In tech, the product is the software, app or service a company designs, puts in its users' hands and keeps improving over time. It is not a project delivered once and for all, but a living asset that is measured and refined.
By extension, "Product" also refers to the team and discipline that decide what to build: Product Managers, Product Owners, Product Designers. Their job is to understand needs, prioritize, measure usage and balance user value, technical feasibility and business interest.
A company is called "product-led" or "product-driven" when decisions start from real usage and measured outcomes, rather than from a frozen specification or a list of customer requests.
Why it matters when hiring
A product culture changes the developer profile you need: people who care about usage, not just the spec. In interviews, a good signal is a candidate who can explain why a feature was built and what it changed for users. A background entirely in IT services or fixed-price projects rules nothing out, but it is worth checking this point.