When studying linear function spaces I encounter tensor product of the spaces and also tensor products of the vectors, for example: A standard exercise is to show that if $\left(\phi_n \right)_n$ is an orthonormal basis for $L^2([a,b])$ then $\left(\phi_n \otimes \phi _m \right)_{n,m}$ is an orthonormal basis for $L^2([a,b]^2)$, where we define the functions $\phi_n \otimes \phi_m (x,y) = \phi_n (x) \cdot \phi _m (y)$.
Is it meaningful, for any two functoins $f\colon X\rightarrow Z$ , $g\colon Y\rightarrow Z$ to defined a function $$ f\otimes g = h\colon X\times Y \rightarrow Z,\quad h(x,y)=f(x)\cdot g(y)$$ given that there is a multiplication operation in $Z$?