Django database objects use the same save() method for creating and changing objects.
obj = Product.objects.get(pk=pk)
obj.name = "some_new_value"
obj.save()
How Django knows to UPDATE vs. INSERT
If the object’s primary key attribute is set to a value that evaluates to True (i.e., a value other than None or the empty string), Django executes an UPDATE. If the object’s primary key attribute is not set or if the UPDATE didn’t update anything, Django executes an INSERT.
Ref.: https://docs.djangoproject.com/en/1.9/ref/models/instances/