State the classification of Product
Product can be broadly classified on the basis of (1) use, (2) durability, and (3) tangibility . Let's have a brief idea about various categories and their exact nature under each head, noting at the same time that in marketing the terms 'product' and 'goods' are generally used interchangeably.
1. Based on use, the product can be classified as:
(a) Consumer Goods; and
(b) Industrial Goods.