The MoSCoW method stands for Must-Have, Should-Have, Could-Have, and Won’t-Have features.
Must-Have: These are the features that have to be there for the product to be functional. They’re non-negotiable, if one of these features isn’t present, the product can’t be launched at all.
Should-Have: These features might be important to deliver, but they’re not time-sensitive.
Could-Have: This is a non-essential feature treated as a bonus, it might improve customer satisfaction but it won’t have a huge impact if it’s not featured at all.
Won’t-Have: You might consider these features for future releases but they rank pretty low priority-wise.
The MoSCoW model is pretty dynamic and allows you the room to evolve your priorities, it’s also an easy and intuitive way of showcasing priorities to the team and your users.