I had the opportunity to "define" what a product is to my steering committee last week. I thought I'd share my definition with you.
"Brands make promises to people - products keep those promises by delivering value in consistent, meaningful and delightful ways over time."
You'll note there are a few keywords missing there, such as profitable. It's missing because it's built in to the concept of delivering value over time - products that can't be sustained (by whatever means matters to you) can't be delivered, QED.
This definition works for me, because it aligns the mind around the customer, and it puts products into the higher-order perspective of the brand.
It also works for me because I can say it with my mouth full of food.
I hope all of you are well. I'm a week or so (I think) from being able to talk about my new adventure in greater detail.