Generic Software Products
Software products which were developed with the target to sell them to customer eligible to buy with no customization for any specific customer are called generic software products. These software products are stand-alone, can be up-gradable to new versions or updates while the updates are prepared by the software company or vendor who developed the product. Developer or Software Developer Company develops the software as it will be used by end users from various levels such as beginner, non-technical etc. and the design the interface of the software and workflow of the software in a way so these end-users from various levels can all get used it easily. Thus generic software products are software products with a large number of end users from various level of experience as target.
Customized Software Products
Software products which were developed as per the requirements of a specific customer. Customized software products means a piece of software customized in case of features, workflow, design, language etc. or with additional features included or removed features and financed by a customer as the development cost or price of the software being developed. Customized software can be developed from scratch such as gathering all the requirements from the customer, analyzing and developing using various software development process models or it can also be that a software product already exists and it will modified as per the requirements of the customer