In marketing , a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. In manufacturing , products are bought as raw materials and sold as finished goods . A service is anothercommon product type.
Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market . In project management , products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project . In insurance , the policies are considered products offered for sale by the insurance company that created the contract . In economics and commerce, products belong to a broader category of goods . The economic meaning of product was first used by political economist Adam Smith.
A related concept is that of a sub-product, a secondary but useful result of a production process.