product

  

Definitions (3)

1.A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase. For example a seller of a toothbrush not only offers the physical product but also the idea that the consumer will be improving the health of their teeth.
2.Law: A commercially distributed good that is (1) tangible personal property, (2) output or result of a fabrication, manufacturing, or production process, and (3) passes through a distribution channel before being consumed or used.
3.Marketing: A good or service that most closely meets the requirements of a particular market and yields enough profit to justify its continued existence. As long as cars are manufactured, companies such as Michelin that produce tires fill the market need and continue to be profitable.

Use product in a sentence

  • Janice know a lot about hair products because, as a professional stylist and owner of her very own hair saloon, she uses them quite regularly to style her client's hair.

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  • His idea for a product was a genius one, but he didn't have enough money to make or produce it on his own.

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  • When you are working as a sales agent, selling products is your top priority; you must persuade people that they are useful and interesting.

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Notable Quotes

  • 5 Criteria for a profitable Online Business (5 of 5)
    "Products with high fixed price - Make sure you command a fixed price for a ebook you think should be worthy of how much, If your ebook could really help the others, the price set should not be a factor to the buyer since he makes money out of the ebook he bought from you! Have confidence in your sales!"
    - Unknown
  • Price Discrimination 101
    "Price discrimination is the practice of charging different prices to different customers. Despite the name, the practice is usually legal, as long as it's not discriminating based on race, gender, age, etc. Perfect price discrimination is the theoretical ideal of charging each customer the maximum that they would pay. This is impossible to achieve in practice, although trying to approximate it is a worthwhile goal. Some examples of price discrimination are: hardback and paperback editions of books; "lite" versions of software that include fewer features or lack customer support; premium pricing for faster response; discounts to price-sensitive customers willing to use coupons or rebates; and quantity discounts. Remember that when you price discriminate you become your own competitor and need to be careful that you don't end up encouraging customers who would've paid a higher price to opt for a lower-priced version of your product."
    - Tom Murcko

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