Product Decisions:

Product means anything that is offered to customers for attention, acquisition or purchase. The term embraces physical objects, services, ideas, personalities, places etc. Products can be grouped into major categories as follows:

            (a) On durability-here we have durable and non durable products

            (b) Buying effort expended-here we have

            i. convenience goods e.g. bread and milk

            ii. shopping goods e.g. television, furniturespecially e.g. Rolex watch or fine crystalUnsought good e.g. life insurance

           (c) Industrial vs. Consumer goods-industrial goods used by producers of industrial products, consumer goods purchased for final consumption.

            (d) Standardized vs. Custom-made products

Classifying products helps marketers in designing marketing programmes. Whether the product is perishable or durable, consumer or industrial, standardized or custom made will influence the mode of distribution, packaging, labelling and promotion decisions.