What is a product? Explain classification of product in detail.
Answers
Answer:
A product can be defined as a good or service. It is an article, a piece of good which can be sold in retail. This good is refined as a sale item.
Explanation:
Just like multiple things, products too can be classified into two categories.
Various products are classified on various basis or factors as well. For instance, consumer oriented products and product oriented products.
Consumer oriented goods can be defined as those goods which are made according to the liking of the consumer. These are often called tailored goods as well. For instance, hair styling is such a service. And some brands take design orders for clothing.
On the otherhand, product oriented products are those which focus more on the features of the product. Like Apple goods.
Answer:
Product is something which satisfies the need of the customer/consumer.
Explanation:
The refined object which caters to the need of a person, which is available at a price. The price of the product majorly depends upon the cost of the product made. The main thing for which the product is manufactured is to target demand targets of the population.
Products are mainly classified into 4 groups,
1. Convenience Good - To reduce human effort/interference
2. Shopping Good - To compare other products
3. Specialty Good - Unique Products
4. Unsought Good - Non-categorized/Unpopular goods