A solution [1] is :
- A means of solving a problem or dealing with a difficult situation.
- The correct answer to a puzzle.
- Products or services designed to meet a particular need.
So by extension a business solution is composed of products [2] and/or services [4] addressing business needs [11] . Depending on the business context, business solutions are composed in variable proportions of products and services; sometimes only products, sometimes only services.
The ITIL® framework [13] defines “service” [8] a different way as “a means of delivering value to Customers by facilitating Outcomes Customers want to achieve without the ownership of specific Costs and Risks “. According to this definition the distinction between product and service as commonly understood by a non IT literate audience does no longer exist. Both definitions are valid depending on the context.
References:
[1] solution, oxford dictionaries
[2] product, wikipedia
[3] product, merriam-webster
[4] service (economics), wikipedia
[5] service (economics) characteristics, wikipedia
[6] service (systems architecture), wikipedia
[7] service, oxford dictionaries
[8] service, ITIL® glossary of terms
[9] business, merriam-webster
[10] business, wikipedia
[11] business need, cambridge dictionaries online
[12] Business requirement, wikipedia
[13] ITIL® official website