After giving my Managed Product an id tag (or whatever it's called), it asks for a Title and Description.
Is this displayed to the user at some point? If so, where?
The user will see the name of the purchase when your app will launch the purchase workflow and popup will appear asking user if they want to make a purchase. You may also choose to show the user title and description of the purchase when you get in-apps from the server but it's up to you. I think user may also get a receipt with the purchase name.