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What is product?

In a word, product is anything that is produced. Something manufactured might be the first thing that comes to mind when thinking about a product all manufactured products are made from some sort of material (source of quote). The verb produce, however, covers more than manufactured product. To produce is to create, bring forth, birth, bear, yield, provide, supply, provide as well as to furnish.

Product is that which results from production (source of quote). Production results from an ability to systematically draw upon resources and fit them together in response to a want or need. Intellectual as well as creative abilities are involved. An ability to reproduce or duplicate something might be called upon.

Wikipedia has an article about economic reproduction which addresses the creation and distribution of goods and services. An abstract of a paper online titled About Simple Economic Reproduction and Macroeconomic Indicators states that reproduction is infinitely renewable, continuous production process. Neoclassical theory considers the production of goods as a unidirectional process from consumption of primary resources until production of final products. It gives a formal explanation of circular flow (but?) does not explain the reproduction process of primary resources (source of quote) Beyond the abstract and Wikipedia's article is a source of additional information that answers the following question:

How Many Factors of Production Are There?
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information as product

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Manage Your Information as a Product, an article in the magazine MIT Sloan Management Review, July 1998, quotes S. E. Madnick, Database in the Internet Age, Database Programming & Design, January 1997, as follows:

Many managers believe that quality information is key to their success. Do they act on that belief? Not convincingly. Most senior executives have experienced the costs of decisions based on poor information. Most general managers have dealt with the frustration of knowing that they have data within the firm but they cannot access it in the integrated form needed.

Information is the product that economic developers, as location data suppliers, have to offer their prospects. For example, some prospects are site selector that are also enterprise developers. Others, may be consultants. specializing in site selection.

Our (who we are) definition of community suggests how a location becomes product through economic development marketing. Economic development product exists within a community as its labor pools as well as its commercial and industrial real estate.

The following terms defined in the Enterprise & Economic Development Glossary may help with further understanding information as product in the context of location.
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define data define location data
define information define location data element
define information resource define location information category
define location work define location selection criteria
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Economic Development Services, Inc. -- copyrights and all rights reserved / 08/14/2014