Monday, November 24, 2008


In marketing, a product is anything that can be available to a market that might satisfy a desire or need. In transaction, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are often raw materials such as metals and agricultural products, but a product can also be anything widely obtainable in the open market.

The verb create (prə doos' or -dyoos') is from the Latin prōdūce(re), (to) lead or bring forth. The noun product (prod'əkt 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 following economist Adam Smith.

In general practice, product may refer to a single item or unit, a group of equal products, a grouping of goods or services, or an industrial categorization for the goods or services.

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