Question

What is the difference between consumer products and business products? Provide two examples of each.

Answer 1

Difference between consumer products and Industrial products:-

• Industrial goods are made up of machines and materials or any other component by Industries.
• Where as consumer goods are ready for consumption and satisfaction of human needs such as clothing and food.
• Consumer goods are not used in production like Industrial goods are based on the demand for consumer to produce .
• Consumer goods are produced and purchased to fulfill the needs of a consumer.
• Industrial goods are classified in to production goods and support goods.

Production goods:-

• Are used in production of a consumer good.

Support good:-

• Are the production process of consumer goods like machines and equipments.

Consumer goods are classified into durable and non durable goods:-

Durable goods:-

• Are spread over the entire life of the good causing demand for maintenance.
• For Example bicycles, furnitures etc

Non durable goods:-

• Are goods purchased for consumption and have a life span not less than three years.
• For Example food,cool drinks etc,.

Examples of consumer goods are Automobiles, furnitures,Electroni goods etc.

Examples of Industrial goods are Tools, machineries,Raw materials etc.