Oh, right, so that's what you mean. Since vector product has a strict meaning wondered what you were up to, as does pointwise which is strictly different from what you've done: it literally is used to talk about things happening at one point at a time.
Well you can define a 'multiplication' like that, it is certainly a bilinear map from VxV to V that does a lot of interseting things, it even has a name that I can't recall (when applied to a vector space of matrices), and it makes V into an algebra. But it is however, at the level you're looking at useless: it does nothing geometric, or nice.