Till Ax 2009 version of Dynamics AX we used to have Item Details in Inventory Management Module but in Dynamics Ax  2012  term “Item” is replaced with “Product”. Products can be created using module  ‘Product Information Management’. There are  two types of Products in 2012. 1. Product 2. Product Master 1. Product: These are identifiable products that do not have variations associated with them. We can take them standard or base products and can be accessed and managed using  the Products list page in the Product information management module. 2. Product Master: Product Master serve as templates or models for variants. A product master is associated with one or more product dimensions, or for some configurators, product attributes. These can be accessed and managed using theProduct master’s list page in the Product information management module. A Product can be created as “Item” type or “Service” type product.