Product classification is the process of categorizing products based on their characteristics and intended use. This helps businesses and consumers understand the types of products available in the market. Common classifications include consumer goods, which are purchased by individuals for personal use, and industrial goods, which are used by businesses for production or operational purposes. Products can also be classified based on their durability and tangibility. Durable goods are items that last for a long time, such as appliances, while nondurable goods are consumed quickly, like food. Additionally, products can be categorized as services, which are intangible offerings that provide value, such as haircuts or consulting.