A strategic framework used to analyze the external macro-environmental factors affecting an organization: Political, Economic, Social, Technological, Environmental, and Legal. Essential for strategic planning and understanding market dynamics.
Strengths, Weaknesses, Opportunities, and Threats (SWOT) is a strategic planning tool that is applied to a business or project. Essential for strategic planning and decision-making.
The assessment of the strengths and weaknesses of current and potential competitors to identify competitive advantages and disadvantages. Essential for strategic planning and positioning within the market.
An analysis comparing the costs and benefits of a decision or project to determine its feasibility and value. Important for making informed business and design decisions.
The overall market environment in which a business operates, including the strengths and weaknesses of competitors. Important for understanding the market context and identifying opportunities and threats.
A mathematical framework used to analyze strategic interactions where the outcomes depend on the actions of multiple decision-makers. Useful for designing systems and processes that involve competitive or cooperative interactions.
Social, Technological, Economic, Environmental, Political, Legal, and Ethical (STEEPLE) is an analysis tool that examines the factors influencing an organization. Crucial for comprehensive strategic planning and risk management in product design.
The study of strategic decision making, incorporating psychological insights into traditional game theory models. Useful for understanding complex user interactions and designing systems that account for strategic behavior.
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.
A method used to create detailed narratives of potential future events to explore and understand possible outcomes and inform decision-making. Essential for strategic planning and anticipating the impact of different decisions or changes.
A research method that involves repeated observations of the same variables over a period of time. Crucial for understanding changes and developments over time.
The systematic computational analysis of data or statistics to understand and improve business performance. Essential for data-driven decision making in design, product management, and marketing.
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.
The error of making decisions based solely on quantitative observations and ignoring all other factors. Important for ensuring a holistic approach to decision-making.
A tool used to prioritize tasks based on their impact and effort, helping to focus on high-value activities. Important for prioritizing tasks effectively to maximize impact with minimal effort.
A principle stating that 80% of effects come from 20% of causes, often used to prioritize tasks and identify key areas of focus. Essential for prioritizing tasks and focusing efforts on the most impactful areas.
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.
A decision-making tool that helps prioritize tasks or projects based on specific criteria, such as impact and effort. Essential for effective project management and resource allocation.
The area within a market where unmet needs or problems present potential for new products or services. Essential for identifying new business opportunities.
A strategic research process that involves evaluating competitors' products, services, and market positions to identify opportunities and threats. Essential for informing product strategy, differentiating offerings, and gaining a competitive advantage in the market.
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 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.
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.
A professional responsible for overseeing the planning and execution of a product launch, ensuring alignment with strategic goals and successful market entry. Essential for managing the complexities of launching a new product and coordinating cross-functional teams.
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 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.
The process of gathering and analyzing information about competitors to inform business strategy and decision-making. Essential for understanding market positioning and developing effective competitive strategies.
The process of estimating future sales based on historical data, trends, and market analysis. Crucial for setting realistic sales targets and planning resources effectively.
The process of making predictions about future trends based on current and historical data. Useful for anticipating user needs and market trends to inform design decisions.
Obstacles that make it difficult for new competitors to enter an industry, such as high capital requirements, strong brand loyalty, or regulatory hurdles. Crucial for assessing the competitive landscape and the feasibility of entering a new market.
A unique capability that sets an organization apart from its competitors, providing a competitive advantage. Important for identifying and leveraging core strengths in strategic planning.
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.
The practice of comparing one's performance, processes, or practices to those of peers or competitors to identify areas for improvement. Important for understanding relative performance and identifying best practices for improvement.
Mutually Exclusive, Collectively Exhaustive (MECE) is a problem-solving framework ensuring that categories are mutually exclusive and collectively exhaustive, avoiding overlaps and gaps. Essential for structured thinking and comprehensive analysis in problem-solving.
A market space that is already crowded with competition, where companies fight for market share, leading to intense rivalry and lower profitability. Important for understanding competitive dynamics and market saturation in strategic planning.
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.
Statistical data relating to a particular population and groups within it. Crucial for market research and understanding target audiences.
The process of predicting future customer demand using historical data and other information. Crucial for optimizing inventory levels, production schedules, and supply chain management.
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.
A holistic approach to analysis that focuses on the way that a system's constituent parts interrelate and how systems work over time and within the context of larger systems. Essential for solving complex problems and designing systems that account for interdependencies and dynamics.
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 thorough examination of a brand's current position in the market and its effectiveness in reaching its goals. Important for assessing brand health and identifying areas for improvement.
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.
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.
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.
An analysis that assesses the practicality and potential success of a proposed project or system. Crucial for determining the viability and planning of new initiatives.
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 systematic evaluation of behaviors within an organization or process to identify areas for improvement and ensure alignment with goals. Crucial for understanding and improving user behaviors and organizational processes.
The interpretation of historical data to identify trends and patterns. Important for understanding past performance and informing future decision-making.
A research approach that starts with a theory or hypothesis and uses data to test it, often moving from general to specific. Essential for validating theories and making informed decisions based on data.
The use of statistical techniques and algorithms to analyze historical data and make predictions about future outcomes. Important for optimizing marketing strategies and anticipating customer needs.
The complete set of experiences that customers go through when interacting with a company, from initial contact to post-purchase. Essential for understanding and optimizing each touchpoint in the customer lifecycle.
A systematic process for determining and addressing needs or gaps between current conditions and desired outcomes. Important for identifying user requirements and guiding the development of digital products that meet those needs.
An experimental design where subjects are paired based on certain characteristics, and then one is assigned to the treatment and the other to the control group. Important for reducing variability and improving the accuracy of experimental results.
Areas of unmet demand in a market where opportunities for growth and development exist. Essential for identifying new business opportunities.
A research method that focuses on collecting and analyzing numerical data to identify patterns, relationships, and trends, often using surveys or experiments. Essential for making data-driven decisions and validating hypotheses with statistical evidence.
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.
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 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.
Quantitative data that provides broad, numerical insights but often lacks the contextual depth that thick data provides. Useful for capturing high-level trends and patterns, but should be complemented with thick data to gain a deeper understanding of user behavior and motivations.