Explain what a product is and how products are classified.
A product is everything one receives in an exchange, including all attributes and expected benefits. The product may be a manufactured item, a service, an idea, or a combination.
Products are classified according to their ultimate use.
Classification affects a product's distribution, promotion, and pricing. Consumer goods, which include convenience, shopping, and specialty products, are purchased to satisfy personal and family needs.
Business products are purchased for resale, in making other products, or for use in a firm's operations. Business products can be classified as raw materials, major equipment, accessory equipment, component parts, process materials, supplies, and services.
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