The two types of products are goods and services. We may use the two interchangeably. But, in business, marketers differentiate between the two.Goods represent tangible products such as clothing, laptops, smartphones, bicycles, cars, food, and
Knowing the Market
Durable Goods: Meaning, Characteristics, Examples, And Importance
What's it: Durable goods are a category of tangible products with long economic life, usually more than three years. You can use or consume them repeatedly and continuously during their economic life. During that period, you can continue to use
Nailing Your Target Market: A Step-by-Step Guide
Understanding your target market is essential for business success. It's the foundation upon which you build your marketing strategies, product development, and customer relationships. By identifying and focusing on the right audience, you can tailor
Homogeneous Products: Meaning, Characteristics, Implications
What's it: Homogeneous products are goods or services without unique characteristics and satisfy buyers in the same way. They are characteristics of products in perfect competition and are perfect substitutes for each other. They have
Semi-finished Goods: Meaning, Examples, Calculation in GDP
What's it? Semi-finished goods are processed raw materials not for final consumption but as input for the production of other goods. We also call them intermediate goods. An example is aluminum alloy for making cars. Flour for making bread is another
Consumer Service: Meaning, Examples, Differences with Consumer Goods
What's it: Consumer service is an intangible product offered to households, not to businesses. Service delivery involves service providers, e.g., company staff; equipment such as vehicle equipment, cash registers, electronic devices; physical
Differentiated Product: Meaning, Purposes, How It Works, And Benefits
What's it: Differentiated products refer to unique goods or services, made different from competitors' products and have a different perceived value from other products. These products satisfy consumers in different ways and are imperfect
Market Share: Meaning, Why It Matters, How To Calculate and Increase It
What's it: Market share shows you how much a company dominates the market. You calculate it by comparing company size to market size, expressed as a percent. You can calculate it using several measures such as sales value, sales volume, number
Market Growth: Meaning, Importance, Influencing Factors
What's it: Market growth refers to the percentage change in market size over a given period. It is marked by the rise and fall of total sales by all companies in the market. Therefore, growth is an important factor to consider in
Market Size: How to Calculate, Types, Importance
What’s it: Market size is how big is total sales of all producers in the market. It is in terms of sales value, sales volume, or the number of customers. We also refer to it as market demand and can refer to current or potential
Understanding Market Segmentation: A Guide for New Businesses
If you're starting a business, you've probably heard the term "market segmentation." It's a crucial strategy and involves dividing your target market into smaller groups based on distinctive characteristics, such as income, age, or lifestyle.
Industry Explained: Types, Classification, and How It Works
Industry is the backbone of any economy. It encompasses the vast network of businesses and organizations that produce goods and services. Whether it's the steel plant that manufactures beams for skyscrapers or the bakery that supplies your