The National Institute of Governmental Purchasing (NIGP) developed a commodity and services classification system for use by state and local governments, the NIGP Code.
The European Union uses a "Classification of Products by Activity" among other product classifications. The NAFTA signatories are working on a system that classifies products called NAPCS as a companion to the North American Industry Classification System (NAICS). Various classification systems for products have been developed for economic statistical purposes. National and international product classifications Within the insurance industry, product lines are indicated by the type of risk coverage, such as auto insurance, commercial insurance and life insurance.
In 2002 the US Census compiled revenue figures for the finance and insurance industry by various product lines such as "accident, health and medical insurance premiums" and "income from secured consumer loans". Many businesses offer a range of product lines which may be unique to a single organisation or may be common across the business's industry. By association Ī product line is "a group of products that are closely related, either because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges." Sears uses the departments and product groupings with the intention of helping customers browse products by function or brand within a traditional department-store structure. Each product has a Sears item number and a manufacturer's model number. In its online product catalog, retailer Sears, Roebuck and Company divides its products into "departments", then presents products to potential shoppers according to (1) function or (2) brand. Services can be broadly classified under intangible products, which can be durable or nondurable. An intangible product is a product that can only be perceived indirectly such as an insurance policy. A tangible product is an actual physical object that can be perceived by touch such as a building, vehicle, gadget, or clothing.
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