Product Type¶
Overview
Product Types refer to families of products that businesses in a specific industry offer to their customers.
Products belonging to the same product type will have a common structure (e.g., all fixed-term installment loans can be grouped under the same product type).
However, they will differ in the value that some of the configuration parameters of the product may be set at. For instance, 36-month installment loans and 60-month installment loans are both Fixed Term installment loans.
Examples of product types are:
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Installment Loans
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Credit Cards
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Insurance Policies
In the default roles set up, only Users with Administrative privilege can create a Product Type.
How is this used?
Product types are used to create products. Selecting a product type while creating a product allow users to predefine the set of configuration parameters that can be used to configure the products.
Creating a Product Type
Go to Product Management and click on Product Type and follow the instructions described in the registrationsection.
Example
Case study: User wants to define a product type called Retail Installment loans within which they will further create multiple products (36-month consumer loan, 72-month auto loan, etc.)
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Go to Product Type under Product Management and click on Create to create a new product type called Installment Loan
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Product type details
- Product type configuration parameters
