Test1

Description

A product can be classified as tangible or intangible. A tangible product is an actual physical object that can be perceived by touch such as a building, vehicle, gadget, or clothing. An intangible product is a product that can only be perceived indirectly such as an insurance policy. These services can be broadly classified under intangible products, which can be durable or nondurable.

In its online product catalog, retailer Sears, Roebuck and Company divides its products into “departments”, then presents products to potential shoppers according to (1) function or (2) brand.^[2] Each product has a Sears item number and a manufacturer’s model number. Sears uses the departments and product groupings with the intention of helping customers browse products by function or brand within a traditional department-store structure.^[3]

A product line is “a group of products that are closely related, either because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.”^[4] Many businesses offer a range of product lines which may be unique to a single organisation or may be common across the business’s industry. In 2002 the US Census compiled revenue figures for the finance and insurance industry by various product lines such as “accident, health and medical insurance premiums” and “income from secured consumer loans”.^[5] Within the insurance industry, product lines are indicated by the type of risk coverage, such as auto insurance, commercial insurance and life insurance.^{[citation needed]}