The exchanging of products makes the business world.
A product is something that is produced or manufactured and sold, often in large numbers.
Products are sometimes referred to as goods for example in the expression fast-moving consumer goods, or FMCG.
Products may be grouped are classified as convenience, or specialty goods. Industrial goods are used to make other goods for resale purpose. These goods include materials, equipment, parts, and services.
Goods are also referred to as merchandise.
Services are activities such as banking or tourism that contribute to the economy but which may not directly involve manufacturing. Services may be referred to informally as products.
For firms to succeed in business, they must continue to develop and market products.
New products are introduced or launched onto the market. Products have a life cycle. A product that a company no longer wants to make available is withdrawn from the market.
A product generating a lot of profit is a money spinner or a cash cow. A loss leader is a product sold very cheaply in order to attract customers who will then, it is hoped, be persuaded to buy profitable ones.
Exercise 1. Give the English for:
ходові споживчі товари, споживчі товари широкого вжитку, промислові товари, товари повсякденного попиту, товари попереднього вибору, товари особливого попиту, знаходити ринок збуту для товару, життєвий цикл товару, вилучати товар з ринку, вводити товар на ринок, високоприбутковий товар, досягати успіхів в бізнесі.
Exercise 2. Match words from list A with words from the list B that have a similar meaning:
A B
goods beneficial
produce merchandise
profitable manufacture
money spinner appeal to
introduce retract
attract cash cow
persuade launch
withdraw convince