The difference between products that are made for profit and products made to benefit others is that for-profit products are not necessarily made for consumers wants. For example, a product made for profit would be jewelry, video games, and accessories, objects that people don't need.
Whereas, products that are made to benefit others are made to better the consumers lifestyle, something that will benefit them in long term. A few examples regarding products made for benefit could be blue-light glasses, meal-kit health subscriptions, a toothbrush, and other products that are either a necessity or may help improve our lifestyle.
The pros for developing products that is made for-profit is that it establishes a certain trust with the consumer as they are products that have mainly remained the same. There's not that much innovation behind the scenes, but instead improvements are made to make the product more viable. The cons would be the lack of innovation because such companies would be sticking to the same framework, which could be lackluster. A specific example of this product would be any type of video game, Call of Duty is one in particular.
The pros for developing product that is made for the benefit of others is that there will be many innovations during planning. It allows such companies to compile ideas that enables developers to create a solution. The con I can think of is because new ideas are being brought, not many consumers are so keen to trying products that are unfamiliar. An example for this type of product could be the all-electric car, the Tesla.