Difference between revisions of "Product"
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Literally, [[product]] is anything that is produced. This term has a wide range of applications: | Literally, [[product]] is anything that is produced. This term has a wide range of applications: | ||
| + | *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. | ||
| + | *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. | ||
| + | *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. | ||
*In [[mathematics]], ''product'' is the result from the multiplication together of numbers or expressions. | *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. | *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== | ||
| + | :''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== | ||
| + | :''Main wikipages: [[Service]], [[Service management]]'' | ||
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| + | 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''. | ||
Latest revision as of 13:29, 6 May 2023
Literally, product is anything that is produced. This term has a wide range of applications:
- 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.
- In business analysis, product may refer to work product that either business analysts produce or the customer seeks to obtain when their requirements are implemented.
- 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 (PBI) terms.
- In mathematics, product is the result from the multiplication together of numbers or expressions.
- In social science, product is something or someone resulting from environment or a set of other conditions.
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
- 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.
