Product (business) | Solutional Webdesign Antwerpen

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A product in business is a good or service that can be bought or sold. It can be a physical item, like a building or clothing, known as a tangible product, or something less concrete like an insurance policy, known as an intangible product. Each product has a unique identifier or model number assigned by the manufacturer for identification. Products can be grouped into product lines based on their function, customer^[1] groups, or price ranges. Traceability is also important, particularly for products like food where it’s crucial to track their journey from origin to retail^[2] for health reasons. A product’s sustainability is another key aspect, with initiatives like the EU’s Digital Product Passport proposing material passports to list all materials in a product for recovery and recycling.

Terms definitions

1. ↑ customer.

1 The primary entity in this text is the "customer. A customer is an individual or entity that purchases goods or services from a business. They are crucial participants in the commercial landscape, forming relationships with businesses through transactions. Customers can also be classified as 'clients,' especially when they receive tailored advice or solutions from a business. The term 'client' originates from Latin, implying a sense of leaning or bending toward a business. Customers vary in types - from end customers who directly buy products or services, to industrial customers who incorporate these goods or services into their own offerings. These customers can have different relationships with the business, such as being employers in construction projects. Businesses often segment their customers into different categories, like entrepreneurs or end users, to better understand and serve them. The understanding and management of customer relationships is a critical area of study and practice in business.

2 The primary entity in this text is the "customer. A customer is an individual or entity that purchases goods or services from a business. They are crucial participants in the commercial landscape, forming relationships with businesses through transactions. Customers can also be classified as 'clients,' especially when they receive tailored advice or solutions from a business. The term 'client' originates from Latin, implying a sense of leaning or bending toward a business. Customers vary in types - from end customers who directly buy products or services, to industrial customers who incorporate these goods or services into their own offerings. These customers can have different relationships with the business, such as being employers in construction projects. Businesses often segment their customers into different categories, like entrepreneurs or end users, to better understand and serve them. The understanding and management of customer relationships is a critical area of study and practice in business.

2. ↑ retail. Retail, derived from the Old French verb 'tailler,' means to cut off or divide, signifying the sale of small quantities to consumers. This term, used in English, French, Dutch, German, and Spanish, became a noun in 1433 from the Middle French verb 'retailler.' Retail refers to the process of selling goods or services directly to end-users. It can take place in various settings, including physical stores, service establishments, vending machines, and digital platforms. Retail is not restricted to goods but also includes services like banking, tourism, and insurance. With a history dating back over 10,000 years, retail has evolved from ancient marketplaces to modern shopping malls and online platforms. Retailers strategically choose their target market, product assortment, and customer service, adapting to changing consumer demands and market trends.

Product (business) (Wikipedia)

In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a market to satisfy the desire or need of a customer. In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded as a type of product.

At project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project.

A related concept is that of a sub-product, a secondary but useful result of a production process.

Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders may be subject to product liability.

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