When a snippet is included in a template file, it will have access to the variables within its parent template. As long as the snippet references the relevant variables, e.g. product when included in the product.liquid template, things will work as expected.

If you apply this page template on multiple pages - The same image and settings will be applied. If you change it on one page, it will change all of them.

However what if we would like to make use of a snippet, but reference data that is neither a global or template variable? In order to achieve this, we simply use the Liquid tag {% assign %}.