Ford mercury cougar with the code p0301 whats dose this mean

A P0301 code means that the the car's computer has detected that one of the engine's cylinders is not firing properly. In this case it's cylinder #1.

Symptoms may include:
the engine may be harder to start
the engine may stumble / stumble, and/or hesitate
other symptoms may also be present

A code P0301 may mean that one or more of the following has happened:
Faulty spark plug or wire
Faulty coil (pack)
Faulty oxygen sensor(s)
Faulty fuel injector
Burned exhaust valve
Faulty catalytic converter(s)
Running out of fuel
Poor compression
Defective computer

Possible Solutions:
If there are no symptoms, the simplest thing to do is to reset the code and see if it comes back.

If there are symptoms such as the engine is stumbling or hesitating, check all wiring and connectors that lead to the cylinders (i.e. spark plugs). Depending on how long the ignition components have been in the car, it may be a good idea to replace them as part of your regular maintenance schedule. I would suggest spark plugs, spark plug wires, distributor cap, and rotor (if applicable). Otherwise, check the coils (a.k.a. coil packs). In some cases, the catalytic converter has gone bad. If you smell rotten eggs in the exhaust, your cat converter needs to be replaced. I've also heard in other cases the problems were faulty fuel injectors.

Hope helps.

P=Powertrain...0=generic code......3=spark..........01=cyl 1, which meens misfire cyl 1