Mastergp
Verified member
Industrial products can be broadly classified into two main categories depending on the production process and the costs structure there are as follow:
Direct inputs for finished Goods:
The products that appear under this class are those that are directly involved in the manufacturing of finished goods they include :
Raw materials:these ate product that are deployed in the production processes for transformation into finished goods. It could be livestock etc or natural resources like crude oil, iron ore etc.
fabricating materials and parts :
These are finished product of another firm, which are used by the current firm as a raw material to finish it product. It can also be liken to work in progress. Examples are bolt and nuts used in automobile, cement used for producing blocks and constructing bridges and houses, carburetors, used in cars etc.
finished product complement :
these category of finished product do not form part of the finished goods but complement them.
they include the following:
installations:
they are complex industrial equipment that is very heavy and expensive in nature. It takes high level of expertise for its fixing and fitting.
Accessories:
industrial products under this scenario are designed to facilitate the operation of this major equipment and the entire operation at large.
Direct inputs for finished Goods:
The products that appear under this class are those that are directly involved in the manufacturing of finished goods they include :
Raw materials:these ate product that are deployed in the production processes for transformation into finished goods. It could be livestock etc or natural resources like crude oil, iron ore etc.
fabricating materials and parts :
These are finished product of another firm, which are used by the current firm as a raw material to finish it product. It can also be liken to work in progress. Examples are bolt and nuts used in automobile, cement used for producing blocks and constructing bridges and houses, carburetors, used in cars etc.
finished product complement :
these category of finished product do not form part of the finished goods but complement them.
they include the following:
installations:
they are complex industrial equipment that is very heavy and expensive in nature. It takes high level of expertise for its fixing and fitting.
Accessories:
industrial products under this scenario are designed to facilitate the operation of this major equipment and the entire operation at large.
