Doubt regarding device and product

Could someone explain the difference between a device and a product and why one product can be linked to many devices but not vice versa?

A product is a code that you write for a certain device. It can be shared to more than one device.
Where as vice versa is not possible. One device cannot have multiple codes linked to it.

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Device is the Wifi Module that you get from the Bolt IoT and product is something that you create by adding/connecting some components to the device.

You program your product as per the requirement after connecting the components to it(product).

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Device means the wifi module or controller,you got from bolt and product is made by using this controller to connect varoius component with this.
I hope this is helpful for you.

Is it correct to say that device is a physical entity, which is realized by hardware, like the Bolt IoT module and product is just a software entity, which do not exist physically, but it possess all the properties of the device in coded form ? Am I correct ?
If no, please rectify me with detailed explanation…