The product vision represents the goal of a product and the project that drives it. It explains why the project is being undertaken and what the desired end state is. It is meant to evolve, with the inspect and adapt focus of Agile driving this. It isn’t a wish list of product features, instead it gives a collective vision but with enough flexibility to support creativity within a team whilst combating individual visions.
The vision should touch upon the following areas:
Who is going to use the product? Who is the target customer?
What needs will the product address? What value does it add?
What product attributes are critical for meeting these needs and driving the success of the product? What will the product roughly look like and do? In which areas is the product going to excel? This can include non functional features if appropriate. Either way, go for 4 to 6 attributes, less is more!
How does the product compare against existing products? What is its USP in comparison?
What is the business model? How is it meeting the business requirements to fulfil the business objectives? How will the product make money? What are the sources of revenue?
Is the product feasible? Can the company develop and sell the product? Does the company have the technologies, budget and talen to make it possible?
The specific questions depends on the type of product you are building, however the questions listed should give you enough to know where to look. Inputs such as market and user research should feed into the product visioning process, especially for big projects.