Last product is ring that woman accepts (4)
I believe the answer is:
shoe
'last product' is the definition.
(I've seen this before)
'ring that woman accepts' is the wordplay.
'ring' becomes 'o' (letter resembling a ring).
'that woman' becomes 'she' (she refers to a woman).
'accepts' indicates putting letters inside.
'o' put into 'she' is 'SHOE'.
'is' is the link.
(Other definitions for shoe that I've seen before include "From which playing cards are dealt one at a time" , "Covering for foot" , "What's worn" , "Trainer maybe" , "something afoot" .)