How do you define a product


Product is the result of production or the production process.
Products can be material goods, services or energies. Summary of the tangible or intangible properties of a good or service. This refers to everything that is offered in the market for consumption, use, use or attention and can satisfy a specific need. With regard to the components of the product, KOTLER differentiates between the core benefit offered by this product, the formal product and the extended product.

The product as a result of the production process can be a service in kind or in kind.

(Engl. product) In economics, a product is the service produced by a company (company). This can be a service as well as material goods (goods, material goods).

Is the result of economic activity in a company through a combination of production factors. Services are also included here; they are merely of a non-material nature. It is sold to the consumer or processor or used in the company itself (as an internal service, e.g. self-made systems). See also goods.

In the health industry:

The result of a physical, mental, chemical, mathematical or economic process or production. In the classic economic sense, an economic good that is created in a value creation or production process while taking production factors (for example, work and material) into account. In a broader sense, services are also products, but these are not "produced" in the classic sense.

In the health market in the broadest sense, not only services are produced, but also a large number of goods that serve as preliminary products or play a role in the creation of services. This includes, for example, pharmaceuticals and aids, but also all products from the medical technology industry, gerontology, biotechnology and genetic engineering, as well as the healthcare sector.

Products on the health market are increasingly no longer understood as an individual service or even as an individual service in the sense of individual service remuneration, but in a much more comprehensive sense. The products described in this way go far beyond individual treatment steps or all treatment steps of a single, definable organizational unit of a service provider. Rather, it is a complex service package tailored to a clinical picture or a specific stage of a chronic illness or an entire course of a (chronic) illness, which, using individual services and preliminary products, represents a product as a whole and - depending on the form of remuneration - is also remunerated as a whole, for example within the framework of contracts for integrated care (IV).

In socialist economics: the result of the work process that serves to satisfy human needs.

Ref. For bank service, type of service, financial service, etc.

Good that is produced and / or exploited through a combination of production factors. As an output, it plays a central role in business production theory. This term of the product is so broad that it includes both material (bag) and immaterial goods. Products can be further subdivided according to the respective type of goods according to the following overview (product typology). Products represent the objective or result aimed for in every economic production process. They are therefore a central starting point for planning the production of goods in production planning and sales of goods in marketing. In this context it seems important that many companies not only manufacture and offer individual products and ranges, but "problem solutions". This includes concepts that are intended to enable customers to meet their needs as far as possible. In addition to the components of a comprehensive technical project (e.g. entire factories), this also includes knowledge to be supplied. (Know how) and services such as training and maintenance.

(in marketing).
1. Concept From the customer's perspective, a product is a means of satisfying needs and thus gaining benefits. A distinction is made between the substantive, the extended and the generic product term. The substantial product term refers to the so-called core product, which represents a bundle of physical-technical properties and thus only covers the area of ​​physical products (material goods). Services are not included in this product term. The extended product term includes a service package that consists of physical products and / or intangible services (services) and with which the comprehensive satisfaction of functional customer needs is to be achieved. Here, too, the functional customer benefit is in the foreground, but according to this understanding, a product can also be partially or exclusively immaterial. The generic product term has the broadest perspective and includes all material and immaterial product facets. This understanding of the term includes not only the functional benefit, but also other benefit categories such as the emotional and social benefit.
2. Product types: A basic product typology is initially based on the materiality of the products, based on a distinction between material goods and services. The material goods sector can be further subdivided according to the type of customer into consumer goods (end customers) and capital goods (more recently also industrial goods) (organizational customers). Consumer goods are classified according to their useful life in consumer goods and durables, while industrial goods are differentiated according to their complexity or the degree of individualization of the range of services into goods of the product, plant, system and supplier business. The service sector is also divided into consumption and investment services according to the type of customer. Consumptive services can be created continuously (within the framework of a membership or without a formal relationship) or occasionally (within the framework of a membership or without a formal relationship) and in the area of ​​investment services a distinction is made between industrial and purely investment services. In addition to this typology, there are other criteria for differentiating different product types: frequency of use (goods of daily use vs. goods of aperiodic demand), branding (branded products vs. unlabeled products), buying habit (convenience goods, which are associated with relatively little expenditure of time and thought are - e.g. groceries, shopping goods that are bought relatively rarely and after a careful comparison of quality and prices - e.g. fashion and specialty goods that are rarely bought and with a high degree of customer involvement - e.g. real estate) and the value-added stage of the service in the production process ( Raw materials, intermediate or finished products). See also Marketing, Basics (with references).

Previous technical term: Products Traceable Fixed Costs | Next technical term: product and assortment policy, tax aspects

Report this article to the editors as incorrect and reserve it for editing