MGT211 Short Lecture - 30 | VU Short Lecture | Product and Types of Product in (Urdu / Hindi)

In Lecture 30 of the Introduction to Business course, the focus is on products and the different types of products, as well as the product life cycle.

The lecture begins by explaining the different types of products, which can be classified as tangible or intangible. Tangible products are physical goods that customers can touch, see, or feel, while intangible products are non-physical services, experiences, or ideas.

The lecturer then discusses the different types of consumer products, which include convenience goods, shopping goods, and specialty goods. Convenience goods are products that customers purchase frequently and with minimal effort, such as groceries and toiletries. Shopping goods are products that customers purchase less frequently and with more effort, such as furniture and appliances. Specialty goods are products with unique features or characteristics that customers are willing to go out of their way to purchase, such as luxury cars and designer clothing.

The lecture also covers industrial products, which are products used by businesses to produce other goods or services. Industrial products can be classified as either capital items, which are long-lasting and expensive items such as machinery and equipment, or expense items, which are shorter-lasting and less expensive items such as office supplies and cleaning products.

Finally, the lecture covers the product life cycle, which is the progression of a product through four stages: introduction, growth, maturity, and decline. The introduction stage is when a product is first launched, and sales are low. The growth stage is when sales begin to increase rapidly. The maturity stage is when sales reach their peak, and the market becomes saturated. The decline stage is when sales begin to decline due to changing market conditions or competition.

Overall, Lecture 30 provides students with a comprehensive overview of products and the different types of products, as well as the product life cycle. By understanding the different types of products and where they are in the product life cycle, businesses can develop more effective marketing strategies and succeed in the competitive marketplace.

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