I'm not sure if you're looking for a more elementary explanation but the way I understand it, a geometric product is just the algebra multiplication in a (real) Clifford algebra while the tensor product is obtained via the multiplication in the tensor algebra.
There is a relation between these two objects since a Clifford algebra can be obtained as a quotient of the tensor algebra. Concretely, let [itex]V[/itex] be a (real in the case of geometric products) vector space. Then the tensor algebra is defined by
[tex]\mathcal{T}(V) =\sum_{i=0}^\infty \bigotimes {}^i V[/tex]
and to construct the Clifford algebra associated to some quadratic form [itex]q[/itex] on [itex]V[/itex], you take the quotient [itex]\mathcal{Cl}(V,q)=\mathcal{T} /\mathcal{I}_q(V)[/itex]
where [itex]\mathcal{I}_q(V)[/itex] is the ideal generated by the elements [itex]v\otimes v+q(v)1[/itex] where [itex]v\in V[/itex].
So, to get a kind of intuitive picture, the geometric product is obtained in two steps. First you take the tensor multiplication in the tensor algebra, then using the fact that [itex]v\otimes v=-q(v)1[/itex] in the Clifford algebra (the sign is just a convention here, sometimes the positive sign is taken in the definition,) you can get rid of all the squares in the resulting expression using the quadratic form.