A class of products that provides a substitute for another, according to how wide or narrow the product definition is. In the market for ‘transport vehicles’ a narrow product class maybe include, for example, cars, vans, and motorcycles, while a wide or broad product class would include aircrafts, ships, trailer trucks or buses.
Link to This DefinitionDid you find this definition of PRODUCT CLASS helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary