features and benefits
Features: what a product does and how it appears to our senses. (sight, sound, taste, smell, and touch)
Benefits: reasons customers chose to buy a product.
EXAMPLE: If your business is located in the beach, the benefit is that more people would buy flip flops than using them somewhere cold.
Opinion of a entrepreneur:
Features is what makes a business unique in order to be at the same level of your competitor. You need to have competitive advantage and your business would grow rapidly.
Benefits would help your business by showing what your business has to offer. You can give discounts to long time customers, give coupons, give out rewards, etc.