Difference between revisions of "Product"
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According to [[Cost Accounting by Horngren, Datar, Rajan (14th edition)]], | According to [[Cost Accounting by Horngren, Datar, Rajan (14th edition)]], | ||
:[Product]]. Any output that has a positive total sales value (or an output that enables an organization to avoid incurring costs). | :[Product]]. Any output that has a positive total sales value (or an output that enables an organization to avoid incurring costs). | ||
| + | According to the [[Marketing Communications by Fill (5th edition)]], | ||
| + | :[[Product]]. Anything that is capable of satisfying customer needs. | ||
| − | [[Category: Accounting]][[Category:Articles]] | + | [[Category: Accounting]][[Category:Articles]][[Category: Marketing Management]] |
Revision as of 21:18, 14 July 2020
Literally, product is anything that is produced. This term has a wide range of applications:
- In business and marketing, product usually refers to marketable product (or, simply, the marketable) 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, 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.
Definitions
According to Cost Accounting by Horngren, Datar, Rajan (14th edition),
- [Product]]. Any output that has a positive total sales value (or an output that enables an organization to avoid incurring costs).
According to the Marketing Communications by Fill (5th edition),
- Product. Anything that is capable of satisfying customer needs.
