A pattern of rapid and sustained growth after a period of linear or stagnant growth, resembling the shape of a hockey stick. Crucial for understanding and planning for rapid expansion phases in digital product lifecycle and business strategy.
Areas of unmet demand in a market where opportunities for growth and development exist. Essential for identifying new business opportunities.
A market space that is unexplored and uncontested, where companies can create new demand and capture significant market share without much competition. Crucial for identifying opportunities for innovation and growth by creating new markets.
Total Addressable Market (TAM) represents the total revenue opportunity available if a product or service achieves 100% market share. Essential for understanding the full potential of a market.
The area within a market where unmet needs or problems present potential for new products or services. Essential for identifying new business opportunities.
Acquisition, Activation, Retention, Referral, and Revenue (AARRR) is a metrics framework for assessing user engagement and business performance. Important for product managers to understand customer lifecycle and optimize business growth.
An area in a market or industry that is currently underserved or unaddressed, presenting opportunities for innovation and new business ventures. Important for identifying gaps in the market that can be filled with new products, services, or solutions.
The process of examining large and varied data sets to uncover hidden patterns, correlations, and insights. Important for making informed business decisions and identifying opportunities for innovation and growth.
Serviceable Obtainable Market (SOM) is the portion of the Serviceable Addressable Market that a company can realistically capture. Essential for setting achievable sales and market share goals.
A visual representation of the stages a sales opportunity goes through, helping to track progress and forecast revenue. Important for managing sales processes and predicting future sales.
The practice of using an established brand name to introduce new products or services. Essential for leveraging brand equity to expand product lines and enter new markets.
A moment of significant change in a process or system, where the direction of growth, performance, or trend shifts markedly. Important for recognizing critical transitions in design or business strategies, enabling timely adjustments and informed decision-making.
Net Promoter Score (NPS) is a metric used to measure customer loyalty and satisfaction based on their likelihood to recommend a product or service to others. Crucial for gauging overall customer sentiment and predicting business growth through customer advocacy.
Serviceable Addressable Market (SAM) is the portion of the Total Addressable Market that a company can target with its products and services. Essential for focusing marketing and sales efforts on reachable segments.
An established company or market leader that holds a significant market share and has a strong presence in the industry. Important for understanding the dynamics between established players and new entrants in a market.
The process of using statistical analysis and modeling to explore and interpret business data to make informed decisions. Essential for improving business performance, identifying opportunities for growth, and driving strategic planning.
Innovation that creates a new market and value network, eventually disrupting and displacing established market-leading products or services. Crucial for understanding how new entrants can challenge established players and transform industries.
The simultaneous pursuit of differentiation and low cost, creating a leap in value for both the company and its customers, often associated with Blue Ocean Strategy. Important for developing strategies that can open up new markets and create significant competitive advantages.
The ability to deliver products or services in the most cost-effective manner without sacrificing quality. Key to reducing costs and improving profitability.
The systematic process of capturing, evaluating, and implementing ideas to drive innovation, reflecting a collective commitment to continuous improvement and product excellence. Essential for harnessing team creativity and maintaining the entrepreneurial spirit that characterizes successful product development.
The potential for a project or solution to be economically sustainable and profitable. Important for ensuring that design and development efforts align with business goals and market demands.
A product or service produced by one company that other companies rebrand to make it appear as if they had made it. Crucial for understanding business strategies that allow for customization and brand differentiation.
World Wide Web Consortium (W3C) is an international community that develops open standards to ensure the long-term growth of the Web. Essential for creating and maintaining protocols and guidelines that enable the Web to function and evolve.
Portfolio Management is the process of overseeing and coordinating an organization's collection of products to achieve strategic objectives. Crucial for balancing resources, maximizing ROI, and aligning products with business goals.
Market Requirements Document (MRD) is a comprehensive document that outlines the market's needs, target audience, and business objectives for a product. It serves as a crucial tool for aligning product development efforts with market demands and business goals, ensuring that the final product meets customer needs and achieves market success.
Key Performance Indicators (KPIs) are quantifiable measures used to evaluate the success of an organization, employee, or project in meeting objectives for performance. Essential for tracking progress, making informed decisions, and aligning efforts with strategic goals across various business functions, including product design and development.
Newly developing patterns or shifts in technology, behavior, or design that have the potential to influence future practices and strategies. Important for staying ahead of the curve and adapting to changes in the industry.
A cognitive bias where individuals overestimate their own abilities, qualities, or performance relative to others. Important for understanding user self-perception and designing systems that account for inflated self-assessments.
Conversion Rate Optimization (CRO) is the systematic process of increasing the percentage of website visitors who take a desired action, such as making a purchase or filling out a form. Crucial for improving user engagement and achieving business goals.
The percentage of customers who stop using a product or service during a specific time period. Essential for understanding customer retention and identifying areas for improvement.
The ability of an organization to adapt quickly to market changes and external forces while maintaining a focus on delivering value. Essential for fostering an adaptable and resilient design and development process.
Business Intelligence (BI) encompasses technologies, applications, and practices for the collection, integration, analysis, and presentation of business information. Crucial for making data-driven decisions and improving business performance.
The practice of comparing performance metrics to industry bests or best practices from other companies. Essential for identifying performance gaps and opportunities for improvement.
Voice of the Customer (VOC) is a process for capturing customers' expectations, preferences, and aversions. Crucial for guiding product development and improving customer satisfaction.
The process of estimating future sales based on historical data, trends, and market analysis. Crucial for setting realistic sales targets and planning resources effectively.
A meeting held at the end of a project or development cycle, also known as a "post-mortem," to review what went well, what didn't, and how processes can be improved in the future. Crucial for continuous improvement and learning from past experiences to enhance future projects.
Product Development is the process of bringing a new product to market or improving an existing one. Crucial for innovation, meeting customer needs, and maintaining a competitive edge.
The competitive advantage gained by the initial significant occupant of a market segment, which can lead to brand recognition and customer loyalty. Important for understanding the benefits and risks of being an early entrant in a new market.
A brand that is supported by a stronger brand, typically a parent brand, which lends its credibility. Essential for leveraging the strength of a parent brand to build trust and recognition for a sub-brand.