A business product is a good which is created as part of a process. The business product has tangible and intangible aspects, just like an Olympic athlete’s sporting tool. There are many different types of business products. Some of these include equipment, supplies, and software. They are purchased by companies to help them operate their businesses. These products can support a wide range of needs, and can also be found in several industries.
Some examples of these are large commercial ovens, conveyor systems, and machine tools. In addition to these, major equipment includes tractors, trucks, and computers. Depending on the specifics of the company, these are categorized as capital items or expense items. Other products fall into the category of consumer goods. For example, flour falls into the consumer goods category, while a pickup truck for personal use falls into the business product category.
Another example is a toothbrush. It’s a physical item, but the seller can also sell a dental floss that will improve your teeth. This example is a good way to illustrate the differences between a business product and a consumer good. Both products serve a need, but a consumer good can be a convenience for a single person, while a business product can serve a need of multiple people.
Business products can be divided into six subcategories. In Canada, the North American Industry Classification System is used. The system is based on a number of factors, including geographic location, industry type, and consumer purchasing habits.