Product is an essential component in segmentation and targeting for various types of companies. For example, a retailer may want to have variants that they can apply to a product - Size, Class, Style, Color, Material, etc. An Insurance company might have product types based on minor changes within a policy e.g. a business owners policy might include digital breach protection and that would be a type of policy. Products often have SKU or Item Codes attached to them so that the CRM integration to a financial system more easily aligns revenues to products. Product details are HIGHLY useful in targeting and segmenting in marketing automation and offering customized emails to customer like “Hey Jane, We got some new hoodies in at XYZ clothing company and we have your favorite {product_color} in stock at {closest_store}. Stop in today and we will hold one for you.”
Product details are where customization occurs in b-to-c and b-tob basd on WHAT they buy at a detailed level. For Hubspot, the product might be Marketing Hub and the type would be Enterprise Marketing Hub or you could create Marketing Hub, Marketing Hub Professional Marketing Hub Enterprise and add variants to these (number of contacts, number of monthly emails, etc.)
Make sense?