Describe how marketers
classify products
A product is a good or a commodity that is put out for sale in exchange of money. The price of a product is derived by market forces, but the base price comes out from the cost of production.
A marketer will classify a product as either a consumer good or an industrial good. If the product is solely for the personal use of a consumer then it is called a consumer good, if the product is made for further production purposes such as raw materials, office appliances, then it is called an industrial good.
For example, food, beverages, shoes are all consumer goods, and cotton, lubricants are all industrial goods. Few goods like stationeries are considered to be both consumer and industrial goods.
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