First of all, what is a “Product”? The openSUSE Wiki has the following statement on the Product Definition Article:
“A product is a defined set of packages plus extra information”
In the most simple interpretation this means a set of RPM files plus a set of metadata which contains the installation kernel, information about the installation work flow, hardware detection, languages, licenses, slide shows and the like.
Thus the most simple product imaginable is a basic set of RPM files for the system to be installed and a minimum set of metadata: an installation system consisting of kernel, initrd and the packages necessary for installation.