Products may be classified as follows:
(i) Consumer products These products are meant for final consumption and are not meant for further use. Consumer products are of three types:
(a) Convenience goods These goods are purchased frequently and with minimum efforts. They are meant for personal consumption. Newspapers, cigarettes, toothpaste, soaps, tea, etc, are examples
, of convenience products.
(b) Shopping products These products are
purchased after a comparative analysis of quality, price, warranty, etc, of various competitive brands available in the market.
Furniture, cloth, TV, fridge, washing machine, scooters, cars are all examples of shopping products.
(c) Speciality products These products are
purchased with special efforts. Antique jewellery, designer clothes, etc are examples of speciality products.
(ii) Industrial products These products are purchased for use in the production of other goods. Raw materials, components and machinery are all , industrial products.