Difference between revisions of "Product"

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(Gary moved page Product to Marketable)
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#REDIRECT [[Marketable]]
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Literally, [[product]] is anything that is produced. This term has a wide range of applications:
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*In [[business]] and [[marketing]], ''product'' usually refers to [[market exchangeable]] that is developed by an industrial process or farming to be sold and re-sold as a commodity.
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*In [[business analysis]], ''product'' may refer to [[work product]] that either [[business analyst]]s produce or the [[customer]] seeks to obtain when their [[requirement]]s are implemented.
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*In [[effort administration]], [[systems engineering]], and [[project management]], ''product'' usually refers to '''[[work product]]''', so does this word, ''product'', in the [[product backlog]] and [[product backlog item]] ([[product backlog item|PBI]]) terms.
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*In [[mathematics]], ''product'' is the result from the multiplication together of numbers or expressions.
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*In [[social science]], ''product'' is something or someone resulting from environment or a set of other conditions.
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==Exchangeable vs work product==
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:''Main wikipages: [[Market exchangeable]], [[Work product]]''
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A [[market exchangeable]] is anything that is offered on the [[market]] for sale. Usually, but not necessarily, a [[market exchangeable]] is a [[work product]]. On another side, a [[work product]] is any output from a [[process]]. A [[work product]] may be offered on the [[market]] or be consumed internally.
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==Service vs product==
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:''Main wikipages: [[Service]], [[Service management]]''
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In [[service management]],
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*[[Service]] is what the [[service consumer]] orders and gets; this is only a part of what the [[service provider]] has produced in order to deliver. For instance, it may take several months to shot a 90-minute movie. This movie consumer will never see everything that has been produced; on the screen, he or she will see only the editor's cut.
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*''Product'' is what the [[service provider]] produces in order to provide the [[service consumer]] with the ordered service. One service is a result of one or more service-making products.
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However, the usage of these two terms, ''product'' and [[service]] is not consistent throughout various industries and geographic areas. In [[marketing]], a term, [[service]], generally refers to a ''product''.

Latest revision as of 13:29, 6 May 2023

Literally, product is anything that is produced. This term has a wide range of applications:

Exchangeable vs work product

Main wikipages: Market exchangeable, Work product

A market exchangeable is anything that is offered on the market for sale. Usually, but not necessarily, a market exchangeable is a work product. On another side, a work product is any output from a process. A work product may be offered on the market or be consumed internally.

Service vs product

Main wikipages: Service, Service management

In service management,

  • Service is what the service consumer orders and gets; this is only a part of what the service provider has produced in order to deliver. For instance, it may take several months to shot a 90-minute movie. This movie consumer will never see everything that has been produced; on the screen, he or she will see only the editor's cut.
  • Product is what the service provider produces in order to provide the service consumer with the ordered service. One service is a result of one or more service-making products.

However, the usage of these two terms, product and service is not consistent throughout various industries and geographic areas. In marketing, a term, service, generally refers to a product.