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, 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.
Marketable vs work product
A marketable is anything that is offered on the market for sale. Usually, but not necessarily, a marketable 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
- 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.