What is a Product?
The credibility of any industry or any firm is decided by the products it produces at the end of the day. Quality and quantity are the two parameters that define the type of products produced by any firm. Products can be defined as stated things that are supplied to markets based on requirements of the customers of that locality. Generally a product can be defined as the processed and finished goods that are eligible to be marketed. There can be many firms that are engaged in the production of the same products but it is the above mentioned two parameters, quality and quantity, which makes any industry inimitable from others.
The specific meaning of generic products suffers a sea change with respect to time and location. The demand for certain edible products increases with increase in population but the demand for a particular brand of product may increase or dwindle depending on the quality of that particular product.
In an attempt to indicate one unit of the mass-produced product, product identification codes came into effect. Under this we have several codes like Global Trade Item Number and International Standard Book number. This facilitated the multiple businesses to use single identification code for their products to indicate one unit of the mass-produced. Another important term associated with products is the ‘Product line’.
The products that have similar customers, the products that are sold in the same markets, the products that have similar uses and products that fall under same price are grouped under one common name Product line.
Management of products forms an integral and critical part of a company. Being a function carried out within the company it governs the planning, processing, marketing of the products throughout the life cycle of products. Management of products also involves different marketing strategies and tactics to improve the sale of the products. This also varies from company to company based on their organizational structure.
Canada boasts itself as one of the world’s largest suppliers of agricultural products, especially wheat and other grains. Developed nations like United States and countries of Europe import substantial amount of agricultural products from Canada thanks to Canada’s commitment towards ‘quality products, friendly customers and moderate prices’. As of 2006 Canada has been ranked 6th among all countries in combined export and import. Apart from agricultural products, Canada has shown tremendous production of natural health products. These natural health products include vitamins, minerals, herbal medicines, homeopathic medicines, probiotics, amino acids and other essential fatty acids. Through Natural Health Products Directorate, Canada ensures its citizens easy access to safe and effective drugs without compromising the freedom of choice, philosophical and cultural diversity.
The Forest Product Association of Canada (FPCA) is a trade organization which involves marketing of wood, pulp and paper nationally and internationally. This industry accounts for Canada’s 2% GDP and provides about 900,000 jobs directly or indirectly. This has brought down the unemployment rate of Canada drastically. With different marketing strategies Canada strives hard to become on par with US markets.