What's it: A value-added product is any product we can sell at a price higher than it cost to produce it. It can have a broad meaning, like what a manufacturer does. They process raw materials into finished goods for final consumption
Product
Product Marketing Strategy To Achieve Competitive Advantage
Some companies develop a product marketing strategy by differentiating their offerings. While others focus on cost and offer standard products. Both can be successful in gaining a competitive advantage. How did they develop it? What should
2 Types of Products: Goods and Services. What’s the difference?
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,
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
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 other goods' production. We also call them intermediate goods. We also call them intermediate goods. An example is aluminum alloy for
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;
Consumer Goods: Definition, Types and Examples
What’s it: Consumer goods are goods for end-use by consumers without further commercial process. They range from durable products such as furniture and household appliances, clothing, and electronics, to non-durable products such as
Capital Goods: Meaning, Examples, Importance
What's it: Capital goods refer to man-made goods useful for producing goods or providing services. Machinery, buildings, equipment, and logistics vehicles are examples. They are strategic to support production activities. Investing
Services: Definition, Examples, Characteristics, How to Measure
What's it: A service is an intangible product representing any action or activity to provide a solution to another party without involving the transfer of physical goods from the provider to the customer. We can only feel the benefits
Goods: Definition, Importance, Types
What's it: Goods refer to tangible products to satisfy our needs and wants. We can physically see it, touch it, and store it for future use. They can be consumer goods for final use or industrial goods such as raw materials,
What is a product? Why is it important?
What's it: A product is anything we use to satisfy consumer needs and wants. It can be tangible (called goods) or intangible (called services). Companies sell products to individual consumers or other businesses. Individuals consume