Product Ownership refers to the role responsible for defining and prioritizing the features and requirements of a product. This individual acts as a bridge between stakeholders, such as customers and development teams, ensuring that the product aligns with business goals and user needs. The Product Owner manages the product backlog, which is a prioritized list of tasks and features. They continuously refine this backlog based on feedback and changing market conditions, ensuring that the development team focuses on delivering the most valuable features first. This role is crucial in agile methodologies, such as Scrum.