Business (Industrial ) Markets And Segmentation:

What are industrial products?

In marketing, we do not define products by using their physical characteristics. We usually define them by reference to the utility that the product confers on the buyer or user. This means that a product is defined in the form of utility which the product user derives from it. The reader should pay careful attention to our definition in the next paragraph below.

Definition of a Product

A product has been defined as "A set of tangible and intangible attributes, including packaging, colour, price, manufacturer's and retailer's service, which the buyer may accept as offering want satisfaction." (Stanton). 

Classification of Industrial Products:

They can be classified into raw materials, fabricating and parts, installations, accessory equipment, and operating supplies.