Define Product. What are the classification of products?

Definition of Product

A product can be defined as a collection of physical, service and symbolic attributes which yield satisfaction or benefits to a user or buyer. A product is a combination of physical attributes say, size and shape; and subjective attributes say image or "quality". A customer purchases on both dimensions.

According to Jobber(2004), “A product is anything that has the ability to satisfy a consumer need.” In the words of Dibb et al,”A product is anything, favourable and unfavourable that is received in exchange.”

CLASSIFICATION OF PRODUCTS
A product's physical properties are characterized the same the world over. They can be convenience or shopping goods or durables and nondurables; however, one can also classify products according to their degree of potential for global marketing:

i) Local Products - seen as only suitable in one single market.
ii) International Products - seen as having extension potential into other markets.
iii)Multinational Products - products adapted to the perceived unique characteristics of national markets.
iv) Global Products - products designed to meet global segments.- Products and services fall into two broad classes based on the types of consumers that use them
      (1) Consumer Product 

      (2) Industrial Product

1. CONSUMER PRODUCT:- “Product bought by final consumer for personal consumption”.Consumer products divided into four classes.
                   i. Convenience product
                  ii. Shopping Product
                 iii. Specially Products
                 iv. Unsought Product
 

i) Convenience Product:- Consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort consumer products can be divided further into staples, impulse products, and emergency products.
Staples Products are those products that consumers buy regularly, such as ketchup, tooth path, etc.,
Impulse products are those products that purchased with little planning or search efforts, such as Candy bar, and magazine.
Emergency Product is those when consumer need is urgent, e.g. umbrellas during a rainstorm, etc.

ii) Shopping Product:- Consumer good that the consumer, in the process of selection and purchase, characteristically compares as such bases as suitability, quality, price, and style. Example: Furniture, clothing, used cars, major appliances, and hotel and motel services.

iii) Specialty Products:- Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. e.g. Specific brands and types of cars, high-priced photographic equipment, designer clothes, etc.

iv) Unsought Products:- Unsought products are consumer products that the consumer either does not knows about or knows about but does not normally think of buying. Most major new inventions are unsought until the consumer becomes aware of them through advertising. E.g. Life Insurance and blood donations to the Red Cross.

2. INDUSTRIAL GOODS It is meant for use in the production of other goods or some business or institutional purposes. Industrial goods are classified into four- production facilities and equipment, production materials, production supplies, and management materials.