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Other Product Lines
In business, a product is a good or service which can be bought and sold. In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. more...
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In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market.
The verb produce (prÉ™ doos' or -dyoos') is from the Latin prÅdÅ«ce(re), (to) lead or bring forth. The noun product (prod'É™kt or-ukt) is \"a thing produced by labor or effort\". Since 1575, the word \"product\" has referred to anything produced. 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.
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.
Single unique product
Product may refer to a unique product, such as a single carton of brand X milk, a single customized interior design, a single piece of lumber, or a single hour of technical support. Serial numbers are used to identify certain unique products. A vehicle identification number identifies a unique motor vehicle.
The term \"defective product\" usually refers to a single instance or a few instances of unique products not meeting specifications or standards. Every product is unique in the sense that it cannot be sold to different customers such as customer A and customer B at the same time, or sold twice at the same time to a single customer. An invoice is a business document requesting payment for actual product delivered. Double billing is the error of charging a customer twice for the same unique product.
Equivalent or interchangeable product
The specific meaning of generic product names varies over time and location. Some products such as bread, milk, and salt have been bartered or sold for centuries, but the meaning of \"bread\" or \"milk\" as a product varies. The technologies were not available for pasteurization and homogenization of milk until the 20th century, and these food processing technologies are not used worldwide. Bread varies by type of grain, specific recipe, and size of loaf. In 1924, Morton Salt introduced iodized table salt, a product previously unavailable. Since 1961, pork bellies have traded on the Chicago Mercantile Exchange, but due to selective breeding and changes in hog feed, today's pork belly is not exactly equivalent to a 1960s pork belly. Certain products may be considered equivalent or interchangeable for the purposes of trade, record-keeping, and reporting, despite gradual changes in the product or variations among geographical locations.
Read more at Wikipedia.org
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