Final answer:
The term referring to product requirements and specifications for stakeholder success is 'criteria and constraints', including both measurable standards and necessary conditions.
Step-by-step explanation:
The term that refers to the requirements and specifications that your product must meet in order to be considered successful by your stakeholders is known as criteria and constraints. Criteria are the standards or attributes of a design that can be measured, such as efficiency, cost, and environmental impact. Constraints are the limitations or conditions that must be satisfied by a design, which could include regulatory compliance, budget limits, or specific technological capabilities required for the product. Together, these criteria and constraints form a framework within which the design must operate to be deemed successful by all relevant stakeholders, including customers, businesses, regulatory agencies, and other entities involved in the product's lifecycle.