When conducting a feasibility study for a new business, it’s crucial to have a clear understanding of the products you plan to sell. Products can be tangible goods or intangible services, such as coaching, dry cleaning, or cleaning services. These products can be classified into three categories based on their nature.
1, Industrial products
Industrial products are goods and services acquired to facilitate production or manufacturing processes. These may include essential components such as steel beams and electronic circuitry, as well as specialized machinery like conveyor belts and industrial robots. Suppliers of industrial products often operate on a large scale to meet the demands of manufacturing industries with diverse needs and specifications.
2, Consumer products are items and services that people buy to fulfill their personal and household needs. They are mainly sold to individual consumers, and small businesses usually operate within this category.
There are three types of consumer products:
a, Convenience products
Convenience products are items that are commonly found in corner shops and are often everyday essentials and emergency items such as toiletries, snacks, and household supplies.
b, Shopping products
Shopping products, on the other hand, are a wide range of goods that meet various consumer needs and desires, including clothing, electronics, and home appliances.
c, specialty products
Lastly, specialty products are unique and exclusive items that can be found in specialized shops, targeting niche markets with specific tastes and preferences, such as jewelry.
3, Services
Services are different from products as they are not tangible, which means they cannot be physically displayed to the consumer. The production and consumption of services often happen concurrently, and time plays a crucial role in service delivery.
Entrepreneurship & Business Management N4 marketing feasibility study
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