Answer:
Industrial products are those products, which are used as input in providing other products e.g., raw material, engines, tools, lubricants etc. The difference between consumer products and industrial products is based on their ultimate use and nature of purchases.
Basis
Concept product
Industrial product
Buyer
Consumer is the buyer
Industrial units and the processor are the buyer.
Motive
It is purchased for personal consumption.
It is bought and used for making other products.
Number of buyer
Number of buyers of consumer products is large.
Number of buyers is limited in case of industrial products.
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