Question

1.Describe the two types of product classifications.

2.Define the four types of consumer products.

3.Define a product item, a product line, and a product mix.

4.Describe the two key reasons why a firm might make adjustments to a product item,

product line, or product mix.

5.Define the four primary adjustments a firm might make when adjusting product items,

product lines, or product mixes.

-Principles of Marketing.

Answer 1

1)

Classification of Product

1. Industrial products: Industrial products that are sold by one business to another. These are items purchased by business enterprises for using in the production of other goods, in the operation of a business, equipments,tools etc.
2. Consumer products: Consumer products are those products that are bought by the ultimate consumers for personal, family, household and other non-business purposes. These are items purchased by consumer for their daily use. For example, food items, clothes, tooth paste etc.

2)

Classification of Consumer Products

1. Convenient goods: These are the goods bought frequently and immediately by the costomers with minimum shopping efforts. Eg: groceries, newspaper, soaps etc.
2. Shopping goods: These are the goods purchased after a comparative analysis of quality, price, brand, warranty etc., of competitive products. Eg: television, furniture, scooter etc.
3. Speciality goods: These are the goods that are unique in nature and hold special importance to the consumer. Eg: jewellary, cars etc.
4. Unsought goods:  These are the goods that the consumers do not know about or do not normally think of buying. Eg: life insurance policies, investment schemes of investment companies etc.