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.
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 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.
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.
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 combination of software tools, technologies, and services used to develop, manage, and deliver a product. Crucial for understanding the infrastructure that supports product development and management.
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 role focused on driving user acquisition, engagement, and retention through data-driven strategies and experiments. Essential for scaling products and optimizing user growth.
The series of stages a product goes through from initial concept to market release, including planning, design, development, testing, and launch. Essential for understanding the full lifecycle of product creation and bringing products to market efficiently.
A metric that measures how engaged users are with a product, often based on usage frequency, feature adoption, and user feedback. Crucial for assessing user satisfaction and identifying areas for improvement in the product experience.
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.
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.
The study of finding the best solution from a set of feasible solutions. Crucial for improving efficiency and performance in design and development processes.
The process of continuously improving a product's performance, usability, and value through data-driven decisions and iterative enhancements. Crucial for ensuring that a product remains competitive and meets evolving user needs.
Short for Product Operations, a function that supports product management teams by streamlining processes, managing tools, and ensuring efficient operations. Important for optimizing product management activities and improving cross-functional collaboration.
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 systematic evaluation of all features in a product to determine their usage, effectiveness, and alignment with business goals. Essential for optimizing product performance and user satisfaction.
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.
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 strategic promotion, placement, and persuasive presentation of digital products or services within an online platform to maximize sales, engagement, and user satisfaction. Important for optimizing the visibility, appeal, and persuasive impact of digital offerings, enhancing user experience, and driving conversions in online environments.
An environment closer to production where final testing and validation occur. Crucial for ensuring that products are ready for production deployment.
A prioritization framework used in product management to evaluate features based on Reach, Impact, Confidence, and Effort. Crucial for making informed decisions about which product features to prioritize and develop.
A principle stating that productivity increases when the computer and its user interact at a pace that ensures neither has to wait on the other. Important for designing responsive systems that enhance user productivity.
The psychological phenomenon where people prefer options that are not too extreme, but just right. Crucial for designing products and experiences that cater to the majority preference.
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.
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.
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 ability to deliver products or services in the most cost-effective manner without sacrificing quality. Key to reducing costs and improving profitability.
The practice of using data analytics and metrics to make informed decisions, focusing on measurable outcomes and efficiency rather than intuition or traditional methods. Important for optimizing design processes, improving product performance, and making data-driven decisions that enhance user experience and business success.
A Japanese word meaning any activity in a process that consumes resources without adding value. Crucial for identifying and eliminating inefficiencies to optimize workflows and resources.
The ability of a system, product, or process to handle increased loads or expand without compromising performance or efficiency. Essential for ensuring that products and systems can grow and adapt to increasing demands.
Features or elements added to enhance the functionality or user experience of a system. Crucial for improving user engagement and satisfaction by adding valuable enhancements.
A concept describing how motivation fluctuates over time, influenced by various factors such as goals, rewards, and external circumstances. Crucial for designing systems that align with users' motivational states to maximize engagement and productivity.
A statistical technique that uses random sampling and statistical modeling to estimate mathematical functions and simulate systems. Useful for risk assessment, decision-making, and performance optimization in digital product design.
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.
The process of designing and refining prompts to elicit accurate and relevant responses from AI models. Crucial for optimizing the performance of AI applications.
Business Process Management Software (BPMS) refers to tools and systems that help organizations design, model, execute, monitor, and optimize their business processes. Essential for improving operational efficiency and ensuring that digital products support effective business processes.
The use of software to automate repetitive marketing tasks and workflows, improving efficiency and effectiveness. Essential for streamlining marketing processes and increasing productivity.
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.
Quantitative measures used to track and assess the performance and success of a product, such as usage rates, customer satisfaction, and revenue. Essential for making data-driven decisions to improve product performance and achieve business goals.
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 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.
A framework that outlines how a product is developed, managed, and delivered, including roles, processes, and tools used throughout its lifecycle. Crucial for ensuring efficient and effective product management and development.
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.
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.
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.
Products are individual items or services designed to meet specific customer needs, while programs are collections of related projects and products managed together to achieve broader strategic goals. Essential for understanding the different scopes and objectives involved, helping to manage and align efforts effectively within an organization.
The setting where software and systems are actually put into operation for their intended use. Essential for ensuring that products are fully functional and meet user requirements in a real-world setting.
A cognitive bias that causes people to believe they are less likely to experience negative events and more likely to experience positive events than others. Crucial for understanding user risk perception and designing systems that account for unrealistic optimism.
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.
Moment of Truth (MoT) refers to any instance where a customer interacts with a brand, product, or service in a way that leaves a significant impression. Crucial for identifying key touchpoints in the customer journey and optimizing them to enhance overall user experience and brand perception.
A strategy or plan that outlines how a company will launch a product to market, including target audience, marketing tactics, and sales strategy. Essential for successfully launching products and capturing market share.
The practice of measuring and analyzing data about digital product adoption, usage, and performance to inform business decisions. Crucial for making data-driven decisions that improve product performance and user satisfaction.
The study of how people interact with their environment and products, aiming to improve comfort, efficiency, and safety. Crucial for designing user-friendly and safe products and workspaces.
The percentage of users who continue to use a product or service over a specified period, indicating user loyalty and engagement. Essential for assessing the effectiveness of user retention strategies and improving user experience.
A cognitive bias where people prefer a smaller set of higher-quality options over a larger set with lower overall quality. Useful for designing product offerings and experiences that emphasize quality over quantity for users.
A methodology that focuses on minimizing waste and maximizing value in business processes. Essential for improving efficiency, productivity, and customer satisfaction by eliminating non-value-adding activities.
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 practice of performing testing activities in the production environment to monitor and validate the behavior and performance of software in real-world conditions. Crucial for ensuring the stability, reliability, and user satisfaction of digital products in a live environment.