Q:

WorkFlow for a set of number of components on a single Page

Suppose i have a Product page which has 5 different component attached to this for different section of product page like (header, spotlight,main section,highlight). Each component is made up of different Schema and associated with a CT . Now i want to trigger Product workflow on change of any of these. 
Can i use bundle workflow for this kind of requirement .
Another question :- 
We can again have component links/multimedia links in these 5 Schema's 
On change of those also i want to trigger Product workflow.
What are different approaches i can have in this scenario.
I am using Tridion 2013 SP1 .

A:

Yes, you can definitely use Bundle workflows for this. You can basically add any workflow-able item (Pages, Components) to a bundle, then start a workflow process on it. However, you should think about Bundle workflow differently from the old-school workflow. You state:

On change of those also i want to trigger Product workflow.

Bundle workflow is designed to start "on demand" by a user, not automatically by the system, as was the case before. What I see being done at customers is that Bundle workflows are treated as "publishing workflows" rather than "approval workflows". Basically, editors are not allowed to publish to higher targets (SIT, LIVE), so they'll make all the changes they need in staging (ideally with XPM) and once they're happy they can group all the items into a bundle and start the workflow process. This would then trigger the required approval process before it ends up being published to your live target.

