BUSN 11 Introduction to Business Student Edition
BUSN 11 Introduction to Business Student Edition
11th Edition
ISBN: 9781337407137
Author: Kelly
Publisher: Cengage Learning
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Concept explainers

Question
Chapter 12, Problem 1LO
Summary Introduction

To discuss: The meaning of the product and identify the classification of products.

Expert Solution & Answer
Check Mark

Explanation of Solution

Product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need of consumers.

The product is classified into two categories based on the user type are as follows:

  1. 1. Consumer goods
    • Convenience products
    • Shopping products
    • Specialty products
    • Unsought products
  2. 2. Industrial goods
    • Raw material
    • Components parts
    • Installation
    • Accessory and equipment
    • Operating supplies

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