industrial product

Cards (12)

Marketing Mix 
Product
Price
Place
Promotion
People
Packaging
Positioning
What are the products that make your daily life convenient? What convenience does it give or provide you?
Industrial products 
Items that are bought for the use in a firm's operations to manufacture other products
Classification of industrial products
Raw Materials
Major Equipment
Accessory Equipment
Component Parts
Consumable Supplies
Industrial Services
Process Materials
Raw materials 
Basic components which become part of physical products, obtained through mining, fishing, harvesting
Major equipment 
Large tools and machines that are used for production purposes
Accessory equipment 
Less expensive than Major Equipment, used to ease the production or operational activity
Component parts 
Become parts of physical products and either finished items ready for assembly or products that need little processing before assembly
Processed materials 
Used directly in the production of products, refining process of raw materials (e.g. Ethanol (fuel))
Consumable supplies 
Facilitate production and operations, do not become part of the finished product
Industrial services 
Intangible products, professional services rendered to industry
Characteristics of industrial products
Derived demand
Not price sensitive
Fluctuating demand
Limited market
Geographic concentration of markets
Rational buying behavior
Long negotiating period
Infrequent sales
Personal selling