Based on durability, products can be divided into either durable or non-durable goods. In terms of product classification, non-durable does not mean that the product is not of good quality or people do not purchase them, and durable does not mean that the product will be of good quality.
Durable goods are those products that can be used for a long period of time. These are the products that users purchase once and use for years, for example, cars, refrigerators, washing machines and TV.
In contrast, non-durable products do not last for a long time and are to be purchased after a short break. These products are often consumed, such as grocery goods and personal use products such as soaps, shampoos, etc.
Classification on the Basis of Tangibility
Based on tangibility, products can be either tangible or intangible goods.
Tangible goods contain products and goods that have a specific physical form, and people can touch and see these goods. Most of the industrial, consumer, durable, and non-durable goods can be categorized under tangible goods. The majority of commodities are physical items.
On the other hand, intangible goods are the services that an organization provides to its clients. Intangible services are given to the users who are interested, for example, banking services and insurance services.
Classification on the Basis of Use
Based on use, products can be broadly classified into two things, namely industrial goods and consumer goods. Furthermore, industrial goods contain another four major aspects on the basis of which products can be classified. On the other hand, consumer goods are classified into three different types of goods.
Consumer Goods The products that are for the personal use of the consumers are known as consumer goods. The further classification of consumer goods is based on the behavior of the buying customer, and it is classified as:
Convenience goods- These includes products that are purchased on a regular basis without any planning, and these products are also consumed very quickly.
Shopping goods- These products are not purchased on a regular basis, such as clothes, household appliances, electronic devices, and more. When these products are to be purchased, there is special planning, or a choice is made.
Specialty goods- In purchasing these types of products, special effort is made by the consumers. For example, if a person wants to purchase a new car or a new television, then he needs to find the perfect store and the perfect brand.
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