PRODUCT: A generic term for a tangible good, an intangible service, or an idea. This is the "output" of any production process. The product is also one variable of the marketing mix. Products are classified as consumer or business. Consumer products can be convenience, shopping, specialty, or unsought. Business products are raw materials, components, installation, equipment, accessories, and MRO type items.

     See also | production | supply | output | good | service | consumer products | business products | services | ideas | MRO | price | promotion | distribution | packaging | marketing mix |

PRODUCT, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: July 8, 2025].

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The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.

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