Hi,
That means that you have some discrepency in the data of the variants of the product.
If you edit the product in the backend, you can access the list of variants under its "variants" tab.
There, you'll find a listing of the variants with a "default" column. In that column, you can see which variant is the default one. Normally, each product has one default variant.
That message indicates that the variant which is selected as default uses a value of a characteristic which has been removed from the characteristic when you edit it in the menu Products>Charactersitics.
So you need to check the variants of that product, and maybe select a new default variant or resave the default variant.