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 by methods
Product
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, food, and
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
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
How to distinguish consumer goods, semi-finished goods, and raw materials
What it is: Capital goods are man-made items that are used to produce goods or provide services. In getting their benefits, there is no need for further processing. And, they also don't form a component of the output. Examples of capital goods
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 food and
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 in capital
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 without
Design mix of product
The design mix refers to three aspects of design that companies need to consider when developing a product. All three are functions, manufacturing costs, and aesthetics.Why is the design mix important?All products have the same goal, which is