As a product manager I need feature areas so that I can manage and balance a large set of features more easily.
It is difficult to gain overview and manage a large number of features without the concept of feature area. It is not enough to have the current release, strategy assignment and custom fields or other simple attributes on features, because a feature area is a key ingredient in in the product management domain model. It needs its own title, description, views and so on - just like the features themselves. We need an overview of features by area, being able to show which areas get how much attention in each release, and so on.
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Thanks for the suggestion. You can actually create a custom field for predefined tags for your features called "Feature Area" and then tag each feature with the area or areas to which it applies. See the support doc for how to add custom fields.