Product

Definition of Product

In the field of marketing, anything that is qualified to offer to the market in order to satisfy the needs of consumers is recognized as the product. From the retailing point of view, products are known as merchandize, in the manufacturing field, the process of buying the raw materials and sell them as finished products is named as product. In project management, products play a role as the outcome that makes up the goals in meeting the needs of delivering the objectives of projects.

In the insurance, the insurances are covered as products that are offered to the customer for selling purpose to create a contract. Whereas, in economics and commerce, product is defined by broader category of goods, the term was first used by the political economist Adam Smith.

There are four types of business products in the market, are as follows,

• Major Equipments

• Accessory Equipments

• Raw Materials

• Component Parts

Books on Product-

Book 1 –

Business Communication: Process and Product By Mary Ellen Guffey, Dana Loewy (published by Cengage Learning, 2010)

Book 2 –

Business By William Pride, Robert Hughes, Jack Kapoor (published by Cengage Learning, 2011)

How Product works?

There are prior four categories in products that are available in the market,

• Major equipments, this type of products involves capital goods that are, large machineries, buildings and mainframe computers.

• The next group of products is named as accessory equipments, this type product costs less and for examples, copy machineries or power tools. This type of product is dedicated to ensure the standardized product offering and good business advertising.

• The third category of products is Raw materials, the examples of raw materials are unprocessed or agricultural products like corn fruit vegetables and fish meats. It is seen that most of the companies purchase a large amount of good from the local mill.

• The last type of product is called as component parts, which consists finished items that are assigned to apply in other production. A common example of this product can be car tires for automobile manufacturing companies.
  

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