Product
Product: (1) a bundle of attributes (features, functions, benefits, and uses) capable of exchange or use, usually a mix of tangible and intangible forms. Thus a product may be an idea,: a service, a physical entity (a good),or any combination of the three. It exists for the purpose of exchange in the satisfaction of individual and organizational objectives. (2) Occasional usage today implies a definition of product as that bundle of attributes where the exchange or use primarily concerns the physical or tangible form, in contrast to a service, where the seller, buyer, or user is primarily interested in the intangible. Though to speak of "products and services" is convenient, it leaves us without a term to apply to the set of the two combined. The term for tangible products is goods and it should be used with services to make the tangible/intangible pair, as subsets of the term product. (See services.)
Source: http://homepages.wmich.edu/~brogowic/NewProductsManagementGlossary.doc
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Author of the text: Crawford & Di Benedetto
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