Product class is a grouping of products and services that can theoretically substitute for each other. This is generally understood to be far broader than a product category. The following are illustrative examples of a product class.
TransportAll products and services that transport passengers such as a car, bicycle or flight.
HospitalityAll services that host guests such as a hotel, resort, theme park or restaurant.
Fast Moving Consumer GoodsFast moving consumer goods are consumer products that are quickly used up such that they must be purchased regularly. For example, food, cosmetics and toiletries.
FashionFashion products such as clothing, shoes and accessories.
FinanceFinancial products such as savings accounts, credit cards and investment products.
InsuranceProducts that offer to transfer risk for a fee.
Consumer ElectronicsDevices such as mobile phones, computers and televisions that are sold primarily to consumers.
Long lasting machines that are sold to consumers such as a washing machine or air conditioner.
Furniture & FixturesItems that are used in the interior of homes and businesses such as a sofa or ceiling lamp.
MaterialsBasic materials that are mostly sold to businesses to produce end-products. For example, mining, forestry and chemical products such as plastic.
TelecomServices for communication including data communications.
Business ServicesServices that are sold to businesses such as business process outsourcing and data center services.
AdvertisingAdvertising services such as television commercials, digital ads and billboards.
EntertainmentProducts and services that are entertaining such as movies, music and cultural events.
NotesIt is common for product classes to be more narrowly defined than the examples above. For example, the product class "hotels" as opposed to the broad product class "hospitality." Product categories are even more narrowly defined such as "luxury hotels" or "budget hotels."As services have become a large percentage of GDP in developed nations, it is now uncommon for marketers to make any strong distinction between products and services. For example, modern products often generate service revenue such that the line between product and service is increasingly blurred. It is also common to refer to services such as financial services as products.
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