Product classifications classify or organize the products for a number of reasons. It is mainly done on the basis of durability and tangibility of a product. Classification of products may be of different standards such as included in global trade, few of them are:
Product classification helps marketers in finding appropriate marketplace to sell their products; classification may be based on different criteria such as usage of products like how often it is being used and also products such as one-time usage. In general, a product may be classified as described below:
Shopping products: These are costly compared to convenience products, and customers invest a part of the time to think about it and compare the products with its similarities in the market.
Specialty products:Customers require special thoughts on the products; an interested customer always restricts himself for available options in the market. They tend to be expensive, durable and possess unique features.