product


product
product prod‧uct [ˈprɒdʌkt ǁ ˈprɑː-] noun
1. [countable] COMMERCE something useful and intended to be sold that comes from nature or is made in a factory:

• Distributors for Amway sell numerous products, including cleaning and personal-care products.

• Companies must be able to launch new products (= introduce them ) quickly and alter existing ones.

• SL Industries designs, manufactures and distributes engineered products.

• There were thought to be no safety problems, but the company decided to withdraw the product (= no longer make it available ) so the incidents could be investigated.

2. milk/​steel/​tobacco/​wood etc products products made from milk etc:

• Corning produces glass fiber and other specialty glass products.

• petroleum products

3. [countable] COMMERCE a service:

• The bank offers products such as cash management and short-term loans.

4. [uncountable] COMMERCE products in general:

• He needed $6,000 more a month to invest in inventory, but didn't have it. As a result he couldn't keep enough product on the shelf.

comˌmercial ˈproduct COMMERCE
1. [countable] a product that can be sold, rather than one still being developed:

• They had trouble converting promising research in drugs into commercial products.

2. [countable] another name for consumer product
comˌmodity ˈproduct
1. [countable] ECONOMICS a product such as a metal, farm product, oil etc:

• Canadian paper companies concentrate on commodity products such as pulp and newsprint, while US companies often concentrate on products with higher value added.

2. [countable] MARKETING a product that is hard to differentiate (= make seem different) from other products of the same kind:

• PCs are becoming commodity products, with consumers just buying on price.

conˌsumer ˈproduct [countable] COMMERCE
a product for use by people rather than businesses:

• the food and consumer products manufacturer Unilever

ˈcopycat ˌproduct [countable] MARKETING
a product that copies a competitor's idea for a product:

• There has been a surge of copycat products, but we expected many companies to copy our approach to desktop video conferencing.

ˈcore ˌproduct [countable] COMMERCE
a main product that a company makes or sells, and which is very important to it:

• The company is withdrawing from software and refocusing on its core products in hardware.

deˌrivative ˈproduct [countable] FINANCE
a financial product such as a Future or option rather than the actual shares, currencies etc that they relate to. Options give the buyer the right to buy shares etc at a fixed price within a particular period of time, and futures allow the buyer to buy a fixed amount of a currency, farm product etc at a fixed price for delivery later:

• The unit was formed last year to trade interest-rate swaps, currency swaps and other derivative products.

ˈentry-level ˌproduct [countable] MARKETING
a version of a product designed for someone buying this type of product for the first time. Entry-level products are usually the cheapest in a company's product range:

• On some entry-level products the company is also including simplified software for first-time users.

fiˌnancial ˈproduct [countable] FINANCE
a particular type of investment:

• Investors often find financial products increasingly complex and seek advice on how to buy and sell them.

geˌneric ˈproduct [countable] MARKETING
a product that is sold under the general name for a type of product, rather than a brand name. Many medicines and drugs that you can buy are generic products:

• Although R&D spending is soaring, generic products are reducing the profitable life of brand-name drugs.

ˌgross ˈproduct [countable, uncountable] ECONOMICS
the total value of goods and services produced in a particular place:

• In California, farmers produce about 10% of the state's gross product.

ˌhigh-end ˈproduct [countable] MARKETING
a product that is one of the most expensive or advanced in a company's product range, or in the market as a whole:

• The company blamed the loss on higher costs and lower sales of high-end products.

ˌhigh-tech ˈproduct also hi-tech product [countable] COMMERCE
a product that is made using the most modern technical knowledge and methods:

• demand for new computers and other high-tech products

ˌhome ˈproduct
1. [countable] COMMERCE a product used in people's homes, such as furniture etc:

• Cosmetics account for 8%, accessories 9% and home products, including bed and bath items, 10%.

2. [countable] another name for household product
ˌhousehold ˈproduct [countable]
a cleaning product used in people's homes etc:

• household products such as Ajax cleanser and Palmolive dishwashing liquid

inˌdustrial ˈproduct [countable] COMMERCE
a product for use in industry and business, rather than by people for their own use:

• power transmission parts and other industrial products

inˈsurance ˌproduct [countable] INSURANCE
a particular type of insurance contract:

• An insurance product called an immediate annuity pays a fixed sum each month for life or some other period.

inˈvestment ˌproduct [countable] FINANCE
another name for financial product:

• Purchasers of insurance and investment products are concerned about the financial strength of providers of these products.

ˌlow-end ˈproduct [countable] MARKETING
a product that is one of the cheapest in a company's product range, or in the market as a whole:

• Polo shirts are increasingly a low-end product: 30% of them are now sold through discount outlets.

me-ˈtoo ˌproduct [countable] informal MARKETING
a product introduced by a company after it has seen that other companies are successful with the same type of product:

• In vodka, the shelves were full of me-too products that lacked taste or marketing support.

proˌprietary ˈproduct [countable] MARKETING
a product sold under a brand name owned by a company, rather than a generic name (= a general name for a type of product):

• a proprietary product, called Danafate, that treats stomach ulcers

ˈvalue-ˌadded ˌproduct [countable] MARKETING
a product with special benefits for which buyers are willing to pay more. Producers are able to charge more for these products and therefore make more profit from them:

• The food service market includes both commodity and value-added products.

• The company's strong performance is due to its continued push into high-value-added products such as its Formula Shell high octane gas.

* * *

product UK US /ˈprɒdʌkt/ noun
[C or U] PRODUCTION something that is manufactured or grown to be sold, usually in large quantities: sell/launch/withdraw a product »

The manufacturers had to withdraw the product because of a design fault.

»

We aim to develop more quality products over the coming year.

»

oil/steel products

»

agricultural/dairy products

[C] FINANCE a service that customers can buy from a financial organization to invest or save money: financial/insurance/investment, etc. product »

Improvement of the bank's financial product range formed part of the takeover bid.

[U] COMMERCE something that is available for sale: »

They took all products containing the chemical off the shelves.

»

Large companies usually offer small retailers a deal where they only pay for the product sold during an agreed period.

See also AUGMENTED PRODUCT(Cf. ↑augmented product), BY-PRODUCT(Cf. ↑by-product), COMMERCIAL PRODUCT(Cf. ↑commercial product), COMMODITY PRODUCT(Cf. ↑commodity product), CONSUMER PRODUCTS(Cf. ↑consumer products), COPYCAT(Cf. ↑copycat) adjective, CORE(Cf. ↑core) adjective, DERIVATIVE PRODUCT(Cf. ↑derivative product), DIFFERENTIATED(Cf. ↑differentiated), END PRODUCT(Cf. ↑end product), ENTRY-LEVEL(Cf. ↑entry-level), FINANCIAL PRODUCT(Cf. ↑financial product), GROSS PRODUCT(Cf. ↑gross product), HIGH-END(Cf. ↑high-end), HOME PRODUCT(Cf. ↑home product), HOUSEHOLD PRODUCT(Cf. ↑household product), INDUSTRIAL(Cf. ↑industrial) adjective, INSURANCE PRODUCT(Cf. ↑insurance product), INVESTMENT PRODUCT(Cf. ↑investment product), LOW-END(Cf. ↑low-end) adjective, ME-TOO(Cf. ↑me-too), PROPRIETARY(Cf. ↑proprietary), SUBSTITUTE PRODUCT(Cf. ↑substitute product)

Financial and business terms. 2012.

Synonyms:

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