Marketing - What Types of Product are there?

The video tutorial discusses how marketers differentiate products as goods or services and categorize them as consumer or business products. It highlights the reasons behind consumer and business purchases, emphasizing the concepts of direct and derived demand. These distinctions significantly influence marketing strategies, depending on whether the target is consumer or business products.

What does derived demand mean in the context of business products?

Why is it important for marketers to understand the differences between consumer and business products?