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Understanding “Industrial Goods”

Auzaro by Auzaro Supplies

Published Sun, Feb 4th 2018, 09:58 | Business

If you look into the dictionary for the word “industrial goods”, you will find it defined as ‘machinery, manufacturing plants, materials, and other goods or component parts for use or consumption by other industries or firms.’ Demand for industrial goods is usually based on the demand for consumer goods they help produce. Industrial goods can simply be classified into production goods and support goods. Production goods goes into making the final consumer good or product, whereas, on the other hand, support goods help in production of the goods. Classification Before we begin classifying, let us first see some general examples. To name a few, coated abrasives, power tools, machines, raw materials, industrial adhesives and precisions tools. Any set of industrial goods can be categorised as per need, but the one we discuss here is based on usage. These categories are: Installations — Example: Processing machines Accessories — Example: Power Generator Raw materials — Example: Cotton, timber, etc. Manufactured parts — Example: Microprocessor, LCD screen, etc., for a computer manufacturer. Supplies or Consumables — Example: Lubricants, oils, etc. The types of supplies, their size and their quantity vary from industry to industry and are also dependent on the final good. In India, numerous online shopping store for industrial supplies are revolutionizing the traditional methods of ordering Industrial goods. Characteristics The distinguishing feature of industrial goods is that they have a derived demand, i.e. the amount of industrial goods required is directly dependent on amount the product they make. Technical expertise is required to judge the quality of these goods. The market scope for these good is fairly limited because they are of no use to consumers directly. On the brighter side, these goods have an inelastic demand, meaning that their price has no effect on demand. In this field, buyers never compromise with the quality of these goods in any situation and are aware of the alternative models and their prices and the prices of other competing models. Compared to the market of consumer goods, this market is more professional and deliberate. If you are looking for online industrial goods in India then don't forget to check out Auzaro.com, the place where you can get Online Industrial Supplies at Best Price. Follow us on LinkedIn.                      

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