Any thing, goods, service or idea, which is useful to man is called product. Such product must have monetary or business value for exchange.Product may be tangible or intangible. Services and ideas are the examples of intangible products. Generally, products can be divided in two classes as consumer goods and industrial goods.
Different Types Of Products Can Be Discussed As Follows:
Different Types Of Products Can Be Discussed As Follows:
1. Consumer Goods
The goods which are bought by ultimate consumers for use are called consumer goods. The buyers buy such goods to satisfy their personal or family needs. Food grains, clothes, radio, watch, TV, car, lipstick, cream and powder, etc. are the examples of consumer goods.
Under consumer goods include all types of goods of daily needs, luxury goods, quick perishable goods, imperishable or durable goods, non-durable goods etc. that are necessary for daily life.
2. Industrial Or Business Goods
The goods which are purchased to operate a business organization or produce other goods are called industrial or business goods. Industrial goods are purchased in line with the objective of any business business organization. The business organization such as manufacturers, business houses, non-profit organizations and government offices buy such goods.
Business or industrial goods are purchase to facilitate effective operation of organization to improve efficiency and increase organizational effectiveness.
As different business organizations have their own objectives, needs and operational areas, they need goods of different natures and types. Raw materials, fabricating materials and parts, installations, accessory equipment, operating supplies etc. are the examples of industrial or business goods
