Statement 1 : Ionic product is used for any types of electrolytes whereas solubility product is applicable only to sparingly soluble salts.Statement 2 : Ionic product is defined at any stage of the reaction whereas solubility product is only applicable to the saturation stage.

Both ionic product and solubility product represent the product of the concentrations of the ions in the solution. On the other hand, the term solubility product is applied only to a saturated solution in which there exists a dynamic equilibrium between the undissolved salt and the ions present in solution.