PRODUCT
Meaning
A product is something sold to fulfill a customer’s desire or requirement, whether it’s
tangible or intangible. Physical products can be either durable goods (such as furniture, cars,
and electronics) or nondurable goods (such as food and drinks).
Classification of product:
1. Consumer Products
Products intended for personal or household use, such as:
❖ Convenience products (e.g., food, toiletries)
❖ Shopping products (e.g., clothing, electronics)
❖ Specialty products (e.g., luxury goods, high-end electronics)
❖ Unsought products (e.g., life insurance, funeral services)
2. Industrial Products
Products used by businesses or organizations, such as:
• Raw materials (e.g., lumber, chemicals)
• Capital goods (e.g., machinery, equipment)
• Supplies (e.g., office supplies, janitorial supplies)
• Services (e.g., consulting, maintenance)
3. Services
Intangible products that provide value to customers, such as:
o Professional services (e.g., healthcare, law)
o Financial services (e.g., banking, insurance)
o Hospitality services (e.g., hotels, restaurants)
o Entertainment services (e.g., movies, concerts)
, 4. Durable Goods
Products that last for a long time, such as:
▪ Automobiles
▪ Furniture
▪ Appliances
5. Non-Durable Goods
Products that have a short lifespan, such as:
➢ Food
➢ Clothing
➢ Toiletries
6. Luxury Goods
High-end products that are often associated with prestige and exclusivity, such as:
✓ Designer clothing
✓ Luxury cars
✓ Fine jewelry
7. Essential Goods
Products that are necessary for daily life, such as:
▪ Food
▪ Water
▪ Healthcare products
Product planning
Product planning is the process of developing and managing products to meet customer
needs and achieve business goals. Key aspects include:
Meaning
A product is something sold to fulfill a customer’s desire or requirement, whether it’s
tangible or intangible. Physical products can be either durable goods (such as furniture, cars,
and electronics) or nondurable goods (such as food and drinks).
Classification of product:
1. Consumer Products
Products intended for personal or household use, such as:
❖ Convenience products (e.g., food, toiletries)
❖ Shopping products (e.g., clothing, electronics)
❖ Specialty products (e.g., luxury goods, high-end electronics)
❖ Unsought products (e.g., life insurance, funeral services)
2. Industrial Products
Products used by businesses or organizations, such as:
• Raw materials (e.g., lumber, chemicals)
• Capital goods (e.g., machinery, equipment)
• Supplies (e.g., office supplies, janitorial supplies)
• Services (e.g., consulting, maintenance)
3. Services
Intangible products that provide value to customers, such as:
o Professional services (e.g., healthcare, law)
o Financial services (e.g., banking, insurance)
o Hospitality services (e.g., hotels, restaurants)
o Entertainment services (e.g., movies, concerts)
, 4. Durable Goods
Products that last for a long time, such as:
▪ Automobiles
▪ Furniture
▪ Appliances
5. Non-Durable Goods
Products that have a short lifespan, such as:
➢ Food
➢ Clothing
➢ Toiletries
6. Luxury Goods
High-end products that are often associated with prestige and exclusivity, such as:
✓ Designer clothing
✓ Luxury cars
✓ Fine jewelry
7. Essential Goods
Products that are necessary for daily life, such as:
▪ Food
▪ Water
▪ Healthcare products
Product planning
Product planning is the process of developing and managing products to meet customer
needs and achieve business goals. Key aspects include:
