Business Product
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A Business Product is an economic offering that is created and released by a product company into a market to satisfy a customer need, provide a customer solution, or deliver customer value through either tangible good provision or intangible service delivery.
- 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 Business Product Name for market identification.
- It can typically have Business Product Release Date for market launch timing.
- It can typically have Business Product Purchase Price for market positioning.
- It can typically require Business Product Customer Support Services for user satisfaction.
- It can typically follow Business Product Strategy through market fit optimization.
- It can typically generate business revenue through business product pricing structure optimization.
- It can typically create customer value through business problem solving.
- It can typically deliver market differentiation through business product unique value proposition.
- It can typically progress through Business Product Lifecycle Stages including business product conception, business product development, business product launch, business product growth, business product maturity, and business product decline or renewal.
- ...
- It can often undergo Business Product Improvement based on Customer Feedback.
- It can often respond to Market Trends through business product updates.
- It can often include features for enhanced Business Product User Experience.
- It can often leverage Business Product Data Analytics for customer understanding.
- It can often influence Brand Loyalty through business product performance.
- It can often affect Customer Retention through business product reliability.
- It can often incorporate Business Product Service Elements for value augmentation.
- It can often employ business product subscription model for recurring revenue generation.
- It can often function as a business product platform enabling third-party value creation.
- It can often incorporate business product data analytics capability for continuous improvement.
- It can often be delivered through business product as-a-service model for usage-based monetization.
- It can often be managed through Business Product Portfolio Management for strategic resource allocation.
- It can often undergo Business Product Repositioning in response to market condition changes.
- It can often participate in business ecosystem value creation through complementary business product integration.
- It can often be aligned with specific business model patterns for market success.
- It can often be positioned within a business product-service continuum depending on its value delivery mechanism.
- It can often evolve from business product standalone offering to business product ecosystem component.
- ...
- It can range from being a Physical Business Product to being a Virtual Business Product, depending on its business product form.
- It can range from being a Consumer Business Product to being a Business-To-Business Product, depending on its business product target market.
- It can range from being a Free Business Product to being a Premium Business Product, depending on its business product purchase price.
- It can range from being a Goods-Dominant Business Product to being a Service-Dominant Business Product, depending on its business product tangibility ratio.
- It can range from being a Standardized Business Product to being a Customized Business Product, depending on its business product personalization level.
- It can range from being a Basic Business Product to being an Augmented Business Product, depending on its business product additional service inclusion.
- It can range from being a Manufacturing Business Product to being a Service Business Product, depending on its business product production methodology.
- It can range from being a Traditional Business Product to being a Digital-Native Business Product, depending on its business product technology integration level.
- ...
- It can be used by a Customer for business product intended purpose.
- It can be within a Product Category for business product market classification.
- It can be associated with a Business Product Review for quality assessment.
- It can be associated with a Business Product Label for identification.
- It can be part of a Broader Product Portfolio for business product market coverage.
- It can be marketed through various Business Product Channels for distribution.
- It can be represented in Business Product Mentions for market presence.
- It can be represented in Business Product Records for documentation.
- It can involve various stages of Business Product Lifecycle for management.
- It can deliver Business Product Service Value through intangible benefit provision.
- It can require Business Product Service Interaction through customer touchpoint engagement.
- It can involve Business Product Service Experience through customer journey touchpoint.
- It can have Business Product Service Level Agreement for performance standard commitment.
- It can typically be protected through Business Product Intellectual Property Strategy including business product patent, business product trademark, business product copyright, and business product trade secret.
- It can often generate Business Product Licensing Revenue through intellectual property commercialization.
- It can often require Business Product Legal Protection against unauthorized reproduction.
- It can typically include Business Product Quality Assurance Mechanisms for customer trust building.
- It can typically offer Business Product Warranty for risk reduction.
- It can typically maintain Business Product Support Infrastructure for customer issue resolution.
- It can often establish Business Product Service Level Agreement for performance commitment.
- It can often provide Business Product Certification for compliance verification.
- ...
- Examples:
- Physical Business Products, such as:
- Consumer Durable Business Products, such as:
- Apple iPhone, demonstrating business product ecosystem integration through proprietary hardware-software connection.
- Tesla Model 3, implementing business product environmental positioning through electric vehicle technology.
- 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:
- Microsoft Office 365, demonstrating business product subscription model for recurring revenue generation.
- Adobe Creative Cloud, implementing business product cross-selling strategy through integrated application suite.
- Salesforce CRM, featuring business product customization capability for diverse industry adaptation.
- 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.
- Digital Platform Business Products, such as:
- Shopify E-commerce Platform, functioning as a business product enabling platform for merchant value creation.
- Salesforce AppExchange, demonstrating business product ecosystem strategy through developer network engagement.
- AWS Marketplace, illustrating business product distribution model through third-party solution availability.
- 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:
- Product-Service System Business Products, such as:
- Rolls-Royce Power-By-The-Hour, demonstrating business product outcome-based pricing through aircraft engine performance contracts.
- Philips Lighting-as-a-Service, implementing business product circular economy model through complete lifecycle management.
- ...
- Physical Business Products, such as:
- Counter-Examples:
- Commercial Product Components, which are not complete business products.
- Company Headquarters, which are facilities not business products.
- Company Employees, who are personnel not business products.
- Internal Company Tools, which lack business product market release.
- Prototype Products, which lack business product market availability.
- Public Goods, which lack business product commercial market orientation.
- Natural Resources, which lack business product intentional production process.
- Open-Source Software, which prioritizes free distribution over direct revenue generation despite potential commercial support offerings.
- Artistic Creations, which prioritize creative expression over commercial exploitation despite potential subsequent monetization.
- 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, Business Model Canvas, Platform Business Model, Subscription Economy, Digital Transformation.
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.