Written by the Fiveable Content Team • Last updated September 2025
Written by the Fiveable Content Team • Last updated September 2025
Definition
A product is any good, service, or idea that can be offered to a market to satisfy a want or need. Products include physical items, services provided by businesses, and intangible assets like software.
Related terms
Good: A tangible item that can be physically touched and owned upon purchase.
Service: An intangible offering from one party to another that often involves a human action, such as consultancy or maintenance.
Market Need: The specific desire or requirement of a target market that prompts the development of new products.