Product
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Definition
- Something produced by human or mechanical effort or by a natural process.
- A direct result; a consequence: “Is history the product of impersonal social and economic forces?” (Anthony Lewis).
Product (business)
In marketing, a product is anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product. It is the sum of all physical, psychological, symbolic, and service attributes.
A product is similar to a good. In accounting, goods are physical objects that are available in the marketplace. This differentiates them from a service, which is a non-material product.
A "product" can also be an "experience", which like a service is intangible. However an experience is unique to the receiving individual, based upon their history. Example: amusement parks offer rides (product), acceptance of credit cards (service), and audience participation at the dolphin show (experience). My value of the dolphin show is different from yours, and to the extent I value it more, will trade more for it (money). --http://en.wikipedia.org/wiki/Product_%28business%29 [Jun 2005]
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