Business Product
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A Business Product is an economic good that is released by a product company into a market to satisfy a customer need or provide a customer solution.
- AKA: Commercial Product, Company Product, User Product, Market Offering.
- Context:
- It can typically be designed to meet specific Customer Needs through product development.
- It can typically have Company Product Name for market identification.
- It can typically have Company Product Release Date for launch timing.
- It can typically have Purchase Price for market positioning.
- It can typically require Customer Support Services for user satisfaction.
- It can typically follow Product Strategy through market fit optimization.
- ...
- It can often undergo Improvement based on Customer Feedback.
- It can often respond to Market Trends through product updates.
- It can often include features for enhanced User Experience.
- It can often leverage Data Analytics for customer understanding.
- It can often influence Brand Loyalty through performance.
- It can often affect Customer Retention through reliability.
- It can often incorporate Service Elements for value augmentation.
- ...
- It can range from being a Physical Business Product to being a Virtual Business Product, depending on its product form.
- It can range from being a Consumer Product to being a Business-To-Business Product, depending on its target market.
- It can range from being a Free Product to being a Premium Product, depending on its purchase price.
- It can range from being a Goods-Dominant Business Product to being a Service-Dominant Business Product, depending on its tangibility ratio.
- It can range from being a Standardized Business Product to being a Customized Business Product, depending on its personalization level.
- It can range from being a Basic Business Product to being an Augmented Business Product, depending on its additional service inclusion.
- It can range from being a Manufacturing Business Product to being a Service Business Product, depending on its production methodology.
- ...
- It can be used by a Customer for intended purpose.
- It can be within a Product Category for market classification.
- It can be associated with a Product Review for quality assessment.
- It can be associated with a Product Label for identification.
- It can be part of a Broader Product Portfolio for market coverage.
- It can be marketed through various Channels for distribution.
- It can be represented in Product Mentions for market presence.
- It can be represented in Product Records for documentation.
- It can involve various stages of Product Lifecycle for management.
- It can deliver Service Value through intangible benefit provision.
- It can require Service Interaction through customer touchpoint engagement.
- It can involve Service Experience through customer journey touchpoint.
- It can have Service Level Agreement for performance standard commitment.
- ...
- Examples:
- Physical Business Products, such as:
- Consumer Durable Business Products, such as:
- New Volkswagen Beetle 1998 for transportation.
- Nokia N95 8G with:
- Product Mention: "Let's show off the Nokia N95 8G during Cape of Good Hope's ex-notaries public convention."
- Product Record: http://www.nokia.ca/A4688741
- 30GB OCZ Solid Series SATA II 2.5" SSD with:
- Product Mention: "Just a very basic question, would it be alright to put 2 x [30GB OCZ Solid Series SATA II 2.5" SSD] into RAID0 on an ICH10R controller?"
- Product Record: http://www.icecat.biz/en/p/OCZ/OCZSSD2-2C30G/Core%2520Series%2520V2%2520SATA%2520II%25202.5%2522%2520SSD.htm
- Product Marketing Page: http://www.ocztechnology.com/products/flash_drives/ocz_solid_series_sata_ii_2_5-ssd
- Consumer Durable Business Products, such as:
- Virtual Business Products, such as:
- Digital Intellectual Property Business Products, such as:
- Yahoo's keyword searching patent US patent 6269361 for search technology.
- Digital Service Business Products, such as:
- Digital Intellectual Property Business Products, such as:
- Software Business Products, such as:
- Firefox v3.0.11 released by the Mozilla Foundation for web browsing.
- Microsoft Word v11 released by the Microsoft Corporation for word processing.
- Google Search released by Google Inc. for information retrieval.
- Wikipedia released by the Wikimedia Foundation for knowledge sharing.
- Service Business Products, such as:
- Professional Service Business Products, such as:
- Financial Service Business Products, such as:
- Hospitality Service Business Products, such as:
- Information Service Business Products, such as:
- ...
- Physical Business Products, such as:
- Counter-Examples:
- Commercial Product Components, which are not complete products.
- Company Headquarters, which are facilities not products.
- Company Employees, who are personnel not products.
- Internal Company Tools, which lack market release.
- Prototype Products, which lack market availability.
- Public Goods, which lack commercial market orientation.
- Natural Resources, which lack intentional production process.
- See: Entity, Entity Type, Business-To-Business, Business-To-Consumer, Product Review Site, Product Marketing Page, Retail Company, E-Commerce, Product Development, Service Product, Service Design, Service Delivery, Product-Service System, Value Proposition.
References
2025
- (Wikipedia, 2025) ⇒ https://en.wikipedia.org/wiki/Product_(business) Retrieved:2025-1-14.
- In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a domestic or an international market to satisfy the desire or need of a customer. [1] In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded as a type of product.
In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project.
A related concept is that of a sub-product, a secondary but useful result of a production process.
Dangerous products, particularly physical ones, that cause injuries to consumers or bystanders may be subject to product liability.
- In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a domestic or an international market to satisfy the desire or need of a customer. [1] In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded as a type of product.
2011
- (Wikipedia, 2011) ⇒ http://simple.wikipedia.org/wiki/Product_(business)
- QUOTE: In general, the product is defined as a "thing produced by labor or effort"[2] or the "result of an act or a process",[3] and stems from the verb produce, from the Latin prōdūce(re) '(to) lead or bring forth'. Since 1575, the word "product" has referred to anything produced.[4] Since 1695, the word has referred to "thing or things produced".[5]
- NOTE: In Economics and Commerce, products belong to a broader category of Goods. The economic meaning of product was first used by political economist Adam Smith.
- NOTE: In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need.[6] In Retailing, products are called Merchandise. 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. In Project Management, products are the formal definition of the Project Deliverables that make up or contribute to delivering the objectives of the project. In insurance, the policies are considered products offered for sale by the insurance company that created the contract.
- ↑ Kotler, P., Armstrong, G., Brown, L., and Adam, S. (2006) Marketing, 7th Ed. Pearson Education Australia/Prentice Hall.
- ↑ Random House Dictionary, 1975
- ↑ Glossary of the terms related to quality assurance from the Tempus Joint European Project for the Development of Quality Assurance
- ↑ Etymology of product, etymonline.com.
- ↑ Etymology of produce
- ↑ Kotler, P., Armstrong, G., Brown, L., and Adam, S. (2006) Marketing, 7th Ed. Pearson Education Australia/Prentice Hall.