Minimum Viable Product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. Essential for validating product ideas quickly and cost-effectively, allowing teams to learn about customer needs without fully developing the product.
A role focused on overseeing the development, launch, and lifecycle of digital products, ensuring they meet market needs and business goals. Essential for integrating digital product strategy and development.
Minimum Marketable Feature (MMF) is the smallest set of functionality that delivers significant value to users and can be marketed effectively. Crucial for prioritizing development efforts and releasing valuable product increments quickly, balancing user needs with business objectives.
A senior role responsible for guiding the product management team and overseeing the development and strategy of products. Crucial for ensuring successful product development and alignment with business goals.
The stages a product goes through from introduction to growth, maturity, and decline, influencing marketing and development strategies. Crucial for planning product development and marketing strategies at each stage of the product's life.
A role responsible for overseeing multiple product managers and ensuring alignment and collaboration across different product lines within an organization. Crucial for coordinating efforts and driving strategic product development.
A group of stakeholders that regularly meet to discuss and guide the development and strategy of a product or product line. Crucial for ensuring diverse input and alignment on product strategy and decisions.
Managing product development with a focus on understanding and influencing user behavior through behavioral science principles. Essential for product managers to create user-centric products that drive desired behaviors.
A business culture that prioritizes product development and innovation as the key drivers of growth and success, often involving cross-functional collaboration. Crucial for fostering innovation and ensuring that product development is aligned with business objectives.
A professional responsible for the strategy, roadmap, and feature definition of a product or product line, ensuring it meets market needs and business goals. Essential for guiding the development and success of products from conception to market.
The ability to intuitively understand what makes a product successful, including market needs, user experience, and competitive landscape. Important for making informed decisions that lead to successful product development.
A pricing strategy where a core product is sold at a low price, but complementary products are sold at higher prices. Useful for designing pricing strategies that maximize revenue from complementary products.
New Product Development (NPD) is the complete process of bringing a new product to market, from idea generation to commercialization. Essential for companies to innovate, stay competitive, and meet evolving customer needs through a structured approach to creating and launching new offerings.
The approach a company takes to manage and market its portfolio of products, ensuring each product supports the overall business strategy. Important for optimizing the range of products offered to maximize market reach and profitability.
A product development methodology that emphasizes shaping work before starting it, fixing time and team size but leaving scope flexible to ensure high-quality outcomes. Crucial for managing product development efficiently and delivering high-quality results within constraints.
The process of phasing out or retiring a product or feature that is no longer viable or needed. Important for managing the lifecycle of digital products and ensuring resources are allocated to more valuable initiatives.
Products manufactured by one company for sale under another company's brand name. Important for retailers to offer exclusive products and build customer loyalty.
The process of overseeing and coordinating the development, testing, and deployment of software releases to ensure they are delivered efficiently and effectively. Essential for managing software development cycles and ensuring successful product releases.
A principle stating that as investment in a single area increases, the rate of return on that investment eventually decreases. Important for understanding and optimizing resource allocation in product design and development.
The process of defining a product's objectives, strategy, and roadmap, ensuring alignment with market needs and business goals. Important for setting a clear direction for product development and ensuring strategic alignment.
A clear and concise statement that defines the purpose and goals of a product, guiding its development and strategic direction. Crucial for aligning product development efforts with organizational vision and goals.
An organization that places the product at the center of its operations, ensuring that all departments align their efforts to support product development and success. Crucial for creating a cohesive and focused approach to product development and business growth.
A professional responsible for defining the strategic direction of a product, ensuring it aligns with market needs and business objectives. Essential for guiding product vision and ensuring long-term success.
A professional responsible for promoting a product and driving its adoption in the market, through strategies like market research, positioning, and communication. Crucial for ensuring that products reach their target audience and achieve commercial success.
A business strategy where the product itself is the primary driver of customer acquisition, retention, and expansion, often through user experience and engagement. Essential for leveraging the product to drive business growth and achieve market success.
A framework for discovering and validating the right market for a product, building the right product features, and validating the business model. Important for ensuring that products meet market needs and customer expectations.
The strategies and tools used to ensure that sales, marketing, and customer service teams have the necessary resources to effectively promote and support a product. Essential for aligning internal teams and ensuring successful product adoption and customer satisfaction.
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.
Product Strategy is a framework that outlines how a product will achieve its business goals and satisfy customer needs. Crucial for guiding product development, prioritizing features, and aligning the team around a clear vision.
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.
A strategic approach where decisions and direction are set by top-level management and flow down through the organization, often aligned with overarching business goals. Crucial for ensuring strategic alignment and coherence across all levels of an organization.
The reduction in sales of a company's existing products due to the introduction of a new product by the same company. Crucial for understanding product strategy and market impacts of new product introductions.
A metaphor for a balanced approach to product development, considering three core aspects: business viability, technical feasibility, and user desirability. Crucial for ensuring comprehensive and balanced product decisions.
Product Advisory Council (PAC) is a group of customers, industry experts, and stakeholders who provide feedback and guidance on a company's product strategy and development. Essential for aligning products with market needs and driving innovation.
A product development approach where teams start with the desired customer experience and work backwards to determine what needs to be built to achieve that outcome. Essential for ensuring that product development is aligned with customer needs and expectations.
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.
The four key elements of marketing: Product, Price, Place, and Promotion, used to develop marketing strategies. Important for creating comprehensive marketing strategies that effectively promote digital products.
A structured framework for product design that stands for Comprehend the situation, Identify the customer, Report customer needs, Cut through prioritization, List solutions, Evaluate trade-offs, and Summarize recommendations. Essential for guiding product managers through a comprehensive design process.
A practice of performing testing activities earlier in the software development lifecycle to identify and address issues sooner. Essential for improving software quality, reducing defects, and accelerating development cycles in digital product design.
Impact, Confidence, and Ease of implementation (ICE) is a prioritization framework used in product management to evaluate features. Essential for making informed and strategic decisions about feature development and prioritization.
The process of determining whether there is a need or demand for a product in the target market, often through testing and feedback. Crucial for ensuring that a product will meet market needs and be successful.
A technique used to prioritize product features based on the potential impact on customer satisfaction and business goals. Essential for aligning product development efforts with user needs and business objectives.
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.
Build-Measure-Learn (BML) is a feedback loop used in Lean Startup methodology where a product is built, its performance is measured, and learnings are used to make improvements. Essential for iterating quickly and efficiently to create products that better meet user needs and market demands.
A brainstorming technique that involves listing all possible attributes of a product or problem to generate new ideas and solutions. Useful for generating creative solutions and improving product features.
A term used to describe an organization focused on continuously shipping new features, often at the expense of quality, user experience, or business value. Crucial for recognizing and addressing the pitfalls of prioritizing quantity over quality in feature development.
The process of making small, continuous improvements to products, services, or processes over time. Important for sustaining growth and maintaining competitiveness through ongoing improvements.
A marketing strategy where two brands collaborate to create a product or service that leverages the strengths of both. Crucial for expanding market reach and enhancing brand value through strategic partnerships.
The strategic objectives that an organization aims to achieve, guiding its operations and decision-making processes. Important for aligning digital product development with the broader mission and objectives of the organization.
A document that provides a high-level overview of a product, including its objectives, target market, key features, and requirements, used to guide development efforts. Essential for ensuring that all stakeholders have a clear and consistent understanding of the product.
A high-level description of the future state of a product, outlining its purpose, target audience, and key differentiators. Essential for providing direction and inspiration for product development efforts.
A strategic plan that outlines the goals, milestones, and steps needed to deliver a product that achieves desired outcomes incrementally, providing a clear path forward. Essential for guiding product development and ensuring alignment with strategic objectives.
A role focused on driving user acquisition, engagement, and retention through data-driven strategies and experiments. Essential for scaling products and optimizing user growth.
The process of combining multiple products or product lines into a single offering to streamline operations and reduce complexity. Useful for optimizing product portfolios and improving operational efficiency.
The process of distinguishing a product from its competitors through unique features, benefits, or branding to attract and retain customers. Crucial for creating a competitive advantage and capturing market share.
The process of bringing a product from development to market, ensuring it meets quality standards and customer needs. Crucial for the successful launch and adoption of a product.
An evaluation process that assesses the effectiveness, efficiency, and alignment of product management practices and strategies with organizational goals. Essential for identifying areas for improvement and ensuring alignment with business objectives.
A marketing strategy that involves releasing a product to a limited audience to evaluate its market performance before a full-scale launch. Important for assessing market response, identifying potential issues, and refining digital products before a wider release.
A distributed version control system for tracking changes in source code during software development. Essential for collaborative development and managing codebase evolution in digital product design.
The ability of a product or service to keep users engaged and returning over time, often measured by metrics such as retention rate. Crucial for evaluating user loyalty and the long-term success of a product.