A product is a named collection of business capabilities valuable to a defined customer segment. A product may be just software and data. Alternatively, it may comprise any combination of software, hardware, facilities and services, as required to deliver the entire product experience.
A product may be a repeatable service (for example, a subscription service); or it may be a platform (one-sided or multisided).
Although products (in the context of digital business) principally serve external customers, software organizations can also apply a product model to any collection of business capabilities delivered in a coherent value stream to internal customers.