What is a Product?
Question: "Although my question might sound very basic I am still going to ask it – what is a product?"
Answer: According to Blackblot's Product Manager's Toolkit® (PMTK) methodology a Product is any offering that satisfies needs.
Products can be categorized as being either Goods or Services. Goods are tangible products that we can possess. Goods can be further classified as being either durable or non-durable. Services are intangible products that we can pay for and use but can never own.
Products can also be classified by their intended use. Business Products are intended for resale, for use in producing other products, or for providing services in an organization. Consumer Products are intended for use by household consumers for non-business purposes. By their distinction, Business Products are used for making money and Consumer Products are used for personal gain.
For more information, please see the Blackblot glossary of product management.