A group can contain multiple instances of an application - in your case you could have two blogs "Products" and "News".
What you do beyond that sort of depends on exactly the level of separation you want. A few thoughts off the top of my head:
* You can have different page layouts for different blogs within a group. (This is not however supported for forums, wikis and galleries)
* You can customise the navigation to show separate links for your news and products blogs.
* When you use a Blog - Post List widget, you can configure it to pull from a specific blog, rather than all blogs in a group / the contextual blog.