What is Product catalog in CRM?

Product and Service list or catalog in CRM represents the list of the products or services offered by your company to your customers.

Maintaining your products and services listing in your CRM helps you organize your various offerings and helps you keep all of your team members on the same page.
Your team members can quickly check which are the active products and services being sold currently without the need for going over and asking their peers about the current status of the offerings.
If your product/service list is present in your CRM, you can easily tag the products against the lead or deal so that you can get quick glance of their requirement from your company standpoint rather than having the same written in verbose textual description in notes or emails.
Having a catalog also helps your other operations and finance team later when they would be creating invoices. Having an organized product list will help them quickly trace the exact product or service being sold. This will help them in creating invoices and ledgers accurately with correct SKU and Tax information which was error prone if they were required to read through the emails and notes section.