Class 12 Business Studies - Chapter Marketing NCERT Solutions | What are industrial products? How are th
What are industrial products? How are they different from consumer products? Explain.
The products which are used as inputs to produce consumer products are known as industrial products, e.g. raw material, machinery, tools, etc.
Difference between industrial and consumer products:
| Basis | Industrial Products | Consumer Products |
|---|---|---|
| Meaning |
These products are used for further production of other goods. |
These products are used for final consumption by the direct consumers. |
| Number of buyer |
The buyers of industrial goods are limited. |
The buyers of consumer goods are many in number. |
| Buying decision |
Decisions of buyers are influenced by technical specification and goodwill. |
Decisions of buyers are influenced by advertising and various sales promotional schemes. |
| Nature of demand | These products have derived demand. | These products have direct demand. |
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