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more general categories information about this item 12. Product Identity 12. Product Identity Product Identity (32) Product Formulation (1) description: Ontomatica's Product Formulation Application integrates relevant ontology rules (items, properties, relationships and constraints) with relevant data sets. The Product Formulation Application is the electronic specification of formulation of a product. Background: Formulation is a term used in various senses in various applications, both the material and the abstract or formal. Its fundamental meaning is the putting together of components in appropriate relationships or structures, according to a formula. It might help to reflect that etymologically Formula is the diminutive of the Latin Forma, meaning shape. In that sense a formulation is created according to the standard for the product.