PRODUCT CLASSIFICATION

Product refers to anything that can be offered to a marketer for attention, acquisition, use or consumption that might satisfy a want or need. A product is a set of tangible and intangible attributes, which may include packaging, color, price, quality, brand and seller‘s services and reputations.

In every part of the world there are different systems of product classification. The concept of ―product classification‖ consists of dividing products according to specific characteristics so that they form a structured portfolio. In general, manufacturers use an informal product classification system but there are also many standardized methods of product classification devised by various industry organizations.

A basic product classification can be made based on consumer and business products. The consumer products are afterwards divided based on preference for shopping habits or durability and tangibility. The business products are the industrial goods.

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