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The Internet has exposed us to different outlooks and ideas. Today’s society is more sensitive because of this diversification, and people are more conscious of their civic duties than they were ever before. In these times, responsible consumption is gaining momentum. Customers expect charity of their preferred brands.

Research shows that, as of 2020, 40% of consumers opt for socially motivated enterprises and stay loyal to them. They are inclined to pay 6% more for products from such a company.

Therefore, it is in the best interest of a brand to be diligent towards its corporate social responsibility, aka CSR. No wonder, cause marketing is gaining ground.

What is Cause Marketing?

Cause marketing is a form of corporate social responsibility wherein the business launches a marketing campaign that serves a twofold objective of generating returns and increasing social welfare.

Corporate social responsibility is the directive establishing a company’s social accountability. Through CSR programmes, businesses engage in philanthropy and work for the betterment of society. Such programmes include anything done for a good cause, from monetary donation to volunteer work. Cause marketing falls under this broad category.

In general terms, cause marketing refers to setting up a promotional campaign in line with a cause. Here, a company works to better society by simultaneously marketing its products.

Cause marketing is often confused with cause-related marketing which relates to a business’ association with a non-profit.

In cause-related marketing, the for-profit organisation donates a share of its revenue to the social organisation. In contrast, cause marketing strategies focus broadly on social and cultural matters like poverty, inequality and even non-inclusion.

Nike’s You Can’t Stop Us campaign is an excellent paradigm. The one-and-a-half-minute video celebrates women in sports. The brand here illustrates sportsmanship and shows how the game’s spirit is past all boundaries, including gender.

https://www.youtube.com/watch?v=WA4dDs0T7sM

How Does Cause Marketing Work?

Consumers prefer purchasing from socially conscious companies and are often ready to pay higher prices. Cause marketing adds to a brand’s trustworthiness and, thus, increases revenue.

However, building credible campaigns isn’t a cakewalk. Especially with all the competition, companies don’t know what might backfire.

A lucrative marketing campaign needs rigorous brainstorming. The marketing teams assess the market, plan a path and coordinate with other departments to develop an executable plan of action.

• Identifying the right cause – Personal and professional branding form the basis of today’s business activities. Each company creates its identification and maintains it. To appeal to their customers, companies need to choose causes that align with their brand values.
• Coupling donations with non-monetary contributions – Monetary contribution goes a long way in helping an organisation. However, to lend more ingenuity to their marketing campaign and save a few bucks, companies may offer some services to a non-profit or raise awareness around a cause. Video mailing services, sponsorships, volunteering or even a short film, serves the purpose.
• Executing effectively – After figuring out the fundamentals, businesses ensure coordination between their organisation’s limbs. They together come up with a plan and see that everyone is on board with it, be it their employees or the non-profit they have partnered with. They come up with an effective PR strategy, as well. Billboards, social media posts and formalised associations carry hype to the right people.
• Going digital – With an increase in online traffic, digital cause marketing is at an ever-rising height. Only 6% of millennials trust online advertisements, whereas 58% of them would instead buy from a brand with a cause. Thus, adding values to digital marketing campaigns can increase a brand’s revenue manifold.
• Being patient – No success comes overnight. Big brands like Dove and The Coca-Cola Company have spent years acquiring the market. Companies have to work consistently and wait for results.

Marketing is a creative field. Even the above layout leaves a lot of gaps for marketers to fill in. The great promotional campaigns are the most creative ones.

Notable Examples of Cause Marketing

Following are some of the marked cause marketing campaign examples of recent times.

Marker’s Mark “Give Cozy, #Get Cozy” Truck Tour Campaign

Around 15% of Americans have to stretch to accommodate a warm winter coat. Marker’s Mark partnered with a non-profit organisation, One Warm Coat, to 5000 cups of hot chocolate, 3500 gingerbread cookies and 20000 warm coats to people across the seven states. The event included multi-media campaigns, events and PR activities.

Vistara’s #FlyTheNewFeeling

Vistara is a joint venture by Tata Group and Singapore Airlines. It partnered with Salaam Baalak’s Trust to provide a memorable first-flight experience to street children. Kids aged between 7 to 12 years of age flew from Delhi to Mumbai in Vistara flights, and the two-minute short film went viral on social media.

The Economist’s Pride and Prejudice

The Economist held their Pride and Prejudice event where the world’s influential leaders talked about LGBTQIA+, diversity, and inclusion. This 24-hour conference spanning three countries – Hong Kong, London and New York, is the most outstanding cause marketing example.

Importance of Cause Marketing

In the last few decades, business conglomerates have emerged as immensely powerful organisations. But, with power comes responsibilities; and consumers these days are well-aware of the corporate capacity. They expect their preferred companies to be socially conscious and give back to society. They feel a sense of pride in consuming responsibly. Therefore, to secure more conversions and ensure consumer loyalty and retention, brands associate their values with a cause.

A personal and professional branding is the key to grow through cut-throat competition. Faced with unnumbered choices, consumers prefer buying from companies whose values align with their beliefs. So, brands must focus on increasing awareness about themselves rather than just advertising their products.

When a company markets the cause it is working with, it presents a powerful picture in front of consumers and its chances of success increase manifold.

The first notable cause marketing campaign was organised in 1976 by Marriott Corporation and the March of Dimes. The idea has gained popularity since then and now, all brands, big and small, want to go for cause marketing. Not only do consumers expect it but with its low cost and high returns, cause marketing also appeals to the corporates. That is why brands like Dove and Gillette actively work towards a socially conscious image.

Types of cause marketing

From Unilever’s recycled toothbrush to Bajaj Almond’s 1 % revenue donation policy, cause marketing comes in various forms.

• Message-focused campaigns – When business organisations raise awareness around a social topic or deliver a social message via their promotional articles or videos, it’s a message-focused campaign in play. Budweiser asked people to not drive after drinking in its #FriendsAreWaiting advertisement. The campaign portrayed the eminent beer brand as taking a firm stand and established its trustworthiness in the market.
• Cause-related marketing – This type of marketing follows the “You give us, we give them” model. Cause-related marketing is more-or-less like business giving. When a firm X ties up with a non-profit Y and donates 2% of its revenue to the cause, it is cause-related marketing.
• Transactional campaigns – This is where a company’s contribution to a cause is triggered by consumer action. For instance, to increase their social media engagement, a start-up may offer to donate one dollar each time a post is shared.
• Non-transactional Campaigns – The type of marketing in which the help is not directly related to consumer action is called non-transactional campaign marketing. A company may sponsor events of the non-profit it has ties with. The association is not affected directly or indirectly by a consumer action, but these events act as promotions of the business.
• Point-of-sale campaigns – Point-of-sale is where customers pay for goods and services; that is, the location where transactions occur following a purchase. Consumers are often asked to donate a small sum to the charity at the checkout counter. Online platforms like Swiggy also ask their customers to leave tips while placing the orders. This donation during checkout is an example of a point-of-sale campaign.
• Volunteerism – Contributions don’t always have to be monetary. A company may support the cause of its choice by asking its employees to volunteer with an apt non-profit.
• Digital engagement – Here, businesses spread awareness and raise funds for a non-profit’s ideals by campaigning on a digital platform.

Although the above forms of cause marketing are widely seen, the field is open to ideas. One never knows when a marketer uses their creative cells and comes up with a completely different type of cause marketing.

Is cause marketing effective?

When the number of belief-driven consumers is on the rise, cause marketing is emerging as a viable source of returns.

There is no shortage of choices. Consumers prefer to go along with the brands that share their ideas. That’s why we see big brands and their C-level employees taking stances, unlike in older days when they would go out of their ways to avoid speaking on an issue.

Following are the benefits of cause marketing:

• High conversion rate – Awareness-induced promotional campaigns lend more credibility to a brand than advertising does. While most millennials take no notice of online advertisements, 69% of Gen Z would prefer buying from a company contributing to a cause.
• Loyalty – Loyal customers prove to be assets and the best marketers to a company. Therefore, marketing heads must ensure loyalty within their existing consumers and cause marketing is an effective trust-building tool.
• Revenue growth – Around 71% of people are ready to pay more for a product if a part of the profit goes to charity. When consumers are socially conscious, this low-cost marketing form is the road to stable revenue generation. 
• Making a difference – In the end, marketers must never lose sight of their main goal – value generation. The purpose here is to do social good while getting monetary returns, not the other way round.

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There are some things that are essential or are a necessity. And then there are things people would love to own or experience. People use two terms – needs and wants – interchangeably for both these things.

But there’s a difference. One should clearly understand the difference between the two, irrespective of whether they are the customer or the marketer.

What Is A Need?

A need is a requirement arising out of a necessity that is essential for an individual to exist or live a healthy life.

Consider it to be an essential element of life whose deficiency may lead to adverse outcomes. Needs are drivers of people’s actions. Almost all actions can be considered as originating in the quest for satisfying or actualising needs.

The most basic needs examples include food, water, rest, clothing, shelter, health, and reproduction. Without them, an individual might not exist.

But there are other needs that do arise from necessities but are not vital to survival. Such needs come in the later sections of the need hierarchy and include safety needs like protection from violence and theft, emotional stability; love and belonging needs like friendships and family bonds; esteem needs like self-respect; and self-actualisation needs like the fulfilment of full potential as a person.

Need = Requirement

Characteristics Of Needs

• Needs are essential: They are necessary for survival or to prevent adverse outcomes.
• They’re essentially universal: Usually, needs are common for everyone, like everyone requires food, water, air, etc.
• They may be stimulated by external or internal factors: External factors like climate change and internal factors like disability might stimulate a new need within an individual.
• Priorities may be deferred: Needs work in a hierarchy. Higher level needs only come into play after lower level and more important needs are fulfilled.
• Needs are interrelated: Each fulfilled need gives rise to a new need till the individual reaches the self-actualisation level.

What Is A Want?

A want is a requirement arising out of the desire, aspiration, or motivation of an individual to get satisfaction.

These are elements that an individual desires but could live without. Furthermore, these requirements might change frequently depending upon several factors like surroundings, perception, environment, culture, and even age.

Some examples of wants include entertainment, travel, electronic devices, fashion, etc.

Want = Desire

Characteristics Of Wants

• Wants are unlimited: Wants arise from experience and the available choices. Hence, they can be unlimited.
• They arise from needs: Wants usually stem from basic needs. For example, a want to buy a specific brand shoe arises from the need to have shoes.
• Wants compete with each other: Unlike needs, wants don’t work in a hierarchy. They compete with each other over the limited resources of the individual.
• Wants are not universal: Different individuals may have different wants depending upon their experiences, available choices, and other factors.

Needs vs Wants

	Needs	Wants
Meaning	Needs are requirements that needs to be fulfilled in order to exist or thrive.	Wants are requirements arising out of desires that are not necessary for survival or thriving.
Nature	Limited	Unlimited
Represents	Necessity	Desire, aspiration, or motivation.
Flexibility	May remain constant over time	May change with time
Non-fulfilment	May result in extreme events like disease, death, or extinction.	May result in sadness, regret, or disappointment.

What Is Demand?

When a need or a want is backed by buying power, they become demands. That is, when a customer requires resources and is ready to pay for it, they create a demand that requires a supply in the market.

This demand is a combination of both needs and wants and is the chief driver of the economy.

Need Vs Want Vs Demand In Marketing

In marketing, a need is the consumer’s desire to get functional utility out of an offering. It’s the desire for the offering’s specific benefit that helps the consumer get the job done.

On the other hand, a want is a desire for offerings or benefits that are not necessary.

For example, food is a consumer need. However, a chicken burger is considered a consumer want, as it is not necessary in order to live.

Every marketer starts their marketing journey by developing a product that fulfils the need of the customer. Once the need is satisfied, the offering gets features, benefits, and other add-ons to satisfy the wants.

Every offering can be converted into satisfying a need and a want. For a shoe brand, developing shoes that satiate the need of having footwear receives the most priority, followed by satiating wants of building a good brand around that offering, positioning it as a casual or formal wear, etc.

When needs and wants are combined to form an offering, they result in a supply good enough to fulfil demand.

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Every time a customer purchases a product, they compare the benefit received with the money paid for it. They call it the actual ‘worth’ of the product, relative to the price they paid. This worth of the product makes them stay, repeat purchase, refer the product to others, or do the opposite.

Technically it’s not actually the worth of the product they bought; it’s the value they got from it that they translated into monetary terms. This value is customer value.

What Is Customer Value?

Customer value is the benefit expressed in monetary terms a customer gets in exchange for the price paid for the market offering.

This definition of customer value stands on three key pillars

• Customer value is the benefit: It’s the combination of all the tangible and intangible benefits, including technical, economic, service, and social benefits, a customer receives from the offering bought.
• It is expressed in monetary terms: A customer always weighs the benefits received from the product and the costs incurred in obtaining them by converting the benefits into perceived monetary terms.
• The benefit is compared with the price paid for the offering: The customer value is the net benefit received after subtracting all the costs that the customer incurs in obtaining those desired benefits.

Generally, a customer also compares the net benefits received from one offering with its possible alternatives. It helps determine whether the customer feels they received enough value for the cost they incurred for the offering.

Components Of Customer Values

The value is always defined through the perception of the customer. It’s a result of four value types combined.

• Functional Value:  It’s the value the consumer gets after getting their work done or problem solved. The bigger the problem is, the bigger the value served.
• Social Value: It’s the quantification of perceptual benefits acquired from the offering’s association with social class, social status, or a specific social group.
• Psychological Value: It’s the quantification of the psychological benefit a customer receives in terms of expressing themselves or feel better.
• Monetary Value: It’s the value customer deduces after comparing the price paid with the offering’s perceived worth. It’s when all the non-monetary costs come into play.

For example, consider person X is thirsty and person Y offered him a cola drink for a nominal price.

The first value that person X may be looking for in this drink is the functional value that will quench his thirst. Is the quantity enough to quench his thirst? Was he able to get his problem solved?

Second is the social value. Does buying person Y’s cola drink raised his social class, social status, or specific social group?

Third, the psychological value. Does the psychological benefit of trying a new drink and being unique made person X feel better? Did he get any other psychological benefit that helped him express himself or feel better?

The last is the monetary value. Does person X think that the benefits he got from person Y’s cola drink were worth the price he paid?

Value vs Price

Any market offering has two fundamental characteristics – value and price. Price is what the product costs to the customer, and value is what the product is worth to the customer. This worth is derived from the benefits the customer receives from the offering.

During a purchase decision, the value should always outweigh the price, or the product will not sell. The price isn’t always the monetary cost. It also includes non-monetary costs like time, effort, energy, and inconvenience.

The customer always compares the offering’s value and price with its competitive alternative before taking the final decision. Even for offerings with no close competitors, there’s a competitive alternative of customers doing the task themselves or building a product themselves rather than purchasing it.

Hence, for a product to succeed in the market, it should fulfil the following equation:

(Valuep -Pricep) > (Valuea -Pricea)

That is, the net value (value – price) of the business’s market offering should always be more than the net value of the competitive offering.

The Importance Of Customer Value

If we go according to the definition, marketing is all about creating, communicating, and delivering value to customers.

The customer is the king of the market. And today, the only way to fit in their shopping list is to provide benefits that weigh more than the costs incurred to obtain them.

Business goals of earning profits, growth, and expansion are only possible if all the business activities contribute to value creation. A business will only succeed if the value it tends to provide equals or falls below the customer’s perceived value of the offering provided.

How Is Value Created?

A business succeeds in creating value when the customer perceives the offering’s benefits to be more than the involved costs.

Every customer segment has a different definition and priority for benefits and costs. However, all the benefits can be categorised into four types:

• Personal benefits
• Product benefits
• Service benefits
• Image benefits

All the costs can also be categorised into four types:

• Monetary costs
• Psychic costs
• Energy costs
• Time costs

For a business to succeed in developing value, it needs to do thorough research on how the customers prioritise benefits and costs and give weight to the same. Once done, it needs to reduce the costs to a minimum and benefits to a maximum (giving attention to the most important costs and benefits) to increase the net benefit received from the offering.

For example, if a customer prioritises costs as:

1. Monetary costs
2. Time costs
3. Energy costs
4. Psychic costs

And benefits as:

• Product benefits
• Personal benefits
• Service benefits
• Image benefits

To create most value for this customer, the business needs to focus on reducing (or increasing) the costs and providing as many functional benefits as it can.

Once done, it can use the value drivers to influence the customers’ purchase decision.

Drivers of Customer Value

The customer perception of value can only be influenced and not controlled. The business can use certain drivers to influence it, though. These value drivers make the customer perceive the offering to be valuable. These are:

• Product function: It’s the product’s functional qualities that help the customer get the task done. The business can add or subtract functions to increase the product value to the customer. If a customer gets more functions than expected, they perceive the product value to be more.
• Price: Price is the monetary cost a customer incurs during the exchange transaction. It is a big influencer of the purchase decision and directly affects the perceived value.
• Quality: It’s the degree to which the offering meets the consumer’s needs. The offering is a high-quality product if it equals or exceeds the user needs.
• Positioning: It’s the unique space the offering occupies in the brains of the customers. It’s how a customer views a specific offering by associating emotions, traits, feelings, and sentiments with it.
• Service: Service provided before, during, and after the purchase decision influence the value substantially.
• Marketing and Branding: Marketing strategies and branding strategies help communicate the intended brand message and product features that influence its perceived value.
• Existing relationships or previous experience: Customer’s existing relationship or previous experience with the brand influence their perceived value of the offering. A good experience results in a halo effect and makes them perceive the value to be more. A bad experience results in a horn effect and reduces the perceived value.
• Personal bias from experience and upbringing: A customer’s personal bias also influences an offering’s value. A customer who can’t eat pork will always devalue a pork dish.

Bottom-Line?

Customer value is the lifeline of the business. Today, customers are so spoilt with choices that they decide what deserves their attention or money. The business can no longer control how the customer behaves; it can only influence the same using its various business activities.

Hence, to ensure the business succeeds, the marketing team needs to outweigh offerings costs with the benefits provided in the priority the customer sets.

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A product is the offering a business provides to its customers in return for a monetary benefit. This offering can be a tangible item like a mobile phone or a doormat, or an intangible thing like a delivery service or cab service. Generally, anything that’s offered for sale is a product. Sometimes it’s the offering a customer buys in a store. Sometimes, it’s the customers themselves.

A perfect product in the right market makes for a glorious combination for a business. The market consists of consumers and industries, and businesses can cater to either or both.

But what are the types of products that one can find in the market? What do they mean? And finally, what do they consist of?

Let us find out!

The Two Types Of Products

Technically, every product that exists today can be categorised into two types depending on who it is targeted at:

• Consumer Products: These are finished products offered to the final customer who consumes them.
• Industrial Products: These act as materials used in the production of other goods.

Consumer products

Consumer products are those that have direct utility to consumers. Individuals consume these products to satisfy their needs and wants. Some examples of consumer products are smart TVs, cheese, bread, toothbrush, and motorcycles.

These products also involve services that directly satisfy consumers’ needs, like cab services or food delivery services.

Consumer products are further classified into four broad categories based on the purchasing behavior of the customer:

• Convenience products
• Shopping products
• Speciality products
• Unsought products

Convenience products

Convenience products are inexpensive products that don’t require much effort from the customer to select and purchase them. They are usually produced in huge quantities as they already have a set demand.

These products are easy to find, typically in grocery stores and major eCommerce websites, and don’t cost a lot. Additionally, customers use these products in small quantities since they can buy them frequently. 

Products used daily by individuals, such as toiletries and medicines, are examples of convenience products.

Convenience products are further classified as staple, impulse, or emergency products.

• Staple products are those that the customer buys on a near-regular basis. They include goods like medicines, stationery, cigarettes, eggs, milk, etc., and services like cabs or carpooling services.
• Impulse products, as the name suggests, are bought on impulse. These products aren’t what one would put on their grocery list, as they are essentially unplanned purchases. Take, for example, how individuals pick up a bar of snickers at the cash. Even a sudden decision to go sky-diving or colour hair purple and even the sudden urge to get a body massage after a long day at work are all necessarily impulse products.
• Emergency products are suddenly considered a necessity due to an unprecedented situation; for example, a torch in the event of a power cut or an ointment in the event of an injury. Emergency products also include services like taking a taxi home after twisting an ankle or ordering food when the person has lots of work to do.

Shopping products

Shopping products are consumer products that the customer purchases less frequently and compare with other alternatives on quality, price, style, etc.

Unlike convenience products, these products require individuals to make little effort to purchase them. It is because consumers engage in comparing features and prices before finally buying these products. Consequently, purchasing these products usually takes more time.

Examples of shopping products are smartphones, laptops, or a dinner table. 

These products can be classified as homogeneous or heterogeneous shopping products.

• Homogeneous Shopping Products are similar in features, quality, and suitability. However, other qualitative and quantitative attributes like their brand loyalty, prices, and positioning become the point of comparison as they vary a little. Consider washing machines manufactured by two different companies. While they have similar features and are in the same price range, the consumer tends to compare the two’s prices or his prior experience with the brands before making a decision.
• Heterogenous Shopping Products are those which vary significantly in style, suitability, quality, and pricing. An example of this would be clothing, wherein a consumer is likely to focus on the style they demand rather than the product’s price.

Speciality products

Speciality products are products with unique characteristics or images for which a significant group of customers is willing to make an extra effort.

These types of products are usually desired but not needed, and they apply only to certain customers.

Speciality products require special purchase efforts from the customers and often need considerable amounts of time to come to a decision. The sale of speciality products usually depends a lot on consumer loyalty. Hence, these businesses invest significant amounts of time into perfecting their goods and services and positioning them well to keep their customers coming back for more. 

Usually, speciality products are less compared against other products as they have their fan-base. The effort, however, is put in terms of other factors – these products can be highly limited in quantity, highly-priced, or available only in select stores. 

There is often a strong sense of loyalty seen in consumers who purchase such products. A consumer who favours one brand for its superior quality will travel to great lengths to acquire that brand’s product. Take Lamborghini, for example. A customer doesn’t spend time comparing it with other brands. Instead, they put in the effort to arrange funds and visit the store even if it is far off.

Other examples would be Louis Vuitton bags, Swarovski crystals, and Louboutin shoes. One may also be particularly inclined towards visiting their favourite salon to experience their exclusive service.

Unsought products

There are some products that a customer never considers buying under normal conditions; that is, the customer does not normally think about them, at least not until they need them. For example, one seldom considers buying an oxygen cylinder, life insurance, or funeral service. These products are often unheard of, as they haven’t been marketed enough or are not necessarily considered a requirement in life. Another example of an unheard-of product is a new headphone model that is yet to be heard of by the consumer.

Usually, unsought products are the hardest marketing task for a business. They require an extensive marketing campaign, high-budget advertising, and highly trained sales professionals.

Industrial products

Industrial products are products that are used to produce other goods. These products cannot be used directly, have to be processed, or are used for processing raw materials.

Such goods and services usually include machinery, manufacturing plants, raw materials, technicians or engineers services, etc., targeted to businesses or industries who use them to produce other products. 

Generally, industrial products have the following characteristics:

• Rational Buying Power: Unlike consumer goods, purchasing industrial products involve more rational decisions than emotional ones. Customers buy such goods only when they need them. Usually, the quality and product matter more than positioning or other psychological drivers.
• Complex Product Lines: Industrial products can be complex in nature as they tend to be technical and niche specific. 
• Higher Purchase Value: Industrial products are usually pricey, owing to their complexity.
• High Investment Level: Such products usually require substantial investment as they are used for mass or industrial production.
• Inelastic Demand: The demand for industrial goods isn’t much affected by the changes in prices. 

Industrial products are further classified into six types. These are:

Raw materials

Raw materials are products that are processed before being sold in the consumer market as finished products. Natural resources such as wood and agricultural products such as cotton and livestock like sheep for wool provide industries with raw materials.

Take jute, for example. It’s a natural fibre derived from plants. This fibre is sent to a factory that processes it and eventually sells it in the consumer market as jute bags. Here, jute is the raw material which is the product that companies purchase from farmers to produce jute bags, among other products.

Capital products

Capital products include industrial products that are directly used for the production of other goods and services. This includes factories or buildings, land, and machines.

These are industrial products that allow a business to function, for without a factory, a business can not produce a product for the consumer market. Services like DHL, which deliver products, require a warehouse to store parcels. Hence, a warehouse is an industrial product, and so is an office.

Essential Equipment

These are the utility products used to produce, process, or sell other products. These are essential products without which a business cannot run. Imagine a big factory with no conveyor belts. It would lead to chaos, with workers running around, shifting items from one place to another. A conveyor belt plays the integral role of transporting packages and other items from one piece of equipment to the next. This allows for the successful processing and production of products efficiently.  

Engines, tractors, conveyor belts, and forklifts are just some of the few examples of major essential equipment.

Component Materials

These products are processed inputs that are used to make the final output. Component materials essentially become a part of the final product. Unlike raw materials that come through nature, a component material is an already processed input.

An example of this is a paper sent to a publishing house used to make books or newspapers. Here, the paper has undergone the paper-making process previously, making it a component material.

Accessory products

These are products that lend a helping hand in the production process or the product’s selling process. They do not become a part of the final product but enable the manufacturing or selling of the product. 

Small tools and even display racks are examples of these products.

Services and supplies

This involves the workforce in charge of maintaining, consulting, repairing, and cleaning, among other services. When an individual takes up the job of serving a business in any manner, the individual’s service becomes an industrial product.

These individuals enable the smooth operations of industry and directly or indirectly contribute to other products’ production. A salesperson can also be an example of this, as he aids in selling a particular product.

As for the supplies, these are the convenience products in the industry. They are frequently used and can be conveniently acquired. Examples of services and supplies include pens, glue, and A4 size papers used in an office setting, a cash register, and even small maintenance tools such as a screwdriver.

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