BUSN (with MindTap Business, 1 Term (6 Months) Printed Access Card) (MindTap Course List)
11th Edition
ISBN: 9781337407120
Author: Marcella Kelly, Chuck Williams
Publisher: Cengage Learning
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Question
Chapter 12, Problem 1LO
Summary Introduction
To discuss: The meaning of the product and identify the classification of products.
Expert Solution & Answer
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. Consumer goods
- Convenience products
- Shopping products
- Specialty products
- Unsought products
- 2. Industrial goods
- Raw material
- Components parts
- Installation
- Accessory and equipment
- Operating supplies
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Chapter 12 Solutions
BUSN (with MindTap Business, 1 Term (6 Months) Printed Access Card) (MindTap Course List)
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