I was skimming though Goerss' Topological Modular Forms (after Hopkins, Miller and Lurie) to try to find some motivation for wanting a smash product of spectra and on page 1005-08 they say that if you start from a cohomology theory $h^*$ (represented by a spectrum $K_*$, which means $h^n(X)=[X,K_n]$ for any (pointed) space $X$) together with a product $h^p \otimes h^q \to h^{p+q}$ then `by taking universal examples' you get a map $K_p \wedge K_q \to K_{p+q}$.
I don't really see how the argument follows. If I'm given a map $h^p \times h^q \to h^{p+q}$ I can easily construct $K_p \times K_q \to K_{p+q}$, using the canonical projections (in other words $K_p \times K_q$ is the product in Top).
But, as there are no obvious (at least to me) morphisms $K_p \wedge K_q \to K_p, K_q$ I wouldn't know how to obtain the claimed morphism.
Might it be true that $[-,E\wedge K] = [-,E] \otimes [-,K]$ for (infinite) loopspaces $E$ and $K$?
I think a way to make sense of all this is as follows.
The `correct' way to define a (reduced) cohomology theory with products is in fact by using the smash product (cf the relative version of the kunneth formula [Hatcher, Theorem 3.21]). To be a little bit more precise we require the existence of a morphism $$ h^p(X) \otimes h^q(Y) \to h^{p+q}(X\wedge Y)$$
so if $h^*$ is represented by a spectrum $\{K_n\}$, by considering the cohomology classes corresponding to the identity maps of $K_p$ and $K_q$, this extra structure gives in fact a morphism $$ K_p \wedge K_q \to K_{p+q}$$