Basic Business Knowledge

What is Product? Math, Definition, Variation and its types & reasons

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First, we will understand the math to understand what is product in simple words.

Multiplication is one of the basic mathematical calculations. The following explains how to multiply numbers together. What the commutative law is and what you really need it for. In addition, there are examples and exercises with solutions to learn multiplication.

The multiplication makes it possible to solve many tasks from mathematics (and thus from the real world), even if this does not seem at first glance. For example, it can be used to calculate areas, volumes or interest rates. But before we get to that, first the basics have to be learned. And here we start.

The fact that it is a multiplication can be recognized by the “·” between two numbers. For example, this looks like this: 5 · 3. This character is thus the multiplication sign. The number before the character is also called factor 1 or multiplier. The second number is called factor 2 or multiplicand. The result of a multiplication is a product. The following overview illustrates this again:

  • Factor 1 · Factor 2 = product
  • Multiplier · multiplicand = product

Note: Multiplication is a short form of addition, as the examples below will show.

Perform multiplication

Let us now turn to the calculation of products based on a few examples. Take a close look at them and there are some explanations:

  • 3 · 5 = 15 because 5 + 5 + 5 = 15
  • 5 · 3 = 15, because 3 + 3 + 3 + 3 + 3 = 15
  • 2 · 8 = 16, because 8 + 8 = 16
  • 3 · 4 = 12, because 4 + 4 + 4 = 12

Let’s look at the first example: The number 5 is written 3 times and then added. Returns the number 15. In the second example, vice versa. The number 3 is written and added five times. Also results in 15. The other two examples also work on the same principle. Note: Anyone who has some practice in multiplication does not write down the sums, but knows that 4 · 4 = 16. For those who are new to multiplication, writing the sums makes sense.

Product Definition:

A product is anything on a market that is offered, that customers acquire, use, interact with, experience, or consume to satisfy a desire or need. Marketing initially focused on tangible goods and distinguished them from services.

More recently, however, service and goods transitions have become fluid. And the product idea has been broadened to suggest in the broadest sense that it includes any tangible or intangible commodity that serves the consumer’s needs. Products that are marketed may include services, people, places and ideas.

A product – in a sales policy sense – is an economic service as a means of satisfying the needs of the potential customer.

Products can be subdivided into tangible goods, services, and energy services.

Product Variation:

As part of a product variation as a product policy measure, the companyhttps://en.wikipedia.org/wiki/Company offers a product already launched on the market in additional versions with regard to functional, physical or optical properties.

Example of a product variation

So far, microwave ovens have been offered in plain white only. The company decides to offer the well-known devices in a new “outfit”, adapted to the current trends in fitted kitchens.

Types of product variation

Products have a variety of properties but always have a basic function. For example, a hamburger satisfies the need for hunger. This basic function remains untouched in the product variation, but the company changes one or more of the following characteristics:

Popular are changed in the look, especially the shape and color. Although the benefits of the good have not changed, these variations create new consumer buying incentives.

But it is quite possible to various functional properties without changing the purpose. In the case of the burger, new meats or additional ingredients could be used to alter the taste experience.

The so-called value-added service is a popular means of short-term product variation. In addition to the actual product, the customer is offered an additional service that is linked to the main product. Well-known examples are insurance for smartphones, which can be completed directly when buying.

Now and then symbolic properties are changed. In this area, the image of the product that is being changed should be listed. An automaker could equip its previous models with luxury seats. For example, to make the model attractive to more affluent customers.

Reasons for the product variation

As a rule, the change in a product is reflected in a change in the wishes and needs of its customers. In the past, the car was considered an absolute prestige object, but above all functional features such as gas mileage are in the foreground of the purchase decision. At the same time, however, the basic need for mobility remains, so that the manufacturers do not have to develop a completely new product.

In addition to changes in demand, especially legal requirements are the reason for product variations. Again, the example of the car is an illustration: Until the 1970s, many cars were sold without a seat belt, resulting in many deaths in accidents. The reaction of the legislator was that a general seat belt was issued. As a result, product variations have been performed by all automakers providing their vehicles with seat belts.


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