What is Product and what are its types

Anything which possess the bundle of utilities meaning the power to satisfy one’s need, it is any offer which has or creates values, it is the combination of both the internal and external features, a product must have its physical existence or tangibility.

There are so many types of products which are offered by the different entrepreneurs for the consumers some of them are described below:

Measurable Goods: a goods which can be measured meaning which can be recognized from its title or name or trademarks, anything which has name for which it is known for such as BATA, NIKE these are the famous and well known companies for the foot wares.

Perishable Goods: Perishable goods are those which has expiry date or which can be finished and it cannot be stored in any storage not even in human body such as a meal for a human has the energy which provides different proteins and vitamins, when you eat dinner in night and go to bed the complete energy goes vanish when you wake up.

Inseparability and Variability of the Product: a product which possess services inside of the person or entity which provides service to you the linkage between the producer and consumer cannot be separated, a product must have variability as well, as today’s world changes very quickly and this global village has very tough market which is obliviously in favor of both the parties consumer and producer, a product must gives customer a different look.

Consumer and Indus Goods: the goods which are purchased by the final customer these goods are not for sale purpose as the ultimate customer have obtained the product, whereas in Indus goods the goods which are purchased by the customer are used for further processing it can be used in business.

Convenience Goods and Shopping Goods: convenience goods are those goods which are purchased within a blink of eye without putting much efforts or analyzing different products with no wastage of time the goods are purchased by the consumers.

Shopping goods are those goods for which you have to go shop to shop to purchase the specific product which requires more time and it needs more efforts as the customer do compression like when you do purchase your clothes for any party of function you go to different shops and make analyzing which one has the best utility you do purchase that product.

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