Question
Explain various types of products.

Answer

Products may be classified as follows:
  1. Consumer products: These products are meant for final consumption and are not ahmeant for further use.
Consumer products are of three types:
  1. Convenience goods: These goods are purchased frequently and with minimum efforts. They are meant for personal consumption. Newspapers, cigarettes, toothpaste, soaps, tea, etc, are examples of convenience products.
  2. Shopping products: These products are purchased after a comparative analysis of quality, price, warranty, etc, of various competitive brands available in the market. Furniture, cloth, TV, fridge, washing machine, scooters, cars are all examples of shopping products.
  3. Speciality products: These products are purchased with special efforts. Antique jewellery, designer clothes, etc are examples of speciality products.
  1. Industrial products: These products are purchased for use in the production of other goods. Raw materials, components and machinery are all industrial products.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Similar questions

Give three levels of packaging.
Maan and Shaan Ltd is manufacturing baby bottles and has separate departments of production, sales and finance. Which type of structure you would suggest to them and state some of its advantages?
Geetika is working in a private sector bank. One of her key function relates to the formulation of the overall organisational goals and strategies of the bank. Identify the level of management at which she is working? State any three other functions that she has to perform at this level.
What is meant by the ‘Societal Concept’ of marketing?
What is formal organisation structure? How is it different from informal organisation on the basis of flow of authority?
Fayol points out the danger and costs of unnecessary labour turnover in one of his 'principles'. Name and explain the principle.
Planning is thinking rather than doing. Comment.
Nowadays in schools, students or parents can file their complaints or requests to the respective class teachers and if needed class teacher may discuss the issue with head of department followed by Vice-Principal and if the issue is extremely serious it may taken to the Principal. Which principle of management is indicated here? Explain it with its exception.
Explain any three points that highlight the importance of planning.
Meeta purchased a book of ₹ 375 and took the cash memo. Later, she found that the original price of a book is ₹ 275, but the local bookseller had put a sticker of ₹ 375. What actions can be taken by her in this case?