What is Defect priority?

Priority gives a need of urgency to fix or resolve the defect, Example can be if a reputed pen manufactures company while printing the pen model or company name will wrong spellings, then such bugs should be fixed on priority basis.
Defect priority are categorized into following levels
Urgent – this must be fixed immediately e.g. payment gateway pages not displaying, or conformance of order processed not sent via email or sms, or transaction records not printed in account details in banking software.
High – this should be resolved in subsequent releases, e.g. presentation or video does not have company logo or has written content, but does not have voice that narrates above content.
Medium – should be fixed based on the level of severity- eg. Error occurring while user updates his mobile number, while communication has options such as his email and mobile.
Low – May or may not be fixed e.g. spelling or grammar mistake in introductory page of portal, as long as meaning is conveyed to the audience.