Without good product you are not able to sustain or grow in any project thus product is more important for a project. Every product has it's own value and it generate the valuable clients to stick with it to perform well. If product is not good there will be a very worst results in performances and let the project in to fail.
Yes you are right and it is really basic because we all know on this world every project product is really important because that's the thing you would get the investors attention to support your project if no product there is no thing to support by the investors.