Some of the types of product are:- 1. Durable Products 2. Non-Durable Goods 3. Consumer Products 4. Industrial Products 5. Goods, Services and Experiences 6. Convenience, Shopping, and Specialty Goods 7. Industrial Goods and Consumer Goods 8. Unsought Goods 9. Primary Goods 10. Semi-Manufactured Goods 11. Natural Goods 12. Agricultural Goods 13. Manufactured Goods. Types and Classification of Product: Durable, [...]
The following points highlight the two major issues of product classification of a firm. The issues are: 1. Competing Products 2. Market/Demand Classification for Products. Issue # 1. Competing Products: They can be classified into one of three categories as follows: (i) A breakthrough product: This offers either a radical performance advantage over competition, a drastically lower price or, in [...]
The different methods adopted for pricing the products can be classified into two major groups as charted below: Pricing Methods Based on Costs: 1. Total Cost or Full Cost Method of Pricing: The selling price is fixed on the basis of total costs. Total cost may be historical cost or standard cost. The method assumes that a price must cover [...]