Product
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, 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.
Marketable vs work product
A marketable is anything that is offered on the market for sale. Usually, but not necessarily, a marketable 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
- Service is what the service consumer orders and gets; this is only a part of what the service provider produces.
- Product is what the service provider produces in order to provide the service consumer with the ordered service.
However, the usage of these two terms, product and service is not consistent throughout various industries and geographic areas. In marketing, generally, any service refers to a product.
