ENTREPRENEURSHIP

Detailed explanation-1: -There are four types of products and each is classified based on consumer habits, price, and product characteristics: convenience goods, shopping goods, specialty products, and unsought goods.

Detailed explanation-2: -A restaurant, for example, combines ingredients in making a fine meal (manufacturing), sells a cold bottle of wine (merchandising), and fills customer orders (service).

Detailed explanation-3: -A merchandising firm is one of the most common types of businesses. A merchandising firm is a business that purchases finished products and resells them to consumers. Consider your local grocery store or retail clothing store. Both of these are merchandising firms.

Detailed explanation-4: -Product classification is a marketing and business term that categorizes products based on how and why consumers purchase them. These distinctions can change the way companies market their products and affect other aspects of sales, such as pricing and distribution.