Products define a set of of prices; these prices are known as rate-plans. When defining a product you provide default values which can be used when creating new rate-plans. Each product has a unique name for ease of lookup.

Products API documentation 
For example:
You may offer a startup and enterprise product, each product may contain its own pricing:

Startup product
    - Standard rate-plan
    - Acme Inc, discount rate-plan

Enterprise product
    - Standard rate-plan
    - High-volume rate-plan


Structure and composition of product