This paper deals with the following problem. Given a finite extension of fields $\mathbb{L}/\mathbb{K}$ and denoting the trace map from $\mathbb{L}$ to $\mathbb{K}$ by $\mathrm{Tr}$, for which elements $z$ in $\mathbb{L}$, and $a$, $b$ in $\mathbb{K}$, is it possible to write $z$ as a product $x\cdot y$, where $x,y\in \mathbb{L}$ with $\mathrm{Tr}(x)=a, \mathrm{Tr}(y)=b$? We solve most of these problems for finite fields, with a complete solution when the degree of the extension is at least $5$. We also have results for arbitrary fields and extensions of degrees $2,3$ or $4$. We then apply our results to the study of PN functions, semifields, irreducible polynomials with prescribed coefficients, and to a problem from finite geometry concerning the existence of certain disjoint linear sets.