What are the classifications of industrial products?

Industrial goods are classified as either production goods or support goods. Production goods are used in the production of a final consumer good or product, while support goods help in the production process of consumer goods such as machinery and equipment.

What are industrial products and services?

The Industrial Products and Services category offers goods and services and can include those used in the production of a final product (e.g., Basic or raw materials and components, instruments, hardware or tools).

What are the three types of industrial products and services?

Industrial products are classified into three groups: materials and parts, capital items, and supplies and services.

What are the 4 classifications of products?

There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.

What are examples of industrial products?

What are Industrial Goods?
  • Installations — Example: Machinery.
  • Accessories — Example: Power Generator.
  • Raw materials — Example: Cotton, timber, etc.
  • Manufactured parts — Example: Radiator, battery, etc., needed by a car manufacturer.
  • Supplies or Consumables — Example: Lubricants, oils, etc.

What are the main industrial products?

Industrial products is a major growth sector for the Indian economy with diverse companies including those engaged in manufacturing of machinery and equipment, electrical and metal products, cement, building and construction material, rubber and plastic products and automation technology products.

What is the classification of service?

Wherever people or products are involved directly, the service classification can be done based on tangibility. (i) Services for people: Like Health care, restaurants and saloons, where the service is delivered by people to people. (ii) Services for goods: Like transportation, repair and maintenance and others.

What are the two main classification of product?

There are two (2) main categories of products; Consumer Products and Business Products. Consumer products are sold to individuals to satisfy personal or family needs. Business products are sold to businesses to satisfy their needs or bought by a form to make into other products.

What are the classification of goods and services?

Goods and services can be classified into two basic categories, i.e., free goods and Economic goods.

What is an industry product?

Definition. Industrial products are goods that are destined to be sold primarily for use in producing other goods or rendering services as contrasted with goods destined to be sold primarily to the ultimate consumer.

What do you mean by industrial services?

Industrial Services means service to customers engaged primarily in a process which creates or changes raw or unfinished materials into another form or product including the generation of electric power.

What is not included in industrial products and services?

Solution(By Examveda Team)

Computer software to help people complete personal tax forms is NOT an industrial product. An industrial product is a good used by a company for business consumption.

What are industrial service companies?

Industrial service companies fabricate, install, and service equipment such as boilers, production equipment, and pipelines.

What is the importance of service industry?

Service industries are an important part of society for a variety of reasons, including: Delivering essential services to the public: Often, service industries provide essential services to the public, such as healthcare, transportation and education.

What are the unique characteristics of industrial services?

Features of Services – 4 Main Characteristics: Intangibility, Inseparability, Variability and Perishability. Services are unique and four characteristics separate them from goods, namely intangibility, variability, inseparability, and perishability.

What are industrial services in marketing?

Industrial marketing is promoting goods and services to other companies rather than to individual customers. It aims to sell raw materials and components for production needs. The simplest format of industrial marketing is B2B marketing.

What are the different classification of services?

Wherever people or products are involved directly, the service classification can be done based on tangibility. a) Services for people – Like Health care, restaurants and saloons, where the service is delivered by people to people. b) Services for goods – Like transportation, repair and maintenance and others.

What are the characteristics of service?

There are four characteristics of service: Intangibility, Inseparability, Variability, and Perishability (Kotler and Keller, 2007). As service’s nature is intangibility, therefore manufacturing and service delivery is more complex than a product.

What is a service industry example?

Examples of service sector jobs include housekeeping, tours, nursing, and teaching. By contrast, individuals employed in the industrial or manufacturing sectors produce tangible goods, such as cars, clothes, or equipment.

What are the 7 types of services?

Types of Services
  • Business Services. The services used by business organizations to conduct activities are known as business services. …
  • Social Services. …
  • Personal Services. …
  • Banking. …
  • Insurance. …
  • Transportation. …
  • Warehousing. …
  • Communication.

What are the 3 types of services?

Services are diversified in three groups; Business services, social services and personal services.