business products?
What is the main difference between consumer and business products?
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What type of product would a company's employee training program be classified as?
What type of product would a company's employee training program be classified as?
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What is an example of an MRO product?
What is an example of an MRO product?
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What is a characteristic of an unsought product?
What is a characteristic of an unsought product?
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Study Notes
Product Definition
- A product or service is offered by an organization to satisfy consumer needs and wants.
- A product consists of three components: the benefit, the core product, and any augmentations.
Product Classifications
- Products are classified based on their intended target market: consumers or businesses.
Consumer Product Classifications
- Convenience products: designed to save time and effort.
- Shopping products: compared and evaluated before purchase.
- Specialty products: unique and often purchased after careful consideration.
- Unsought products: not necessarily desired or sought by consumers.
Business Product Classifications
- Installations: major capital expenditures.
- Accessories: used to support or maintain other products.
- MROs (Maintenance, Repairs, and Operating) supplies: used to support daily operations.
- Raw materials: used to manufacture other products.
- Processed/component materials: used to create other products.
- Business services: intangible products that offer benefits to businesses.
Product Definition
- A product or service is offered by an organization to satisfy consumer needs and wants.
- A product consists of three components: the benefit, the core product, and any augmentations.
Product Classifications
- Products are classified based on their intended target market: consumers or businesses.
Consumer Product Classifications
- Convenience products: designed to save time and effort.
- Shopping products: compared and evaluated before purchase.
- Specialty products: unique and often purchased after careful consideration.
- Unsought products: not necessarily desired or sought by consumers.
Business Product Classifications
- Installations: major capital expenditures.
- Accessories: used to support or maintain other products.
- MROs (Maintenance, Repairs, and Operating) supplies: used to support daily operations.
- Raw materials: used to manufacture other products.
- Processed/component materials: used to create other products.
- Business services: intangible products that offer benefits to businesses.
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Description
Understand the different types of products and how they are classified based on their intended use and target audience. Learn about consumer and business product classifications and their subcategories.
