What do you mean by Product ?

A ‘product’ is a tangible/non-tangible item created to produce specific value for a group of customers and to the organization that provides it. A product can be anything, it can even be an idea. From that, a spoon would be a product. The Facebook application would be a product. Agile consulting services would be a product. A painting would be a product. A product can be something physical (the spoon). It can be a digital product (Facebook application, an e-book or online videos). It also can be a service (consulting). As stated by Mike Cohn – “Products Can Be Defined Recursively” which means a product can exist within another product. Another important thing to note is, the product should deliver some value to the customer. Even the smallest entities in the product (sub-product) should be beneficial to the market.