Meaning of Product in the business World

Product is one of the most significant terms used in the business and marketing world. In simple term Product means items or goods made for selling purpose. In this way any goods or items which used for selling and consumption can be define as a product.

What is product in business world
Importance of Product

In general term Products are items or goods used for consumption. Products well known as the merchandise or manufacturing goods which are produced by efforts of expertise work.

In business term Products is the result of an act or a process. Products term we could used all the things which are produced for consumption of selling purpose. The term of ‘Product’ first used by great political and economist specialist Adam Smith.

In Advertising and Marketing world Product implies whatever can be offered to a market that may fulfill an interest.

According to retailing world Products are known as merchandise. In manufacturing field, products are referred as raw materials in buy and as completed products in sales.

In Financial terms product can be defined as a single item or thing, a group of equivalent products, a grouping of goods or services classified as per business rules.

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