The document discusses three key aspects of product design: value, audience, and design. It notes that for a product to be good, it must (1) promise to help users and have a clear value proposition, (2) effectively reach its intended audience, and (3) function well and have an appealing design that is tested with users. The document also lists some specific factors to consider under each of these three aspects, such as product strategy, target user analysis, structure, functions, and usability testing.