A FAB analysis explores the features, advantages, and benefits of a product or service offering.
Marketing plans need to understand these concepts in order to develop effective marketing programs. People often confuse features and benefits; for example, in an automobile, air bags are a the feature that produce the benefit of greater safety. Advantages fall in between, features become advantages that offer benefits to the end user.
For more on creating a marketing strategy, see How to Develop a Market Analysis for Your Business Plan.