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Product
Product can be goods or service.
Goods are of two types:
- Consumer goods: Goods which are consumed by people such as chocolate, washing machine, television etc.
- Producer goods: Goods which are used by producers or manufactures to produce further goods and services e.g. bottling plant, machinery, trucks etc.
Services are also of two types
- Consumer services: e.g. taxi, car repairing, schools etcProducer
- Services: e.g. factory insurance, advertising agencies.
Features of a successful product
Every successful product has the following features:
