Products are built in Manage Products and are the actual products you want to sell - print, framed print, acrylic, standout, canvas, etc. That's why you only create one of a certain size of product. You will get an error if you try to build two of the same product.
Templates are the collection of products on the wall. So to build the collection (we call it a template) you want to offer, go to Manage Templates to build this, and it will be available every time you create a new client album. If it's something you want to steer clients towards with every single client, you'll probably want to make it a Favorite.
A saved suggestion is within one client album. It can be saved in a client's album on their room photo with their images in the products so when you start up an in-person sale or send out an online sales opportunity email, they'll see those saved suggestions first.