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Product features are characteristics of your product that describe its appearance, components, and capabilities. A product feature is a slice of business functionality that has a corresponding benefit or set of benefits for that product's end user.
To offer maximum value, product features must be prioritized effectively. Features should be added based on quantifiable ways that they will add value for the product’s end users. Product features should also be prioritized based on how well they achieve business objectives.
This is easier said than done. With so many stakeholders involved in one product release, it can be challenging to know where you should begin. Efficient features management takes skill even in single product /single target market companies.
Sources: https://www.aha.io/roadmapping/guide/requirements-management/what-are-product-features
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