Product (business)

In marketing, a product is a system made available for consumer use; it is anything that can be offered to a 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 to as a type of product.

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. 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.[2]

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.

Product classification

A product can be classified as tangible or intangible. A tangible product is a physical object that can be perceived by touch such as a building, vehicle, gadget, or clothing. An intangible product is a product that can only be perceived indirectly such as an insurance policy. Services can be broadly classified under intangible products which can be durable or non durable.

By use

In its online product catalog, retailer Sears, Roebuck and Company divides its products into "departments", then presents products to potential shoppers according to (1) function or (2) brand.[3] Each product has a Sears item-number and a manufacturer's model-number. Sears uses the departments and product groupings with the intention of helping customers browse products by function or brand within a traditional department-store structure.[4]

By association

A product line is "a group of products that are closely related, either because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges."[5] Many businesses offer a range of product lines which may be unique to a single organization or may be common across the business's industry. In 2002 the US Census compiled revenue figures for the finance and insurance industry by various product lines such as "accident, health and medical insurance premiums" and "income from secured consumer loans".[6] Within the insurance industry, product lines are indicated by the type of risk coverage, such as auto insurance, commercial insurance and life insurance.[7]

National and international product classifications

Various classification systems for products have been developed for economic statistical purposes. The NAFTA signatories are working on a system that classifies products called NAPCS as a companion to North American Industry Classification System (NAICS).[8] The European Union uses a "Classification of Products by Activity" among other product classifications.[9] The United Nations also classifies products for international economic activity reporting.[10]

The Aspinwall Classification System [11][12] classifies and rates products based on five variables:

  1. Replacement rate (How frequently is the product repurchased?)
  2. Gross margin (How much profit is obtained from each product?)
  3. Buyer goal adjustment (How flexible are the buyers' purchasing habits with regard to this product?)
  4. Duration of product satisfaction (How long will the product produce benefits for the user?)
  5. Duration of buyer search behavior (How long will consumers shop for the product?)

The National Institute of Governmental Purchasing (NIGP)[13] developed a commodity and services classification system for use by state and local governments, the NIGP Code.[14] The NIGP Code is used by 33 states within the United States as well as thousands of cities, counties and political subdivisions. The NIGP Code is a hierarchical schema consisting of a 3 digit class, 5 digit class-item, 7 digit class-item-group and an 11 digit class-item-group-detail.[15] Applications of the NIGP Code include vendor registration, inventory item identification, contract item management, spend analysis and strategic sourcing.

Product model

A manufacturer usually provides an identifier for each particular type of product they make, known as a model, model variant, or model number (often abbreviated as MN, M/N or model no.). For example, Dyson Ltd, a manufacturer of appliances (mainly vacuum cleaners), requires customers to identify their model in the support section of the website.[16] Brand and model can be used together to identify products in the market. The model number is not necessarily the same as the manufacturer part number (MPN).[17]

Because of the huge amount of similar products in the automotive industry, there is a special kind of defining a car with options (marks, attributes), that represent the characteristics features of the vehicle. A model of a car is defined by some basic options like body, engine, gear box and axles. The variants of a model are built by some additional options like color, seats, wheels, mirrors, trims, entertainment and assistant systems etc. Options, that exclude each other (pairwise) build an option-family. That means, that you can choose only one option by each family and you have to choose exactly one option. This kind of product definition fulfill the requirements of an ideal Boolean Algebra and can be helpful to construct a product configurator.[18] Sometimes, a set of options (car features) are combined to an automotive package and are offered by a lower price. A consistent car definition is essential for the production planning and control in the automotive industry, to generate a master production schedule,[19] which is the fundamental for the enterprise resource planning.

In addition, a specific unit of a product is usually (and has to be) identified by a serial number, which is necessary to distinguish products with the same product definition. In the case of automotive products it's called the Vehicle Identification Number VIN, an international standardized format.

See also

References

  1. ^ Kotler, P., Armstrong, G., Brown, L., and Adam, S. (2006) Marketing, 7th Ed. Pearson Education Australia/Prentice Hall.
  2. ^ Blenman, Joy (2016-09-07). "Adam Smith: The Father of Economics". Investopedia. Retrieved 2018-09-07.
  3. ^ Sears online Archived 2007-02-17 at the Wayback Machine, sears.com.
  4. ^ When an online Sears customer goes to the "Parts and accessories" section of the website to find parts for a particular Sears item, the "model number" field actually requires a Sears item number, not a manufacturer's model number. This is a typical problem with product codes or item codes that are internally assigned by a company but do not conform to an external standard.
  5. ^ Kotler, Philip; Gary Armstrong (1989). Principles of Marketing, fourth edition (Annotated Instructor's Edition). Prentice-Hall, Inc. pp. 639 (glossary definition). ISBN 0-13-706129-3.
  6. ^ "2002 Economic Census, Finance and Insurance" US Census Bureau, 2002, p.14.
  7. ^ Insurance carrier product lines at Curlie
  8. ^ North American Product Classification System, U.S. Census Bureau
  9. ^ Eurostat classifications Archived 2007-10-12 at the Wayback Machine, ec.europa.eu.
  10. ^ United Nations product classifications Archived 2007-07-03 at the Wayback Machine, unstats.un.org.
  11. ^ Leo Aspinwall, 1958 Archived 2013-08-29 at the Wayback Machine, Social Marketing AED Resource p. 45
  12. ^ A history of schools of marketing thought, Eric H. Shaw, D.G. Brian Jones Archived 2010-12-05 at the Wayback Machine, Marketing theory Volume 5(3): 239–281, 2005 SAGE, p. 249
  13. ^ National Institute of Governmental Purchasing Archived 2008-10-26 at the Wayback Machine, nigp.org
  14. ^ NIGP Code Archived 2008-12-09 at the Wayback Machine
  15. ^ NIGP Code sample Archived 2008-10-17 at the Wayback Machine
  16. ^ Dyson: Help with your Dyson Archived 2011-08-27 at the Wayback Machine
  17. ^ SOTW, Celebird, et al. "Model Number Vs. MPN" Archived 2011-09-27 at the Wayback Machine. Google Merchant Center: Help forum. August 31, 2009, accessed September 6, 2011.
  18. ^ Herlyn: PPS im Automobilbau, Hanser Verlag, München, 2012, S. 81-120
  19. ^ Herlyn: PPS im Automobilbau, Hanser Verlag, München, 2012, S. 122 ff.

Further reading

  • Herlyn, W.: PPS im Automobilbau - Produktionsprogrammplanung und -steuerung von Fahrzeugen und Aggregaten. Hanser Verlag, München, 2012 - ISBN 978-3-446-41370-2
  • Stark, John (2015). Product Lifecycle Management: Volume 1: 21st Century Paradigm for Product Realisation. Springer. ISBN 978-3-319-17439-6.

External links

Anthony Mascolo

Anthony Mascolo (born 1957) is a hairdresser and international creative director of TIGI, a hair care product business. He has won the title "British Hairdresser of the Year" three times.In 2016, Mascolo and his wife Pat launched an online magazine dedicated to hair, Infringe.com.

BBC Multimedia

BBC Multimedia was a division of the BBC which dealt with the publishing of computer-game versions of well-known BBC television programmes. The Multimedia division was founded in 1995 and was closed in 2006 after sales declined in its boxed product business. After the closure Global Software Publishing acquired the rights to publish BBC Multimedia's library.BBC Multimedia also had their own game development studio, known as Gamezlab, which also functioned as a publishing label for their video games, with the BBC Multimedia name being used for software and educational games.

Complex (magazine)

Complex is an American New York-based media platform for youth culture which was founded as a bi-monthly magazine by fashion designer Marc (Ecko) Milecofsky. Complex reports on trends in style, pop culture, music, sports and sneakers with a focus on streetwear, sneaker culture, hip hop, and graphic art. Complex reached over 90 million unique users per month in 2013, across its owned and operated and partner sites, socials and YouTube channels. The magazine ceased publication with the December 2016/January 2017 issue.Complex has been named by Business Insider as one of the Most Valuable Startups in New York, and Most Valuable Private Companies in the World. Complex CEO Rich Antoniello was named among the Silicon Alley 100. In 2012, the company launched Complex TV, an online broadcasting platform; in 2016, it became a joint-venture subsidiary of Verizon and Hearst.

Double take

Double take may refer to:

Double-take (comedy), a type of take - an expression of surprise in body language

Double Take (2009 TV series), an Australian sketch comedy

Double Take (1998 film), a 1998 thriller

Double Take (2001 film), a 2001 comedy

Double Take (2009 film), a 2009 film

"Double Take" (Code Lyoko), a Code Lyoko episode

Double Take (Freddie Hubbard and Woody Shaw album), 1985

Double Take (Petra album), 2000

Doubletake, a British television comedy

Double-Take (NSI Product), business continuity software

Double Take (group), two girls who created "Hot Problems", a song dubbed "The Worst Song Ever"

Double Take, a BBC Radio 5 Live programme presented by Anita Anand and Sam Walker

Double Take, the 67th episode of Code Lyoko

Double Take Comics, a defunct comic book publisher

Innovation management

Innovation management is a combination of the management of innovation processes, and change management. It refers both to product, business process, and organizational innovation. Innovation management is the subject of ISO 50500 series standards developed by ISO TC 279.

Innovation management includes a set of tools that allow managers and engineers to cooperate with a common understanding of processes and goals. Innovation management allows the organization to respond to external or internal opportunities, and use its creativity to introduce new ideas, processes or products. It is not relegated to R&D; it involves workers at every level in contributing creatively to a company's product development, manufacturing and marketing.

By utilizing innovation management tools, management can trigger and deploy the creative capabilities of the work force for the continuous development of a company. Common tools include brainstorming, prototyping, product lifecycle management, idea management, TRIZ, Phase–gate model, project management, product line planning and portfolio management. The process can be viewed as an evolutionary integration of organization, technology and market by iterating series of activities: search, select, implement and capture.Innovation processes can either be pushed or pulled through development. A pushed process is based on existing or newly invented technology, that the organization has access to, and tries to find profitable applications for.

A pulled process is based on finding areas where customers needs are not met, and then find solutions to those needs. To succeed with either method, an understanding of both the market and the technical problems are needed. By creating multi-functional development teams, containing both engineers and marketers, both dimensions can be solved.The product lifecycle of products is getting shorter because of increased competition. This forces companies to reduce the time to market. Innovation managers must therefore decrease development time, without sacrificing quality or meeting the needs of the market.

Joe job

A joe job is a spamming technique that sends out unsolicited e-mails using spoofed sender data. Early joe jobs aimed at tarnishing the reputation of the apparent sender or inducing the recipients to take action against them (see also e-mail spoofing), but they are now typically used by commercial spammers to conceal the true origin of their messages and to trick recipients into opening emails apparently coming from a trusted source.

John Frieda

John Frieda (born Alan Howard Frieda, 9 July 1951) is a British celebrity hairstylist and founder of hair salon and hair product businesses. The hair product business was acquired in 2002 by Kao Corporation, Japan.

John Leslie (rugby union)

John Andrew Leslie (born 25 November 1970 in Lower Hutt, New Zealand) is a former rugby union footballer who played at centre for Scotland. He is the elder son of Andy Leslie the great All Blacks captain and the brother of Martin Leslie who also played for Scotland. He was educated at St Patrick's College, Silverstream, and completed a BPhEd at the University of Otago in 1994.

Leslie played 123 games for Otago and 32 for the Highlanders in the Super 12. He led Otago to the National Provincial Championship title in 1998.

Leslie qualified for Scotland through a paternal grandfather and initially joined Glasgow Caledonians, making his international debut along with his brother against South Africa in November 1998. Shortly after his debut, he joined the Fukuoka Sanix Bombs club in Japan.

The Leslie brothers joined a line of New Zealanders to play for Scotland, dubbed the Kilted Kiwis, they include: Brendan Laney, Glenn Metcalfe, Gordon Simpson and Sean Lineen - the original Kilted Kiwi.

In the 1999 Five Nations championship, Leslie scored the fastest ever try against Wales, touching down after ten seconds after the kick-off. He was voted Man of the Tournament.

In January 2000, the SRU were keen for Leslie to be closer to Scotland, he quit Sanix signing for Newcastle Falcons in England.

In September 2000, Leslie joined Northampton Saints.

After the 2002 Six Nations championship Leslie retired from international rugby.

At the end of the 2003/04 season John was released by Northampton Saints, when he returned to Otago and New Zealand.

In October 2004 Leslie retired, playing his last match for Otago.

Since retiring, Leslie co-coached a team at the University of Otago RFC with Josh Kronfeld.

Since 2006 to present Leslie now runs the LeslieRugby Business. A rugby product business based in Dunedin, New Zealand.

Leslie also runs one-day training programmes of rugby skill coaching and drill training for children and coaches across New Zealand.

List of best-selling video games

This is a list of the best-selling video games of all time. The best-selling video game to date is Tetris, a tile-matching puzzle video game originally released for the Electronika 60 in 1984 and then popularised upon its Game Boy release in 1989. The game has been ported to a wide range of platforms and sold in excess of 170 million copies, including 100 million paid downloads on mobile phones and 35 million as sales for the Game Boy version. Minecraft and Grand Theft Auto V are the only other games to have sold over 100 million copies. The best-selling game on a single platform is Wii Sports, with nearly 83 million sales for the Wii console.

Of the top 50 best-selling video games on this list, over 20 were developed or published by Nintendo, including over half of the top ten. A further five games were published by their affiliate, The Pokémon Company. Other publishers with multiple entries in the top 50 include Activision, Rockstar Games, Electronic Arts, and Sega. Aside from Nintendo's internal development teams, Game Freak is the developer with the most games in the top 50, with seven from the Pokémon series. The oldest game in the top 50 is Frogger, which was released in June 1981. Games reported on by player count instead of official sales figures, such as registered accounts, subscriptions, or free-to-play game owners, are not to be included; those belong on the list of most-played video games by player count instead.

Montagne Jeunesse

Montagne Jeunesse is a beauty-product business based in Baglan Energy Park, South Wales, UK and sold in 82 countries. The business's range of beauty products includes face masques, together with foot, bath, hair and body products in single-use sachets.

Operating expense

An operating expense, operating expenditure, operational expense, operational expenditure or opex is an ongoing cost for running a product, business, or system. Its counterpart, a capital expenditure (capex), is the cost of developing or providing non-consumable parts for the product or system. For example, the purchase of a photocopier involves capex, and the annual paper, toner, power and maintenance costs represents opex. For larger systems like businesses, opex may also include the cost of workers and facility expenses such as rent and utilities.

Reliance Industrial Infrastructure

Reliance Industrial Infrastructure Limited (BSE: 523445) is an industrial infrastructure company based in Mumbai, India. It is a Reliance Group company. It also leases equipment and offers IT consulting services.

Software business

This article is about selling software, for information about software made for business: Business software.

Software Business is the commercial activity of the software industry, aimed at producing, buying and selling software products or software services. The business of software differs from other businesses, in that its main good is intangible and fixed costs of production are high while variable costs of production are close to zero.

Structured product

In structured finance, a structured product, also known as a market-linked investment, is a pre-packaged investment strategy based on a single security, a basket of securities, options, indices, commodities, debt issuance or foreign currencies, and to a lesser extent, derivatives. The variety of products just described is demonstrative of the fact that there is no single, uniform definition of a structured product. A feature of some structured products is a "principal guarantee" function, which offers protection of principal if held to maturity. For example, an investor invests $100, the issuer simply invests in a risk-free bond that has sufficient interest to grow to $100 after the five-year period. This bond might cost $80 today and after five years it will grow to $100. With the leftover funds the issuer purchases the options and swaps needed to perform whatever the investment strategy calls for. Theoretically an investor can just do this themselves, but the cost and transaction volume requirements of many options and swaps are beyond many individual investors.As such, structured products were created to meet specific needs that cannot be met from the standardized financial instruments available in the markets. Structured products can be used as an alternative to a direct investment, as part of the asset allocation process to reduce risk exposure of a portfolio, or to utilize the current market trend. So structured products are not derivatives.

U.S. Securities and Exchange Commission (SEC) Rule 434 (regarding certain prospectus deliveries) defines structured securities as "securities whose cash flow characteristics depend upon one or more indices or that have embedded forwards or options or securities where an investor's investment return and the issuer's payment obligations are contingent on, or highly sensitive to, changes in the value of underlying assets, indices, interest rates or cash flows".The Pacific Stock Exchange defines structured products as "products that are derived from and/or based on a single security or securities, a basket of stocks, an index, a commodity, debt issuance and/or a foreign currency, among other things" and include "index and equity linked notes, term notes and units generally consisting of a contract to purchase equity and/or debt securities at a specific time".Structured product business, as a key part of customer-driven derivatives business, has changed dramatically in recent years. Its modern setup requires comprehensive understanding of:

Prevailing regulatory environment, the impact of existing and forthcoming regulations including MIFID II, KYC, PRIIPs - KIDs, etc.;

Principles of risk-based capital/liquidity requirements specified by Basel 3, FRTB, etc.;

Structured product manufacture process, effective derivatives business value chain linking trading, structuring, quantitative modelling and risk management;

Structured product distribution channels, product wrappers, impact of e-platforms;

Structured product payoff features and their risk characteristics;

Real-life quantitative pricing models able to handle multi-curve environments, volatility smile/skew, etc.

Tinc (retail)

Tinc is a British stationery and gadgets store chain with 6 stores, mostly in the south of England.They opened their first shop in Bath in April 2011, and their head office is in Corsham, Wiltshire.In 2013, they were awarded 'product business of the year' at the 2013 Startups Awards.In April 2015, they opened in Cheltenham. In June 2015, Tinc bought seven stores from rival stationery retailer Blott which went into administration in April.

Vestey Group

The Vestey Group (Vestey Group Ltd) (formerly Vestey Brothers) is a privately owned UK group of companies, comprising an international food product business (that includes meats, dairy products, frozen vegetables, bakery products, food services and trading) and significant cattle ranching and sugar cane farming interests in Brazil and elsewhere. Union International, the former core of the Vestey family business, went into receivership in 1995.

Wepa (company)

Wepa Hygieneprodukte GmbH is a German paper product business founded in 1948 under the name Westfälische Papierfabrik in Arnsberg. Wepa expanded to manufacturing in 1953. Wepa took over the Dutch Van Houtum Group in 2017.In 2017 WEPA has factories in Arnsberg, Marsberg, Kriebstein, Mainz, Leuna, Swalmen, Piechowice, Lille, Troyes, Lucca, Cassino, and Bridgend.

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