Meanwhile, business and industrial products are classified by materials, parts, capital items, and supplies/services Products and services differ but are inextricably linked through experiences.

Rather, products are sold in product lines and mixes to maximize consumer choice and profitability. They are the reason that the customer is making a value exchange.

products — tangible items that are part of an exchange between a buyer and a seller. services — intangible solutions that are an exchange between buyer and seller. product line — a set of products that are similar or complementary. product life cycle — the stages a product goes through, tracking its sales and profitability.