UX literally focuses on providing an optimal experience for the user.
Product goes beyond that and looks at the overall business goals, positioning, competitive analysis, technical structuring of the product (programmatic SEO), cultural factors etc….
Example: You could have an ideal flow that works best for the user - a multi-step form. You design it in such a way that works well.
But, you didn’t consider that the email field should go first because that’s the only way you can recover a user who left mid-way. This is a business goal and doesn’t necessarily fall under the scope of UX, but is vital to increasing signup conversions.
I like this explanation.
I'm biased coming from UX, but I think the value is in the isolation of focus. If I'm less concerned about the business goals than the product designer would be, I'm more apt to advocate for the user in a team based setting. Product, UX, and engineering trade notes, and even if I'm overridden, at least that perspective was considered.
I've seen UX used more in large companies while UI design/visual design is more visible and requested by all kinds of teams.
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