In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. In manufacturing, products are bought as raw materials and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market.
In the industrial and industry context, "merchandise" refers to the goods that are manufactured, produced, or sold by a company or industry. Merchandise encompasses a wide range of products, from raw materials and components to finished goods and consumer products.
Examples of merchandise in the industrial context include:
- Raw materials, such as metals, oil, or wood, used in industrial and manufacturing operations.
- Components, such as motors, batteries, or sensors, used in the production of finished goods.
- Finished goods, such as consumer electronics, automobiles, or appliances.
- Consumer products, such as clothing, toys, or food products.
- Industrial products, such as machinery, equipment, or tools, used in commercial and industrial operations.
Merchandise is a key component of the industrial and manufacturing sectors, as it represents the output of the companies and industries involved. Companies must carefully manage their merchandise portfolio to ensure that they have the right products at the right time to meet the demands of the market. They must also consider the quality, price, and availability of their merchandise, as well as the regulatory, ethical, and environmental factors that impact their products. Companies must strive to comply with best practices and standards to ensure the viability and competitiveness of their merchandise offerings in the market.