Product

Literally, product is anything that is produced. This term has a wide range of applications:

• In business and marketing, product usually refers to market exchangeable that is developed by an industrial process or farming to be sold and re-sold as a commodity.
• In business analysis, product may refer to work product that either business analysts produce or the customer seeks to obtain when their requirements are implemented.
• In effort administration, systems engineering, and project management, product usually refers to work product, so does this word, product, in the product backlog and product backlog item (PBI) terms.
• In mathematics, product is the result from the multiplication together of numbers or expressions.
• In social science, product is something or someone resulting from environment or a set of other conditions.

Exchangeable vs work product

Main wikipages: Market exchangeable, Work product

A market exchangeable is anything that is offered on the market for sale. Usually, but not necessarily, a market exchangeable is a work product. On another side, a work product is any output from a process. A work product may be offered on the market or be consumed internally.

Service vs product

Main wikipages: Service, Service management

In service management,

• Service is what the service consumer orders and gets; this is only a part of what the service provider has produced in order to deliver. For instance, it may take several months to shot a 90-minute movie. This movie consumer will never see everything that has been produced; on the screen, he or she will see only the editor's cut.
• Product is what the service provider produces in order to provide the service consumer with the ordered service. One service is a result of one or more service-making products.

However, the usage of these two terms, product and service is not consistent throughout various industries and geographic areas. In marketing, a term, service, generally refers to a product.