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S3C1A1 What is Product classification?


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Season/Course 3: Product & Services

Chapter 1: Product Classification & Hierarchy

Abstract 1

What is Product classification? Product classification or product taxonomy is a type of economic taxonomy that organizes products for a variety of purposes. However, not only products can be referred to in a standardized way but also sales practices in form of the “Incoterms” and industries can be classified into categories. Let's understand this marketing concept in more detail in this episode.

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