How should product requirements and features be prioritized?

I think it's mostly a matter of knowing what are your goals, and then prioritizing according to what gets you closer to them faster. One thing to keep in mind is that prioritizing and roadmapping is not writting in stone, it's all about leaving room for discovery and adaptation. I'd say all plans change, and those that don't, tend to fail. So if you can, prioritize discovery and a changing product.

Usually my list of priorities is as follows: 1. Things that break the product 2. Things that increase how user friendly it is 3. Things that enhance the product, such as new features 4. Anything that doesn't fit into the above categories. If you've got suggestions for improvement, I'd love to discuss!

Depending on what your goals are. The first step is to put what customers need in your program itself.

I typically prioritize the needs of the customer, using metrics gained from surveying or market research. Sometimes it's hard to determine a need vs a want. I try to abide by the Kano model as well, see here https://www.productboard.com/glo...

Prioritize features that support the company's vision, target market, and revenue generation potential.

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Product requirements and features should be prioritized based on their value to the customer, their potential to drive business growth, and their feasibility within given resources and timelines. It's a balancing act, but with collaboration and clear communication, it's possible to make choices that both serve the end users and support the long-term vision of the product.