- product
- product prod‧uct [ˈprɒdʌkt ǁ ˈprɑː-] noun1. [countable] COMMERCE something useful and intended to be sold that comes from nature or is made in a factory:
• 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
• The bank offers products such as cash management and short-term loans.
• 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 COMMERCE1. [countable] a product that can be sold, rather than one still being developed:• They had trouble converting promising research in drugs into commercial products.
comˌmodity ˈproduct• 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] COMMERCEa product for use by people rather than businesses:• the food and consumer products manufacturer Unilever
ˈcopycat ˌproduct [countable] MARKETINGa 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] COMMERCEa 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] FINANCEa 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] MARKETINGa 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] FINANCEa particular type of investment:• Investors often find financial products increasingly complex and seek advice on how to buy and sell them.
geˌneric ˈproduct [countable] MARKETINGa 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] ECONOMICSthe 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] MARKETINGa 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.
a product that is made using the most modern technical knowledge and methods:• demand for new computers and other high-tech products
ˌhome ˈproduct• Cosmetics account for 8%, accessories 9% and home products, including bed and bath items, 10%.
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] COMMERCEa 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] INSURANCEa 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] FINANCEanother 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] MARKETINGa 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.
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] MARKETINGa 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] MARKETINGa 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.
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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.
