Product requirements are detailed descriptions of what a product should do and the features it must have. They serve as a guide for the development team, ensuring that everyone understands the goals and expectations for the product. These requirements can include functionality, performance, design, and usability aspects that are essential for meeting customer needs. In the product development process, stakeholders such as product managers, developers, and designers collaborate to define these requirements. Clear and concise product requirements help prevent misunderstandings and ensure that the final product aligns with the initial vision, ultimately leading to a successful launch.