The meaning of the product and identify the classification of products.

Question

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Answer 1

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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Answer 2

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

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

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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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

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

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

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

Answer 6

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

Answer 7

Chapter 12, Problem 1LO

Summary Introduction

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

Answer 8

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