Product (business): Wikis

  

Encyclopedia

From Wikipedia, the free encyclopedia

.The noun product is defined as a "thing produced by labor or effort"[1] or the "result of an act or a process"[2], and stems from the verb produce, from the Latin prōdūce(re) '(to) lead or bring forth'. Since 1575, the word "product" has referred to anything produced[3].^ Cost of Goods - the direct costs involved in producing a product or service which usually includes labor and materials.

Since 1695, the word has referred to "thing or things produced". The economic or commercial meaning of product was first used by political economist Adam Smith[4]
.In marketing, a product is anything that can be offered to a market that might satisfy a want or need[5].^ Customers' needs change on a regular basis, and it's important to make sure that you're not trying to sell products that are no longer wanted.
  • How to Sell Home Business Products | eHow.com 17 September 2009 16:28 UTC www.ehow.com [Source type: General]

^ Prairie iNet offers a complete suite of products to meet all of your organization's broadband needs.

In retailing, products are called merchandise. .In manufacturing, products are purchased as raw materials and sold as finished goods.^ Unsought Goods - products that are usually purchased due to adversity rather than desire.

^ Cost of Goods - the direct costs involved in producing a product or service which usually includes labor and materials.

^ Material Goods - normally raw or processed materials such as coal or steel that will become part of the purchaser's end product.

.Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market.^ Agricultural Export Assistance Handbooks and Guidelines Provides to links to handbooks, training materials, videos, and market reports that help producers export their goods overseas.
  • Import Export of Specific Products | Business.gov 17 September 2009 16:28 UTC www.business.gov [Source type: Reference]

^ The Metal Products Business Unit is involved in the trade of metal products, including steel sheets, tubular products and other products, as well as non-ferrous metals such as aluminum and titanium.
  • Metal Products Business Unit | Our Business | Sumitomo Corporation 17 September 2009 16:28 UTC www.sumitomocorp.co.jp [Source type: Reference]

^ Cost of Goods - the direct costs involved in producing a product or service which usually includes labor and materials.

.In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project.^ By maximizing the value of applications and information investments such as CRM systems and information portals, our knowledge management products help deliver greater return on investment in information architecture.
  • Business Intelligence Knowledge Management - Factiva, from Dow Jones 17 September 2009 16:28 UTC www.factiva.com [Source type: News]

.In general usage, product may refer to a single item or unit, a group of equivalent products, a grouping of goods or services, or an industrial classification for the goods or services.^ Time Merchants Time Merchants references consumers to qualified service providers and provides home delivery of goods and services.

^ Service Goods - goods viewed by the consumer as competitive products offering a standard "service" and are basically similar, so they will "shop" to get the best price.

^ The technology may be integral to the product or service being offered or it may be used in the production of the product or service.

.A related concept is subproduct, a secondary but useful result of a production process.^ Push Promotional Strategy - a process of maximizing the use of all available channels of distribution to "push" the product or service into the marketplace.

^ See also by-product Related Terms: Dictionary of Business Terms by-product item emerging from a single production process that has a relatively low sales value in comparison with the firm's main or joint products .
  • joint product cost Definition | Business Dictionaries from AllBusiness.com 17 September 2009 16:28 UTC www.allbusiness.com [Source type: News]

Contents

Product groups

Tangible and Intangible Products

Products can be classified as tangible or intangible. .[6] A tangible product is any physical product like a computer, automobile, etc.^ Intangible Assets - non-physical assets such as patents, trademarks, a customer base, brand recognition of your products, etc.

^ This would include such products as lawnmowers, refrigerators, television sets, automobiles, etc.

.An intangible product is a non-physical product like an insurance policy.^ Intangible Assets - non-physical assets such as patents, trademarks, a customer base, brand recognition of your products, etc.

.
In its online product catalog, retailer Sears, Roebuck and Company divides its products into departments, then presents products to shoppers according to (1) function or (2) brand.
^ This leads the companies that produce these products to take their market life and service life into account when planning.

^ For a given accounting period divide total revenue for the product by the average retail value of the product inventory.

[7] Each product has a Sears item number and a manufacturer's model number. .The departments and product groupings that Sears uses are intended to help customers browse products by function or brand within a traditional department store structure.^ Training Policies Initially I will personally handle sales to my discount department store customers.

^ Instant Custom Products are made instantly, right in our stores and are available for pick up same day!
  • Staples.com® Copy & Print — Business Cards 17 September 2009 16:28 UTC www.staples.com [Source type: General]

^ Intangible Assets - non-physical assets such as patents, trademarks, a customer base, brand recognition of your products, etc.

[8]

Sizes and colors

A catalog number, especially for clothing, may group sizes and colors. .When ordering the product, the customer specifies size, color and other variables.^ Condition of receivables Status of payables Status of verified order backlog Evaluation of customer relationships and goodwill Evaluate government approvals and licenses Status of pending litigation Other ____________ .

^ This will permit my discount department store customers to have access to my product line and to order (and reorder) merchandise via this website.

[9] example: you walk into a store and see a group of shoes and in that group are sections of different colors of that type of shoe and sizes for that shoe to satisfy your need.

Product line

.A product line is "a group of products that are closely related, either because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges."^ Product Family Advertising - a "product family" ad is designed to convince the prospect that they have a wide range of functionality to choose from today and after they buy they will not be locked into a single product or service environment in the future.

^ The firms studied were found to have established cooperative relationships with innovative customers in all market segments, including wood products segments, do-it-yourself (DIY) segments, and builders’ merchants segments.
  • JFPBR Posted Articles 17 September 2009 16:28 UTC www.forestprod.org [Source type: Academic]

^ Full Service Retail Sales Method - selling from a sales outlet directly to the end user at retail prices with sales personnel who can explain the purpose and value of the product or service.

[10]
.Many businesses offer a range of product lines which may be unique to a single organization or may be common across the business's industry.^ Capital Bank offers a comprehensive range of products to meet the financial services needs of your business.

^ The Business Unit offers unique service features in response to customer needs both domestically and internationally, while building a strong value chain along each product line.
  • Metal Products Business Unit | Our Business | Sumitomo Corporation 17 September 2009 16:28 UTC www.sumitomocorp.co.jp [Source type: Reference]

^ Bespoke Solutions Looking for that completely unique business product then look no further use the Corproate Gifts Company to help create that bespoke promotional gift .
  • Business Products, Corporate Items and Promotional Gifts UK 17 September 2009 16:28 UTC www.corporate-gifts-co.com [Source type: General]

.In 2002 the US Census compiled revenue figures for the finance and insurance industry by various product lines such as "accident, health and medical insurance premiums" and "income from secured consumer loans".[11] Within the insurance industry, product lines are indicated by the type of risk coverage, such as auto insurance, commercial insurance and life insurance.^ The Product Life Cycle model can help analyzing Product and Industry Maturity Stages.

^ Products reach their end of life for various reasons.
  • F-Secure Product Life Cycle Policy - Business Products 17 September 2009 16:28 UTC www.f-secure.com [Source type: General]

^ While this is an established part of the overall product life cycle, F-Secure recognizes that end-of-life milestones often prompt customers to review the way in which such milestones impact the F-Secure products in their environments.
  • F-Secure Product Life Cycle Policy - Business Products 17 September 2009 16:28 UTC www.f-secure.com [Source type: General]

[12]

National and international product classifications

.Various classification systems for products have been developed for economic statistical purposes.^ Several variations of the industry life cycle model have been developed to address the development of the product, market, and/ or industry.

.The North American Industry Classification System (NAICS) classifies companies by their primary product [this is not even close to true, NAICS is a production-oriented classification system, not a product-oriented classification system --- the NAFTA signatories are working on a system that classifies products called NAPCS as a companion to NAICS http://www.census.gov/eos/www/napcs/napcs.htm.].^ It was concluded that companies, in this study and elsewhere, should reconfigure their inventory policies in order to decrease waste in their production systems.
  • JFPBR Posted Articles 17 September 2009 16:28 UTC www.forestprod.org [Source type: Academic]

^ Exporter Assistance for Agriculture and Forestry Industries A series of resources, products, and services that can help companies explore the potential for international sales.
  • Import Export of Specific Products | Business.gov 17 September 2009 16:28 UTC www.business.gov [Source type: Reference]

^ In the tubular products business field, the Metal Products Business Unit is involved in a proprietary SCM system called "TIMS*," which includes comprehensive management as well as maintenance and storage, for Oil Country Tubular Goods (OCTG) for oil and gas companies.
  • Metal Products Business Unit | Our Business | Sumitomo Corporation 17 September 2009 16:28 UTC www.sumitomocorp.co.jp [Source type: Reference]

.The European Union uses a "Classification of Products by Activity" among other product classifications.^ Licensing agreement - an agreement between two enterprises allowing one to sell the other's products or services and to use their name, sales literature, trademarks, copyrights, etc.

[13] The United Nations also classifies products for international economic activity reporting.[14]
The Aspinwall Classification System (Leo Aspinwall, 1958) classifies and rates products based on five variables:
  1. Replacement rate (How frequently is the product repurchased?)
  2. Gross margin (How much profit is obtained from each product?)
  3. Buyer goal adjustment (How flexible are the buyers' purchasing habits with regard to this product?)
  4. Duration of product satisfaction (How long will the product produce benefits for the user?)
  5. .
  6. Duration of buyer search behavior (How long will consumers shop for the product?^ Service Goods - goods viewed by the consumer as competitive products offering a standard "service" and are basically similar, so they will "shop" to get the best price.

    )
.The National Institute of Governmental Purchasing (NIGP)[15] developed a commodity and services classification system for use by state and local governments, the NIGP Code.^ Full-service printing, promotional products, bar code systems, business forms, checks, office supplies, and much more.
  • IBF Group - Business Products and Business Solutions 17 September 2009 16:28 UTC www.ibf-group.com [Source type: General]

^ This article demonstrates the use of this method in identifying why cut-to-length (CTL) harvesting systems are rarely used in the southeastern United States.
  • JFPBR Posted Articles 17 September 2009 16:28 UTC www.forestprod.org [Source type: Academic]

.[16] The NIGP Code is used by 33 states within the United States as well as thousands of cities, counties and political subdivisions.^ This article demonstrates the use of this method in identifying why cut-to-length (CTL) harvesting systems are rarely used in the southeastern United States.
  • JFPBR Posted Articles 17 September 2009 16:28 UTC www.forestprod.org [Source type: Academic]

The NIGP Code is a hierarchical schema consisting of a 3 digit class, 5 digit class-item, 7 digit class-item-group and an 11 digit class-item-group-detail. [17] Applications of the NIGP Code include vendor registration, inventory item identification, contract item management, spend analysis and strategic sourcing.

See also

Notes and references

  1. ^ Random House Dictionary, 1975
  2. ^ Glossary of the terms related to quality assurance from the Tempus Joint European Project for the Development of Quality Assurance
  3. ^ Etymology of product, etymonline.com.
  4. ^ Etymology of produce
  5. ^ Kotler, P., Armstrong, G., Brown, L., and Adam, S. (2006) Marketing, 7th Ed. Pearson Education Australia/Prentice Hall.
  6. ^ upenn.edu
  7. ^ Sears online, sears.com.
  8. ^ When an online Sears customer goes to the "Parts and accessories" section of the website to find parts for a particular Sears item, the "model number" field actually requires a Sears item number, not a manufacturer's model number. This is a typical problem with product codes or item codes that are internally assigned by a company but do not conform to an external standard.
  9. ^ L.L. Beans webpage for ordering men's "Dress Chinos, Classic Fit Pleated", catalog number TA55203. llbean.com. Accessed 2007-07-01.
  10. ^ Kotler, Philip; Gary Armstrong (1989). Principles of Marketing, fourth edition (Annotated Instructor's Edition). Prentice-Hall, Inc.. pp. 639 (glossary definition). ISBN 0137061293.  
  11. ^ "2002 Economic Census, Finance and Insurance" US Census Bureau, 2002, p.14.
  12. ^ Insurance carrier product lines at the Open Directory Project
  13. ^ Eurostat classifications, ec.europa.eu.
  14. ^ United Nations product classifications, unstats.un.org.
  15. ^ National Institute of Governmental Purchasing,nigp.org
  16. ^ NIGP Code,nigp.com
  17. ^ NIGP Code sample,

Simple English

A product is something that is made (produced) and often something that is sold.

In Economics, things that one person has and another person wants are called goods. If the thing was made by people, then it is called a product. If it is something that was found in nature, then it is called a natural resource.



Citable sentences

Up to date as of December 18, 2010

Here are sentences from other pages on Product (business), which are similar to those in the above article.








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