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7 Types of Product

 , July 14, 2017
Products are goods and services that are designed to be sold. They are typically intended to fulfill a customer need where a customer can be a consumer, business, organization or government. The following are common types of product.

Unsought Product

A product that has little or no demand. This can occur because the product is so innovative that customers don't understand it yet. It can also apply to products that fail to perk customer motivation such as a coffin.


Products and services that customers view as undifferentiated. This means that customers buy on price alone and see no difference between products as long as they meet a minimum level of quality. Firms that produce a commodity have no influence over price and must accept market prices.

Customer Preferences

Products that appeal to customer preferences. This is a primary way to escape commodity pricing. For example, an artisanal food that commands a premium price because it appeals to customer preferences such as taste.

Convenience Products

Products and services that make the customer's life easier. Customers are often strongly motivated to save time and simplify. Convenience products include factors such as labor saving, time saving and things that are easy to use.

Niche Products

Products that target a small set of customer needs and preferences. This allows a product to be strongly differentiated in a crowded market. It may also allow a small business to avoid direct competition with larger firms.

Complimentary Goods

Products designed to compliment another product or service. This include things that directly work with another firm's products such as an accessory for a mobile device.


Goods and services that use social status and/or superior quality to command high prices.
Overview: Products
DefinitionGoods and services that are designed to be sold.
Related Concepts


This is the complete list of articles we have written about products.
Brown Goods
Capital Goods
Club Goods
Common Goods
Common Resources
Consumer Durables
Consumer Goods
Consumer Staples
Digital Goods
Durable Goods
Economic Goods
Experience Goods
Final Goods
Goods & Services
Inferior Good
Intangible Goods
Luxury Goods
Merit Good
Public Goods
Search Good
Social Goods
Soft Goods
Substitute Good
Superior Goods
Unsought Goods
Veblen Goods
White Goods
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