Difference between revisions of "Product"

Revision as of 21:18, 14 July 2020

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

In business and marketing, product usually refers to marketable product (or, simply, the marketable) 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, 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.

Product. Any output that has a positive total sales value (or an output that enables an organization to avoid incurring costs).

Product. Anything that is capable of satisfying customer needs.

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 ==Definitions==
 According to [[Cost Accounting by Horngren, Datar, Rajan (14th edition)]],
-:[Product]]. Any output that has a positive total sales value (or an output that enables an organization to avoid incurring costs).
+:[[Product]]. Any output that has a positive total sales value (or an output that enables an organization to avoid incurring costs).
 According to the [[Marketing Communications by Fill (5th edition)]],
 :[[Product]]. Anything that is capable of satisfying customer needs.
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