EBK PRINCIPLES OF MARKETING
16th Edition
ISBN: 9780133850697
Author: Kotler
Publisher: VST
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Question
Chapter 8, Problem 8.1DQ
Summary Introduction
To determine: The definition of product and the differences between consumer products and industrial products
Product:
A product can be defined as a thing that could be provided in the market for acquisition, attention, consumption, or for utilization, which may satisfy a need or a want.
Expert Solution & Answer
Explanation of Solution
The difference between consumer products and industrial products depends on the purpose for the product type that can be purchased. The following are the some of the differences:
- Consumer products are utilized by the consumer whereas industrial products are manufactured to make other products.
- Computer and furniture are the examples of consumer products. Building materials and office supplies are the examples of industrial products.
- There is huge number of customers for consumer product but the quantity purchased is significantly low. In case of industrial product, the number of customers is low but the quantity purchased is high.
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