The concept of Product figures strongly in Agile and more and more so in other system design.
Definitions stress something physical and of value. Perhaps this is too broad.
It is more likely people mean a software tool or even a software feature. It is particularly important that it is a unit of delivery.
How does a product relate to a service? A service ( with an interface that presents information) is definitely a product.
Does a Product have units of delivery; a start and end?
Without doubt a product fits within a context with a number of stakeholders ( Authorities in AM). And in a software sense (or even in a procedures sense), without it broader efforts would be harder or impossible.
Within the AM sphere, if you have implemented an AM ( with software or manual procedures ) a product can be a replacement collection of implemented assertions that improve use of resources, costs, or accuracy.