Technically, any product form is technically a "factorization", but I/we usually reserve the term for structure-based simplifications, described below.
Factorization
Factorization or decomposition is the process of breaking down a complex object (e.g. a function, matrix, distribution, etc.) into a product of simpler objects (factors) that when combined reproduce the original object.
See also matrix factorization.
Factorization of multivariate distributions
If you have a multivariate distribution with independent underlying distributions, then you can factorize these underlying distributions.
E.g. how much a certain car color is liked and how much a certain car model is liked:
This is a special case of the chain rule of probability.
factorized representations enable compositional generalization