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.
Application Lifecycle Management (ALM) is the process of managing an application's development, maintenance, and eventual retirement throughout its lifecycle. Important for ensuring the sustainability and effectiveness of digital products over time.
The degree to which a product satisfies strong market demand, often considered a key indicator of a product's potential for success. Essential for validating the viability of a product in the market and guiding strategic decisions.
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.
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.
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 professional responsible for the creation and development of products, ensuring they meet user needs and are visually appealing and functional. Important for translating user needs and business goals into tangible product solutions.
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 risk that the product will not be financially or strategically sustainable for the business, potentially leading to a lack of support or profitability. Essential for ensuring that the product aligns with business goals and can be maintained and supported long-term.
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.
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.
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.
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 process of addressing surrounding environmental parameters when devising plans, programs, policies, buildings, or products. Important for creating designs that are sustainable and contextually appropriate.
The process of maintaining, updating, and improving a product or system after its initial deployment to ensure its continued functionality, performance, and relevance to users. Crucial for ensuring long-term user satisfaction, product reliability, and adaptation to changing user needs and technological advancements.
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.
Getting Things Done (GTD) is a productivity methodology that emphasizes capturing tasks, organizing them, and taking action. Essential for improving personal and team productivity and task management.
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 model of organizational change management that involves preparing for change (unfreeze), implementing change (change), and solidifying the new state (refreeze). Important for successfully implementing and sustaining changes in product design processes and organizational practices.
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.
The financial performance of a product, measured by its ability to generate revenue and profit relative to its costs and expenses. Important for assessing the financial success of a product and making informed business decisions.
The structural design of a product, defining its components, their relationships, and how they interact to fulfill the product's purpose. Important for ensuring that a product is well-organized, scalable, and maintainable.
The process of creating and developing new products, focusing on form, function, usability, and aesthetics to meet user needs. Crucial for developing products that are both functional and appealing to users.
The practice of designing and implementing processes, systems, or business solutions in a way that ensures their long-term viability, efficiency, and maintainability. Crucial for creating durable and efficient designs that remain practical and effective over time, ensuring the ongoing success and feasibility of digital products and operations.
A role focused on driving user acquisition, engagement, and retention through data-driven strategies and experiments. Essential for scaling products and optimizing user growth.
A professional responsible for overseeing and optimizing a company's portfolio of products, ensuring they align with strategic goals and market demands. Crucial for managing a diverse range of products and maximizing their market impact.
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.
The speed at which users start using a new product, typically measured as a percentage of the target market over a specific period. Essential for evaluating the success of a product launch and planning subsequent strategies.
A cross-functional team that is given the autonomy, resources, and authority to make decisions and take ownership of the product's success, focusing on solving user problems and achieving business outcomes. Important for fostering innovation, accountability, and agility, leading to more effective product development and higher user satisfaction.
The comprehensive process of planning, executing, and overseeing all activities related to the introduction of a new product to the market. Crucial for coordinating efforts to ensure a successful product launch and achieving market impact.
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.
User-Centered Design (UCD) is an iterative design approach that focuses on understanding users' needs, preferences, and limitations throughout the design process. Crucial for creating products that are intuitive, efficient, and satisfying for the intended users.
The degree to which a product's elements are consistent with external standards or other products. Important for ensuring compatibility and user familiarity across different systems.
User Experience (UX) refers to the overall experience of a person using a product, system, or service, encompassing all aspects of the end-user's interaction. Crucial for creating products that are not only functional but also enjoyable, efficient, and satisfying to use.
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.
The process of guiding new users through the initial stages of using a product or service, helping them become familiar with its features and benefits. Essential for enhancing user retention and satisfaction by ensuring a smooth introduction to the product.
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.
A framework for designing habit-forming products that includes four phases: Trigger, Action, Variable Reward, and Investment. Crucial for creating engaging and sticky user experiences.
A brief description of how a product, service, or brand meets the needs of its target audience and stands out from competitors. Crucial for defining the unique value proposition and guiding marketing strategies for digital products.
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 behavior change method that encourages the adoption of small, easy-to-do habits that can lead to larger, sustainable behavior changes. Important for designing systems that support gradual and sustainable behavior change.
A system where outputs are fed back into the process as inputs, allowing for continuous improvement based on user responses. Crucial for iterative development and continuous improvement in design and product management.
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.
The level of awareness or popularity a product or brand has among consumers. Essential for understanding brand perception and guiding marketing and product design strategies to enhance visibility and user adoption.
Proof of Concept (PoC) is a demonstration, usually in the form of a prototype or pilot project, to verify that a concept or theory has practical potential. Crucial for validating ideas, demonstrating feasibility, and securing support for further development in product design and innovation processes.
Fundamental guidelines that inform and shape the design process, ensuring consistency, usability, and effectiveness in product creation. Essential for creating coherent, user-centered designs that align with organizational goals and user needs.
A Japanese term meaning "continuous improvement," focusing on small, incremental changes to enhance processes and products. Crucial for fostering a culture of ongoing improvement and excellence in product design and development.
An ongoing effort to improve products, services, or processes over time through incremental and breakthrough improvements. Crucial for fostering a culture of constant enhancement and adaptation.
Adhering to laws, regulations, and guidelines relevant to business operations and product development. Crucial for ensuring products and practices meet legal and ethical standards.
A unique attribute, feature, or capability of a product, service, or brand that sets it apart from competitors in the market. Essential for identifying and leveraging unique selling points to create a competitive advantage, enhance brand value, and attract and retain customers in the market.
The ability to deliver products or services in the most cost-effective manner without sacrificing quality. Key to reducing costs and improving profitability.
A medium through which a product or service is delivered to a customer, including physical and digital channels. Crucial for understanding how products and services reach end users.
A cognitive bias where individuals evaluate the value of bundled items differently than they would if the items were evaluated separately. Important for understanding user behavior and designing effective product bundles and pricing strategies.
The systematic investigation of competitor activities, products, and strategies to gain insights and inform decision-making. Crucial for staying competitive and improving product and service offerings.
A pricing strategy that offers a middle option with substantial value at a moderate price, often perceived as the best deal by users. Useful for driving sales by presenting a balanced choice that appears more attractive relative to higher and lower-priced options.
Unique Buying Proposition (UBP) is a statement that highlights the unique benefits and value a product or service offers to customers. Crucial for differentiating a product in the market and attracting customers.
Methods and techniques used to overcome mental blocks that hinder creative thinking and problem-solving. Crucial for maintaining productivity and fostering innovation in design.
The perseverance and passion for long-term goals, often seen as a key trait for success. Important for understanding and fostering resilience and persistence in design and product development.
A Japanese word meaning excessive strain on people or processes. Crucial for preventing burnout and maintaining sustainable work practices.