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Product Creation

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Hi All,
   When we create a product and later release it, The Product number provided will be the Item number and we can't change it(correct if I'm wrong). 
But when we create a Released product directly we can give different value for both Product number and Item Number field. The question I've here is, what the difference between those two fields. While create Released product directly I observed headers IDENTIFICATION for Product number and COMPANY SPECIFIC IDENTIFICATION for Item Number, what are those headers means. Kindly try to elaborate. Attached SS FYI.