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( Product (business))
In marketing, a product is anything that can be offered to a market that might satisfy a want or need.[1] In retailing, products are called merchandise. In manufacturing, products are purchased as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. The verb produce (pr? doos' or -dyoos') is from the Latin produce(re), (to) lead or bring forth. The noun product (prod'?kt or-ukt) is "a thing produced by labor or effort".[2] Since 1575, the word "product" has referred to anything produced.[3] Since 1695, the word has referred to "thing or things produced". The economic or commercial meaning of product was first used by political economist Adam Smith.[4] In general usage, product may refer to a single item or unit, a group of equivalent products, a grouping of goods or services, or an industrial classification for the goods or services. Product may refer to a unique product, such as a single carton of brand X milk, a single customized interior design, a single piece of lumber, or a single hour of technical support. Serial numbers are used to identify certain unique products. A vehicle identification number identifies a unique motor vehicle.
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