Product Concept

The term product designates a type of specific good with characteristics of tangibility, this is, has physical existence. Resulting from this characteristic is the fact of being a good which can be transported and stored being able, for this, to be consumed in a different place and moment from the one in which is produced. Therefore, it’s distinguished from service, which even though it’s also a good, is an intangible good, forcing it to be consumed or used at the moment in which is produced.

In other contexts, the term product can also be used to designate the total production of a certain economy. For example the Gross National Product (GNP) is a measure of total production performed internally.

 

 

Translated from Portuguese by Susana Saraiva, Portuguese-English and English-Portuguese translation specialist. Contact: spams@sapo.pt.