Smart Products are cyber-physical products/systems (CPS) which additionally use and integrate internet-based services in order to perform a required functionality. CPS are defined as “intelligent” mechatronic products/systems capable of communicating and interacting with other CPS by using different communication channels, i.e., the internet or wireless LAN (Lee 2010; Rajkumar et al. 2010).
Theory and Application
Definition of Products
The term product [lat. productus] has a diversity of meanings in the context of different disciplines. For example, in mathematics, a product is the result of a multiplication. In chemistry, the term “product” refers to substances resulting from chemical reactions. In economics, the gross domestic product (GDM) measures the economic performance of a country or region. In marketing, a product is defined as anything that can be offered to a market and might satisfy a want or need (Kotler and Keller 2006).
The definition of...
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