Can someone help me understand what I've applied for?

I applied for a summer job at BlackRock Product Strategy in Fixed Income and got an interview. Could someone say in simpler terms than this what it is? What are products exactly?

How badly will I fail this interview if I know nothing about markets (I'm a non-finance related major)? Although I guess it's fair to say that no one actually knows what's going to happen, so I can make up anything as long as it's justified?

Role Description
The position holder will be an internal Product Strategist in the Fixed Income Product Strategy Team. The Team’s responsibilities are product development and servicing of new and existing fixed income products and clients. The role provides an excellent opportunity to begin a career as a fixed income specialist, and gives scope to develop into other specialisations within the Fixed Income Team (such as investment strategy and portfolio management).