In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. In manufacturing, products are bought as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project. In insurance, the policies are considered products offered for sale by the insurance company that created the contract. In economics and commerce, products belong to a broader category of goods. The economic meaning of product was first used by political economist Adam Smith. A related concept is that of a subproduct, 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.
products
By Jamey EkinsJamey Ekins
Hey there, I'm Jamey, and I've been an animal lover for as long as I can remember. Growing up on a 50-acre farm in Ontario, Canada, I was surrounded by a menagerie of furry friends, from beloved cats and dogs to goats, horses, cows, and even chickens. Now, I call Victoria, British Columbia my home, and my heart belongs to my adorable Balinese cat, Milo. When I'm not editing blog posts here at TechnoMEOW, I enjoy helping solo entrepreneurs with their passion projects and online marketing. Over the years, I've also ventured into creating and selling various blogs. Beyond the digital world, I'm an avid crochet and knitting enthusiast and share my crafty creations on my blog, doublecrochet.com.
Updated On 23.02.2024
Leave a Comment