The MoSCoW method is a popular prioritization technique used in product development to categorize features based on their importance and urgency. It divides features into four categories: must-haves, should-haves, could-haves, and won't-haves. Must-haves are critical for the product to function, while should-haves are important but not essential. Could-haves are nice-to-have initiatives that can be prioritized as time and resources allow. Won't-haves are features that will not be included in the current roadmap but may be considered for future releases. The MoSCoW method is flexible, easy to learn, and works well with agile project management methods. It helps align teams and stakeholders, simplifies project management, and enables successful product development.