Glossary
Check out our glossary of common product management terms and definitions.
A Product North Star
An organizational product north star (PNS), also known as a north star metric, is essentially a standard for evaluating the product team inside the business. It is, without a doubt, a broad-brush approach. Still, it provides critical stakeholders with a quick and straightforward means of assessing and monitoring a product’s success and alignment with company […]
Affinity Diagram
An affinity diagram (ad) is a method for organizing vast amounts of information or data. Affinity diagrams are used to group information or data based on their commonalities, or affinities, with one another. In other words, an affinity diagram is a graphic tool that allows teams to formulate ideas in light of their natural relationships. […]
Agile
Agile is a term that refers to a method of working that is iterative, as defined in The Agile Manifesto. In its most basic form, the agile methodology is an alternative to traditional, sequential, or “waterfall” working modes. Whereas in the past, companies structured projects in a continuous, linear manner, the agile methodology focuses on […]
What are Agile Values?
Agile values are the four suggested ways of working, as defined in the Agile Manifesto. Even though the Agile Alliance published its manifesto in 2001, agile values remain relevant for development teams today. Indeed, as the agile approach continues to gain traction — being utilized by teams and departments across a wide range of businesses […]
Business Intelligence
Business intelligence (BI) is a technology-driven process for evaluating data and delivering actionable information to leaders, managers, and employees to help them make better business decisions. Organizations collect data from internal and external IT systems, prepare it for analysis, run queries against it, and create data visualizations and reports. These reports then make the analytics […]
What is Behavioral Product Management
Behavioral product management (BPM) Is Product management that incorporates the science of psychology and how it is applied to human beings. Behavioral product management is utilized in the design of products to improve the user experience. One of the basic assumptions of behavioral product management is that Human beings are irrational animals. Business […]
What is a Back End
Back-end web development, also called server-side development, concerns creating code to govern the infrastructure supporting websites and web-based applications, i.e., the behind-the-scenes code running on servers upon which functional websites and web apps are hosted. A server is a specialized computer system that features extensive and scalable storage, memory, and processing capability. In contrast to […]
What is a Backlog?
Backlogs are lists of more minor activities that must be accomplished within a project or sprint, referred to as a “to-do” list in software development. User stories, issue fixes, and product updates are all standard components of this process. Notably, a backlog is structured in priority order, ensuring that teams are always aware of what […]
What is a Benchmark?
Benchmarking is a competitive strategy that enables organizations to adapt and grow by comparing current performance to predefined parameters. It is the process of evaluating key business metrics and practices while comparing them to competitors, industry peers, or other businesses worldwide that employ best practices. Benchmarking is useful for companies across all industries. Benchmarking enables […]
What Is a Beta Test
A beta test is when a piece of software or an application is made available to the public in a limited capacity so that users can try it out. Through this process, the product is put through its paces in a real-world context, allowing any faults with the product to be found before it is […]
What Is A Bill Of Materials
A bill of materials (BOM) lists all the parts, pieces, assemblies, subassemblies, intermediate assemblies, paperwork, drawings, and other materials to make a product. The BOM, given in a hierarchical style, can be viewed as the recipe for creating a final product. The bill of materials and accompanying records list the items needed to source and […]
What is a Brand Extension Strategy
A brand extension strategy entails using an established brand name in a new product/service category. Note that a new product/service category need not be related to existing products or services that the brand’s owner offers. For example, Wipro was a brand initially associated with computers before it extended into the cleaning product category. Now, most […]
What Is a Break-even Point?
The Break-even point is defined as the moment when a business has become profitable. A breakeven point is reached when total costs and revenues for a confident enterprise are equal in business. When an organization reaches the breakeven threshold, it recoups its costs but has not yet generated profit. The word is frequently used in […]
What Is a Burndown Chart
By graphing user stories against time, burndown charts graphically demonstrate how quickly a team progresses in a project. Since it’s designed with the end-user in mind, the chart is only updated once a user narrative has been completed successfully. A burndown chart can track a team’s velocity and attempt to predict their performance. Burndown charts […]
What Is a Business Agility
Business agility (BA) is defined as the capacity to compete and thrive in the digital era by responding swiftly to market changes and emerging possibilities with innovative, digitally connected business solutions. Everyone involved in delivering solutions, including business and technology leaders, development, IT operations, legal, marketing, finance, support, compliance, security, and others, must use Lean […]
What is a Business Model Canvas
A business model canvas is a concise summary report that outlines the strategic elements of bringing a service or product to market. The contents of the canvas can vary based on the nature of the business and the market, but there are crucial elements that are universally recognized. Because the canvas is purposely brief or […]
What is a Business Plan?
Definition of a Business Plan A business plan is a strategic document that outlines the strategic objectives of a developing business or startup and the steps the company intends to take to attain those objectives. In other words, a business plan is a written statement of a business idea that describes your company model, […]
What Is a Business Transformation?
Business transformation is a term that refers to the implementing process of strategic growth or change plans throughout a company. These modifications are usually significant and do not consist of minor tweaks to the existing method or procedure. Business transformation is generally divided into two main categories: External Change — for example, developments in the […]
What is a Buyer Persona?
A buyer persona is created by businesses to define their ideal customer. It’s a detailed description of a potential buyer based on deep research. A buyer persona is quite different from a user persona. While both are essential to any marketing strategy, the buyer persona is often tailored towards the individuals who purchase the product […]
What Is Backlog Grooming?
Backlog grooming is a term that refers to the process of refining unique user stories or backlog items. In backlog grooming, teams divide important things into smaller tasks and prioritize those that need to be addressed first in the order in which they were received. Together, this contributes to developing the objectives for the upcoming […]
What is Behavioral Product Management?
Behavioral product management (BPM) Is Product management that incorporates the science of psychology and how it is applied to human beings. Behavioral product management is utilized in the design of products to improve the user experience. One of the basic assumptions of behavioral product management is that Human beings are irrational animals. Business process management […]
What is Brand Equity?
Definition of Brand Equity For a business, one of its most valuable assets is its reputation and goodwill associated with its brand. It’s important to remember that brand equity isn’t only about the product or service. A company’s brand awareness and how customers perceive its operations are the primary factors that contribute to this value. […]
What is Brand Recognition?
Brand recognition, also known as brand awareness, refers to how well your clients are familiar with your brand and whether or not they recognize it when they see it. It includes, among other things, your logo, brand colors, company name, and tagline, among other elements. The Importance of Brand Recognition Of course, how well a […]
What is Bubble Sort?
Bubble sort is a sorting algorithm used in computer programming to help sort a set of numbers in a sequence. It may also help with sorting products and project files for the project or product manager. A fundamental sorting method sorts the numbers in an ascending or descending order. The algorithm works in the following […]
What is Bucket Sort?
A bucket sort refers to a comparison-based code-centric data sorting approach that utilizes a bucket array to organize numerical values contained in a list into a value-defined order. In simpler terms, this comparison-based computer sorting algorithm uses a series of code-defined value containers (buckets) to arrange a list of random data values into an ascending/descending […]
What is Business To Business?
Business-to-Business (B2B) refers to traction or a business performance between one company to another. Business-to-Business will commonly occur in the supply chain, in which a business will buy materials or services from another company to reach business goals. B2B transactions occur between two businesses instead of those between a company and an individual consumer (B2C). […]
What is Business-to-Consumer (B2C)?
Definition of a Business to Consumer Model The term business-to-consumer (B2C) is used to describe the type of transaction when a company conducts business with a customer. B2C trading is just one of four different types of trade to explore. Business-to-business (B2B), customer-to-business (C2B), and customer-to-customer (C2C) transactions are the other three categories of […]
What is Buy a Feature?
Buy a feature (BAF) is one of many prioritizing strategies. It assists businesses in determining which aspects customers and key stakeholders value the most. Buy-a-Feature allows product managers to involve stakeholders and customers in helping to create their products and prioritize features based on their projected value return. Buy a feature is played in the […]
Channels of Distribution
Channels of distribution (also known as “distribution channels”) are businesses or intermediary channels through which a product or service travels before reaching the final customer or client. Wholesalers, distributors, retailers, and internet stores are some of the most common distribution channels today. Distribution channels Distribution channels can be divided into four categories: Manufacturing, wholesale distribution, […]
What Is a Cash Flow Budget?
A cash flow budget, also referred to as cash flow forecast is a tool used to forecast a business’s future financial stature. A cash flow budget shows an overview of the inflow and outflow of funds over a specified period. A cash flow budget helps businesses estimate if there is enough liquidity to sustain business […]
What is a Chief Product Officer
A chief product officer, often abbreviated as CPO, refers to a senior-level corporate executive overseeing all product/service-centric activities in a business organization, i.e., from product/service design, manufacturing/creation, development, deployment, marketing, and customer care/tech support. A chief product officer is the overall head of multi-departmental product/service improvement teams. Significance of Chief Product Officer Job Roles The […]
What is a Competitive Advantage?
Definition of a Competitive Advantage A company’s competitive advantage persuades customers to choose it over competitors. For example, a company can get a larger market share by recognizing and publicizing its competitive advantages. Customer service professionals who are well-trained and knowledgeable about the product can be a source of competitive advantage and a superior […]
What is a Competitive Landscape
Competitive landscape refers to the other options available to your client. It is the position that you or your company and associated products and services occupy in the market compared to your competitors. This position also determines a company’s strategy in the market and how it makes its decisions. Example of a Competitive Advantage Competitive […]
What is a Concept Review
A Concept Review is a process designed to address the appropriateness of various product proposals to determine which one is the best to invest time and resources. The Concept Review process provides a forum for more specific development issues and potential concerns to be raised before implementing the concept. The Ideal Concept Review Every product […]
What Is a Continuous Delivery?
Continuous delivery (CD) is described as the capacity to offer product updates to clients as quickly and frequently as feasible. Continuous delivery is also known as “continuous integration.” Whether these updates consist of minor bug patches, enhanced functionality, or a completely redesigned interface, Continuous delivery describes the overarching process and protocols that you must follow […]
What Is a Conversion Rate?
The conversion rate refers to the percentage of visitors who complete a given action on the website. According to standard definitions, a conversion occurs when someone visits your website and makes a purchase. The transformation is considered successful as long as the user completes the intended activity. The Formula Of The Conversion Rate Conversion is […]
What is a CPO in Business
CPO is an acronym for Chief Product Officer and is the corporate title given to the person in charge of all product-focused activities and initiatives. As a senior company executive, the CPO leads a multi-department product management team tasked with realizing high-value products for the company and its customers, i.e., products with a high ROI […]
What is a Creative Brief?
A creative brief is a document that sets the stage for the entire production process. Upon completion, it is distributed to key stakeholders and utilized as the source of truth for developing creative assets, including the project’s goals, requirements, critical messaging, target audience demographics, timeframes, and other information. The Importance of a Creative Brief The […]
What Is a Cross-Functional Team?
Cross-functional teams in an organization comprise the members across all the departments, including finance, production, sales, marketing, and quality assurance. They all work in tandem to achieve a common goal for the organization. All of them perform specific projects which aim towards one primary purpose. Every organization has various departments that, when they cooperate, can […]
What Is a Customer Advisory Board?
A customer advisory board, or CAB, is a group of people that help firms with market and consumer research. A customer advisory board is a group of consumers that meet regularly to discuss their opinions and suggestions with a company. A customer advisory board’s members are often high-level executives at their companies who can contribute […]
What Is a Customer Empathy?
Customer Empathy is the capacity to perceive things through the eyes of the consumer. Empathy in customer service refers to the ability to put yourself in the client’s shoes and comprehend their concerns. A company can understand what customers feel when they utilize its products or services. Whether a client’s experience is positive, negative, or […]
What Is a Customer Feedback Loop?
A customer feedback loop (CFL) is a procedure that product teams can develop to allow active consumers to provide feedback on their product experience – both positive and negative – to improve the product. As a result, the product team may use the user feedback to improve the product and then inform the user that […]
What Is a Customer Feedback Management?
Customer Feedback Management (CFM) is the business process of gathering customer feedback to improve product development efforts. In the following article, we will review (among other things) The essential tools and software for doing Customer Feedback Management. The Importance of Customer Feedback Management Simply Put – It’s the nuts and bolts of soliciting, gathering, analyzing, […]
What Is a Customer Journey Map?
Definition of a Customer Journey Map The customer journey map is a term that refers to the complete customer journey; it includes a graphical representation of every step an existing or prospective client takes with your product, service, or brand. It consists of the initial exposure and investigation of the purchase, use, loyalty, and […]
What Is Acceptance Criteria?
Acceptance criteria are sometimes referred to as the “definition of done” since they specify the scope and requirements that developers must complete before the user narrative can be considered complete. Who writes the acceptance criteria? The product owner or manager is usually in charge of writing acceptance criteria or at the very least encouraging the […]
What Is CAD and CAE?
CAD and CAE are categories of software used for product design and modeling. Computer-Aided Design (CAD) is a software that allows engineers and designers to create 3D models of their projects on the computer. Previously, designers had to draw designs manually on sheets of paper with complex calculations involved. This limitation made it incredibly hard […]
What is Cannibalization?
Cannibalization is the loss of sales revenue, market share, and sales volumes of a company’s product when it introduces another line of products into the market. Due to the fear of cannibalization, companies may avoid releasing new products. Market cannibalization, also referred to as corporate cannibalism, occurs when a company aiming to attract new and […]
What Is Captive Product Pricing?
Captive Product Pricing (CPP) is a pricing strategy used for products that have a core product and require accessory/captive products to function. It takes advantage of the main product, which is essential, to attract more customers. So the core product is priced more inexpensively on the one hand. On the other hand, the accessory products […]
What is Change Management?
Change management helps product managers implement updates by managing people, processes, and technology involved in product change. Change management (CM) is a methodological strategy to cope with the transition or transformation of an organization’s goals, procedures, or technology. It aims to put in place techniques for bringing about change, controlling it, and assisting people in […]
What is Co-branding?
Co-branding (CB) is a type of cooperation in which two firms or brands collaborate on a single project, one product, or one piece of software being recognized by uniting their respective brand names, logos, etc. Co-branding is the presentation of a single offer that is sold using the combined resources and marketing force of two […]
What is Competitive Analysis?
Definition of Competitive Analysis Competitive analysis is a process that involves researching competitors in your industry to gain insights into the benefits and standard operating procedures in the industry space. Competitive analysis, the name itself, implies the process of examining your competitors to improve your organization. The information synthesized from a competitive analysis can […]
What Is Continuous Deployment?
Continuous deployment is an automated system that facilitates the process of software release from the coding stage till it becomes ready for use. It’s an enhanced method of testing the correctness of a codebase and software stability. Continuous deployment is a modern approach to the software release process. The traditional cycle of software development and […]
What Is Continuous Improvement?
Definition Of Continuous Improvement Continuous improvement is the continual attempt to enhance products or processes — and, as such, it is founded and sustained by an organizational ethos that strives for optimal results in all you do. The notion of continuous improvement is derived from Lean Manufacturing and is known by the Japanese name ‘Kaizen,’ […]
What Is Continuous Integration?
Continuous Integration (CI) is a DevOps software development practice where the developers automate code integration to a shared repository very frequently. It is the process of automating the integration of code changes from various sources. CI also refers to the software release process’s building or integration phase. It entails both the automation component, such as […]
What is Customer Acquisition Cost?
Customer Acquisition Cost, abbreviated as CAC, refers to the overall time-defined cost of acquiring a single new customer, i.e., the customer-centered cost a business incurs during post-launch product/service sales/marketing as calculated periodically. It can be calculated monthly, quarterly, semi-annually, yearly, etc. Obtaining product/service-specific CAC entails dividing total sales/marketing-related costs by the number of new customers […]
What Is Customer Feedback?
A product, service, or brand’s customer feedback is the collection of criticisms received from its users and consumers about the product, service, or brand. This critique can be either excellent or negative, and both are beneficial to a company’s operations. It is also possible to obtain customer feedback through various methods, including active and passive […]
What is Customer Success?
Customer success is a business strategy centered on building relationships with customers. Simply Put – It is at this point that consumer satisfaction is measured. It’s no secret that your company’s success depends on great sales and marketing. However, in a world where clients have many choices, sales and marketing alone aren’t enough to keep […]
Definition of Feature Flags
A feature flag refers to a coding function that allows developers to deactivate/activate portions of active code instantly. For example, android smartphone users can start (enable) hidden advanced settings by simply tapping their device’s build number seven times. However, there is one significant difference; Feature flags allow developers to activate/deactivate hidden features via the internet, […]
What Is a Data Product Manager
A data Product Manager is an organization’s data authority that selects and manages a product’s data management software and has a profound grasp of machine learning techniques, AI, and all things technological. A data product manager is identical to other product managers, except for one significant difference: they place data at the center of everything. […]
What Is a Design Concept?
A design concept is a collection of sketches, photographs, and a written statement that explains the primary idea behind a product’s design. This keeps designers and developers on track throughout the creative process, ensuring that they provide a valuable product to the intended audience. When it comes to product design, a design concept is a […]
What Is A Differentiated Product?
Definition Of A Differentiated Product A differentiated product has many qualities to similar products but has a distinguishing feature or point of uniqueness. Automobiles are perhaps the most well-known examples of a product that stands out from the crowd. Personal automobiles are primarily the same at their core: ● They’re designed to help people […]
What is a Director of Product?
A Director of Product is in charge of supervising, leading, and managing product teams throughout the product development process, from concept to launch. The person holding the position has visibility into all stages of product development, from design to user experience, through Agile product delivery, to marketing and beyond. The Role of the Product Development […]
What is a Dynamic Systems Development Method?
Dynamic System Development Technique (DSDM) is an Agile method that focuses on the complete project lifecycle. It was founded in 1994 as project managers utilizing RAD (Rapid Application Development) sought additional governance and discipline to this new iterative working style. Like the rest of the agile family of methodologies, the dynamic systems development method is […]
What Is Adaptive Software Development?
Adaptive Software Development (ASD) is a direct descendant of Rapid Application Development (RAD)and earlier agile methodology. It aims to help teams adapt fast and efficiently to changing requirements or market needs by allowing them to evolve their products with minimal planning and continual learning. The adaptive Software Development method encourages teams to grow in three […]
What is DEEP Product Backlog?
DEEP is an acronym that defines the essential aspects of an ideal product backlog, i.e., the array of desirable attributes and features that a product lacks at the time of its launch. In this regard, the various product deficiencies outlined in a DEEP product backlog are: Detailed appropriately (D) Information about each product deficit should […]
What is Dependency?
A dependency outlines the relationship between actions and specifies the specific order they must be carried out to be successful. Dependencies exist in every decision-making, planning, and development process, and in an ideal world, they are predetermined in advance of time. Tasks can be successors and predecessors to other tasks, allowing the time of each […]
What is Design Ops?
Design operations are seen as an umbrella word that encompasses increasing design teams, recruiting employees with the necessary talents, developing effective workflows to achieve outcomes, and improving the overall impact and quality of the design team’s work. One typical effect of expanding teams and increasingly complicated product suites in product companies is that development […]
What Is Design Thinking?
Design Thinking is an approach to product design, creativity, and problem-solving oriented toward human beings and users’ needs. You may adequately understand a user’s wants, needs (including pain areas), and possible gains starting with empathy. As a result, the design process progresses in stages, with prototype testing and user research being used to continuously learn […]
What Is DevOps and how does it work?
Developer-assisted operations (DevOps) is a product development technique that can combine a product’s development phase with its release phase. Tradition dictates that the product be passed from one development team to another, often an IT-oriented group, which would then be in charge of its release after being coded and constructed. A typical corporate environment would […]
What Is Digital Transformation?
Definition of Digital Transformation Digital transformation is a term that refers to replacing old business processes with digital technologies to improve, progress, or streamline working methods. It can be defined as follows: digital transformation is the process of restructuring a company to operate in the digital age. The Purpose of Digital Transformation Since the […]
What Is Disciplined Agile?
Disciplined Agile is a process-decision toolbox designed to assist teams in streamlining their internal processes, achieving business agility, and increasing their chances of achieving financial success. The disciplined agile manifesto is followed by the disciplined agile principles, which are a subset of those principles. Overall, you can use seventeen concepts in a team’s operating procedures […]
What is Disruptive Innovation?
Disruptive innovation means a product or service is introduced to the industry by the product manager, and it operates better than the existing technology or system, transforming the industry. Developed by Clayton Christensen and his collaborators in 1995, this concept impacts business plans and embodies a new technology or invention that replaces a popular technology. […]
What Is Distinctive Competence?
Definition Of Distinctive Competence “Distinctive competence” refers to a superior attribute, strength, or quality that distinguishes a business from its competitors. This differentiating characteristic could be nearly anything—an invention, talent, design concept, technology, brand awareness, marketing, or even being first to market. The distinctive ability enables it to provide additional value to customers. Competitors […]
What is Divergent Thinking?
Divergent thinking, also known as linear thinking, is the skill or process of developing ideas or solutions to a problem through thinking. One can learn the craft, hone it, and perfect it as time progresses. It is a creative thinking process that helps one or a teams develop several ideas for a problem. In many […]
What is Documentation?
Documentation applies to products and processes. In terms of product, documentation is the guideline and details about a product under development — and it encompasses execution information. Documentation elements such as specification, technical data, and a manual are constant elements in product management. Process documentation refers to the stages and materials generated in the developmental […]
What Is Dual Track Agile?
Definition of Dual Track Agile Dual-track agile is a term that refers to an agile development method. Dual-track agile aims to verify new concepts as quickly and cost-effectively while maintaining high-quality standards. Product development should be iterative and cyclical rather than linear, but you should include the interim phases within an agile team’s work. […]
Epic
Epic is a term used in agile product management and refers to a method for prioritizing missions in the product-making process. An epic is an extensive collection of tasks separated into parts called user stories. A company will share an epic amongst a few different items and even products. Each employee must form stories from […]
Extreme Programming
Extreme Programming refers to an agile development framework employed by software development teams. Extreme programming is one of the most detailed agile development frameworks available, and it comes with a set of engineering principles that are easy to follow. It emphasizes the development of high-quality software that satisfies customer expectations while also increasing the overall […]
What are Economies of Scale
Economies of scale are the cost advantages a company enjoys from its operations levels. The costs are mainly measured through the output level. Economies of scale are the low prices incurred by a company when it produces products or offers services on a large scale. During production, there are two costs involved; variable and fixed. […]
What is End-to-End?
End-to-end describes every step of product development from beginning to end. It also refers to when production is complete, and a team delivers a fully functional product for launch, usually without the help of a third party. Product management teams can see a project through from conception to completion while supplying all the necessities, i.e., […]
What Is Enterprise Architecture Roadmap?
Enterprise architecture planning (EAP) is the process that defines the vision for enterprise architecture. The enterprise architecture planning roadmap is intended to help achieve that vision. The Importance of using Enterprise architecture planning A roadmap is valuable for enterprise architects, CIOs, and other IT professionals because it can establish a direct relationship between IT strategy […]
What Is Enterprise Feedback Management?
Definition Of Enterprise Feedback Management Enterprise Feedback Management (EFM) refers to collecting, analyzing, and using customer feedback to enhance your products and services. Firms typically obtain this feedback via software. The actual problem is in meeting your clients’ expectations continuously. Enterprise feedback management entails gathering both quantitative and qualitative data to assess customer needs […]
What is Evaluating Ideas And Opportunities?
Evaluating ideas and opportunities in assessing and determining if what seems to be a good business idea is a real commercial opportunity. The process is excellent in keeping your focus on essential inventions and challenging your ability to turn raw ideas into opportunities. Idea vs. Opportunity Idea and opportunity are different terms. An idea is […]
Feature Advantage and Benefits Analysis
What Is a Feature, Advantage, and Benefits (FAB) Analysis? At first glance, these three terms might seem so similar that you could use any of them to describe functionality that will make your products valuable to users. But the feature, advantage, and benefits (FAB) analysis is a useful exercise precisely because these three concepts convey […]
What Are Features (Product Features)
Product features are the product’s primary attributes or unique traits that enable the users to differentiate the products in the crowded market. The features of a product aim to deliver value to the users. A feature can be capabilities, visual attributes, or functionalities in software. An example of a feature is the battery life of […]
What is a Feature Audit?
A feature audit entails a comprehensive assessment of product/service features to optimize existing consumer-defined value propositions. In this context, conducting a feature-focused end-user evaluation helps to answer two improvement-fostering queries, which are: Which specific product/service feature has the most significant number of end-users, i.e., single or multiple product/service features with considerable end-user preference What is […]
What Is a Feature Bloat?
Feature bloat is a term used to denote what happens when a product has too many features and functionalities. Typically, this term refers to products that have been overburdened with “bells and whistles” features and are no longer capable of performing their primary job due to these extra features. This can detract from the product’s […]
What is a Feature Factory?
Feature Factory is a derogatory term in product management referring to a corporation that generates many features without putting quality first. Feature factory refers to firms that constantly produce new features for their software or product. The term is often used negatively to characterize businesses that place a higher emphasis on quantity than quality. It […]
What is a Feature Kickoff?
A feature kickoff is a meeting in which a product manager and other essential stakeholders outline plans, goals, and responsibilities for the team’s new feature development. The product feature kickoff is the event that marks the company’s formal start date for the feature’s development for most businesses. What Should Be Included In Feature Kickoff A […]
What is a Feature Request?
Feature requests are versions of product requirements you may often find as a SaaS product manager. Usually, feature requests will be suggestions from your audience (or maybe from within your company) about making your project more beneficial for them. UI modification and improvements are a common form of a feature request. Others are requests for […]
What Is A Feature Roadmap?
A feature-Less roadmap (FLR) serves as a strategic blueprint. Solution managers can use feature-less roadmaps to develop a product that answers customer problems while also supporting the company’s larger aims. In contrast to a feature-rich roadmap, which visualizes plans for a product’s creation or development, a feature-less roadmap does not include any nitty-gritty information about […]
What Is a feature-driven development?
Feature-driven development (FDD) is an iterative agile software development paradigm. In this case, Feature-driven development arranges workflow following which features need to be created next. The Importance of feature-driven development Because it guides software development teams through five essential stages of development, Feature-driven development has the potential to save development time and create space for […]
What is a Front End?
Front-end web development, also known as client-side development, revolves around creating optimized website/web-based apps user interfaces, i.e., a visually compelling, optimally-functional, and user-centric visual/graphic interface. In this context, front-end web development is integral to realizing successful e-commerce sites, SaaS (Software as a Service), web-based applications, topic-centered blogs, media-centric social media platforms, discussion-question/answer online forums, etc. […]
What Is a Fundamentally New Product?
A fundamentally new product is unlike any other product in the market during production. It is not just an improvement on an existing product but is unique at a core level, providing functionality and results that have not been seen before. This is because it gives customers the ability to do something that no other […]
What Is Affinity Grouping?
Affinity grouping (AG) is the method of gathering and grouping together bits of qualitative (non-numerical) data based on commonalities between the collected pieces. You can use affinity grouping to rank in a group setting. It works by having your group of participants use Post-It Notes to brainstorm ideas and opportunities. After that, the team organizes […]
What is Feature Request Management?
Feature-request management is a method of feedback that companies receive from their customers. Feature-requests could be about essential elements of the product, such as a bit of modification to the product flow or something completely different that they believe will improve the product. Feature request management is also the term used to refer to the […]
What is Fibonacci Agile Estimation?
Fibonacci agile estimation is a series of numbers used to determine the estimated time and resources necessary to complete a specific activity. The numbers are in an exponential pattern and are mainly helpful to product managers. Here is how this technique works, ● A job or activity gets assigned points depending on its size and […]
What is First Mover Disadvantage?
A First Mover is a company that is first to bring a product or service to market, so the company’s product or service is a first-of-its-kind offering in a new or existing market segment. For example, Tesla is a first-mover company in the US EV(Electric Vehicle) consumer market segmentation. While Tesla is not the first […]
What Is a Gantt Chart?
A Gantt chart is a project management approach that depicts tasks as bars extending throughout a given period. The Gantt chart informs teams of what needs to be done when required and who is responsible for it. Even though Gantt charts improved management flows, they required a time-consuming creation process. Each chart was created by […]
What Is a Go-to-Market Strategy
Go-To-Market Strategy is simply an outline of the steps a firm will take after developing a product and how the product will be sold and promoted once it has been released into the market. Using both internal and external resources, the strategy enables the product’s overall value while attempting to acquire a competitive advantage over […]
What Is Agile Transformation?
Agile transformation (AT) is an act of gradually altering an organization’s shape or nature to one that can embrace and thrive in a flexible, collaborative, self-organizing, fast-changing environment. The Importance of Agile Transformation Although agile transformation refers to a firm or organization’s complete move into the agile mindset, it is accomplished deeper than you may […]
What Is General Availability?
General availability is the stage in product development in which a finalized product is made available to members of the general public – the consumers. General availability is different from the beta or alpha versions as the latter is geared towards a particular objective. These include testing some aspects of the product and getting feedback […]
What is Get Out of the Building?
Get Out Of The Building is a customer development process or business model testing. The term ‘get out of the building’ was invented by the famous entrepreneur Steve Blank. The phrase is aimed at startups directing their energy towards customer research. According to Blank, many startups focus their energy on design and sales, which is […]
What Is GIST Planning?
GIST planning is a simple concept development method that aims to reduce management overhead, increase velocity, and produce goods that better satisfy market demands. The goal of GIST is to create goods and solutions that are solely focused on the organization’s goals. GIST is an acronym that stands for: ● Goals ● Ideas ● Step-Projects […]
What is Growth Product Management?
Growth product management is a process implementation approach that focuses on consumer-centric market data to realize objective-specific activities that achieve high product/service-related revenue growth. Consequently, a strong focus on numbers is a distinctive trait of this business strategy. An array of consumer-centric metrics are at the core of objective-specific, product/service-centric, and growth-oriented initiatives. Growth Product […]
What Is Guerrilla Marketing?
Definition Of Guerrilla Marketing When it comes to product promotion for brand recognition, guerrilla marketing is a strategy that relies on unconventional and surprising approaches to create campaigns that are both memorable and impactful. Cutting through the clutter of marketing messages in a world full of them may be challenging for any company. Guerrilla marketing […]
What are Hard Skills?
When determining the ideal person to fill a vacant job position, employers always consider a wide array of soft and hard skills that prospective candidates possess. In this context, hard skills refer to the various practical task-centric capabilities that make a job applicant suitable for a specific job role. For example, a job candidate’s resume […]
Ideas versus Opportunities
Idea versus Opportunity (IVO) refers to the need to separate between an objective, coherent, and existential opportunity and a practical, vague idea. Although the terms “idea” and “opportunity” are frequently used interchangeably in business, there is a significant distinction between the two. Simply put, a business idea is a notion that has the potential to […]
Ideation
Definition of Ideation Ideation is the process of producing ideas on one or more themes in a creative and open setting that is referred to as creativity. This is a highly effective strategy that you may use at any point in the development process. Your company might use imagination to discover fresh product concepts (without […]
Wha Are Implicit Requirements?
Implicit requirements (ImRs) are obvious, although they are not documented like explicit ones. It is what everyone expects to be in the product, although it is not written down. They are features or characteristics of product experience that both the developers and the customers expect in the product. If the product lacks this feature, it […]
What Are Information Flows In Product Management?
Definition of Information Flows Information flows are defined as the coordination of exchange of information with each other. It is a three-dimensional process including information access, information exchange & information documentation. The Relevance Of Information Flows In Product Management In an organization, each department focuses on its activities, priorities, and internal goals, which might […]
What Is Idea Management?
Idea management in an organization can be defined as a system or process, framework, or structure that allows any notion or idea to be captured and evaluated. Idea management can include suggestions, theories, designs, and solutions. This evaluation will look at the importance of the concept, its viability, and its significance in the long run. […]
What is Intuitive
Intuitive refers to a product’s ease of use. With intuitive products, users can easily understand how to use them through intuition without effort or guidance. This process of designing intuitive products is called intuitive design. The Ideal Intuitive Design Just having a perfectly intuitive product is not enough. This is because people are different, and […]
What is Issue Tracking?
Issue Tracking is a way of recording and tracking the status of customer cases, tickets, or concerns, from inbox to resolution. When it comes to software products, issue tracking keeps track of the difficulties that consumers are encountering. While issue tracking originated as a solution for recording software-related problems, you, as a manager or a […]
What Is Iterative Testing?
Iterative testing is testing a product on users several times, then using the feedback to make gradual changes to the product at different stages. Iterative testing is commonly applied in UI/UX context but is sometimes used in product management. The testing process is gradual, involving small steps rather than a sudden massive redesign. That way, […]
What are Jobs To Be Done?
Jobs To Be Done is a theory that examines the relationship between a customer or user and the items they utilize to fulfill essential tasks in their lives. Consumers and businesses purchase things to satisfy their needs. Whether to prepare meals, look fashionable, or sell their brand through automated email marketing campaigns. Tony Ulwick introduced […]
What is Jira software?
Jira is a project management tracking software. Agile development teams now extensively use this tool to monitor bugs, stories, epics, and other activities. Atlassian created Jira in 2002 as a bug-tracking solution for software firms. Atlassian’s product is named “Gojira,” which translates to “Godzilla” in Japanese. Atlassian’s coders utilized a bug-tracking software tool called Bugzilla […]
What Is a Kanban Board?
A Kanban board is a visual-organization tool that allows you to prioritize tasks. A Kanban board aims to make it possible for teams and supervisors to keep track of workflow, which is very useful in project management. Kanban boards are created with a simple, streamlined style, allowing users to make changes by dragging and dropping […]
What Is a Kanban Roadmap?
A Kanban Roadmap is a method that Toyota was the first company to develop. A kanban roadmap consists of a board (dubbed a “Kanban”) that depicts work progress through workflows. The term “Kanban Roadmap” has recently gained popularity due to its simplicity and effectiveness. And if you’ve come across this glossary, you’re likely interested in […]
Lean Software Development
Definition of Lean Software Development Lean Software Development (LSD) is an agile approach that focuses on reducing development time and resources, eliminating waste, and providing just the features that the product requires. The Minimum Viable Product (MVP) method is a Lean technique in which a team publishes a bare-bones version of its product to the […]
What is LeSS?
LeSS (Large Scale Scrum) is a framework that applies scrum principles extensively through a defined set of rules. It enables multiple similar product teams across an organization to work together flexibly and promptly. Each team works on projects in parallel sprints of one month or less. The LeSS Structure In digital product development, LeSS begins […]
What is Lifetime Value?
Lifetime value, abbreviated as LTV, is the total benefits a client is expected to bring to a company. Companies use this metric to determine a company’s net value from a relationship with a particular client. It is also known as Customer Lifetime Value (CLV). Lifetime value is a critical aspect any business should consider. This […]
Market Penetration Strategy
A market penetration strategy (MPS) is the act of penetrating an already existing market (in which current or similar products are already available) with a new product or service (from your company or organization). A company’s or organization’s deployment of a plan to increase or further saturate their customer base in a market where they […]
Market Segmentation
Market segmentation (MS) is a term from the marketing field. Market Segmentation refers to aggregating future customers into teams or groups with similar requirements to perform more efficient marketing. Market segmentation is a highly effective way to better understand a company’s target audience. In addition, a market segmentation strategy is essentially the creation of smaller […]
Market Share
As measured by sales, a market share (MS) refers to the percentage of a particular industry that your product or service owns. The market share is estimated by dividing the sales of a specific business in a given period by the sales of the whole market in the said period. The market share percentage provides […]
What Is A Market Development Strategy?
Definition Of A Market Development Strategy A market development plan is a growth strategy businesses, or organizations use to expose their product or solution to target consumers that have not previously been reached or served by the firm or organization. Consider the case below: Your software firm has a new product line currently available. […]
What Is A Market Requirements Document?
A market requirements document (MRD) is a text that summarizes market opportunities, including market size, client kinds, and competitors in a field. It assists product managers in employing market research to communicate what customers want and need from their product or service. Although an MRD and a product requirements document (PRD) are commonly mistaken, they […]
What Is a Marketing Audit?
A marketing audit is a comprehensive evaluation and interpretation of a company’s marketing environment, goals, and strategies. It enables companies to analyze everything, from plans and targets to individual marketing actions. During the audit, it is crucial to provide an all-inclusive assessment of the tools and capabilities available to the company. Companies can achieve this […]
What is a Marketing Cost Analysis?
Marketing cost analysis is a technique that helps assess the total costs of all activities in a marketing campaign. The resources invested include money, employee work hours, media purchases, and other resources. The analysis helps the company gain a clear picture of the costs of marketing activities. The intangible resources such as time and energy […]
What is a Marketing Mix?
A “marketing mix” combines many marketing tactics and channels. When it comes to driving sales and increasing brand awareness, the marketing mix is a broad term that encompasses all of the methods or actions that a firm might take. To be more specific, the marketing mix encompasses the four (or seven) Ps critical to each […]
What is a Marketing Plan?
A marketing plan is a document that specifies a company’s marketing strategy to reach its intended audience and to track the effectiveness of its marketing methods over time. The most basic definition of a marketing plan is a road map for everything marketing-related throughout a specified period. It is your strategy for generating leads and, […]
What is a Method of Procedure?
A Method of Procedure (MOP) is a comprehensive step-by-step guide for completing a particular project. Businesses use MOPs to guide employees to the end of a project and avoid errors. However, an MOP is not a Standard Operating procedure (SOP). An SOP allows employees more freedom to complete a task their way by providing a […]
What is a Mind Map?
A mind map is a visual representation of information and concepts branching from a central idea. It organizes data and is used to brainstorm thoughts randomly. Linear tools such as lists limit the ability to get creative, but a mind map provides the freedom to explore a concept deeply by looking into topics and subtopics […]
What is a Minimum Viable Experience?
A Minimum Viable Experience (MVE) refers to the feeling that a brand’s Minimum Viable Product (MVP) evokes when customers use it. Its purpose is to encourage customers to re-engage and eventually become ambassadors of the product when the manufacturer releases the full version. Using MVPs means that designers don’t have to build the whole expensive […]
What Is A Minimum Viable Feature?
A Minimum Viable Feature (or MVF) is a small-scale feature that can be produced rapidly and sent out to a target market with few resources to assess the feature’s usefulness. Users should be able to see the value of an MVF. In turn, user input should guide future feature iterations and product development. What Is […]
What Is a Minimum Viable Product?
Definition of a Minimum Viable Product A Minimum Viable Product (MVP) is an early iteration of a product or software solution designed to have all the functionality necessary for launch but without the ‘bells and whistles’ or nice-to-haves typically included in later iterations. The History Of Minimum Viable Product Early in the millennium, Eric Ries, […]
What is a Mission Statement?
A mission statement primarily reflects a business’s long-term prospects in realizing the core mandate for its existence. In this context, a mission statement outlines an organization’s long-term plan/purpose upon which the why, what, and how of the enterprise is defined. A mission statement emphasizes core organizational principles, values, and long-term outlook over specific products/services a […]
What is a Mixpanel?
Mixpanel is an advanced analytics software that allows you to monitor the actions of internet users who interact with your internet-based application. The software is available for both web and mobile users. Marketers use this tool to analyze data in real-time to get information such as users who sign up for any service, watch product […]
What is a Mockup in development?
A mockup, sometimes spelled mock up, is a product/service design concept that entails the real-life implementation of a design idea, i.e., to make an idea come to life through a visual medium that others can see. In this regard, the core purpose of a mockup is to convey the vision behind a product/service effectively. Furthermore, […]
What is Amplitude for Data Analytics?
Amplitude is a real-time data analytics software for both web and mobile, used to analyze visitors’ data behavior. The software enables businesses to understand their customers better, which helps in the growth of the companies using conversion and retention metrics. Amplitude serves more than 5,000 companies globally. Examples of giant digital companies that use this […]
What Is Market Validation?
Definition of Market Validation Market validation determines whether or not a product or concept is relevant and appealing to customers through user research. Its purpose is to determine whether a concept is worth further development at the earliest possible point. Concepts are validated through in-person interviews and digital surveys. What matters most is that this […]
What is Monthly Recurring Revenue?
Definition of Monthly Recurring Revenue Monthly Recurring Revenue (MRR) refers to the revenue that a company anticipates receiving from consumers monthly to provide them with products or services. MRR is a metric that quantifies the normalized monthly income of a corporation. It is vital for businesses that offer various pricing options for their products […]
What Is An A/B Test?
An A/B test (also known as split testing) is a method for creating, launching, and comparing two versions of the same thing. It is also known as split testing. An A/B test can compare the performance of a new banner ad, a homepage, a headline, an infographic, or nearly anything else that a business wants […]
What Is An Acceptance Test?
An acceptance test is the trial or assessment of software to gauge its usefulness. Typically, it is the last stage in the evaluation process to determine if the software meets all the user requirements before its release to the larger public. The step comes after the internal team does their testing and has handled all […]
What Is An Agile Framework?
An Agile Framework is a term in the field of software development. Agile Framework refers to various alternative methodologies based on the agile values and principles outlined in the Agile Manifesto. Scrum, Kanban, and XP are all aspects of the Scaled Agile Framework (SAFe), which blends them with techniques from lean, agile, and DevOps philosophies […]
What Is An Agile Product Owner?
In an Agile working environment, the product owner is responsible for prioritizing all of the tasks that the development team is required to perform. They will supervise the work involved in each of the above activities to ensure that the team provides the most value possible to the firm. The Importance of the Agile Product […]
What Is an AlphaTest?
An alpha test is a type of acceptance testing that utilizes both black-box and white-box testing approaches. An alpha test is carried out before a beta test, which is carried out towards the end of the software development process. The primary goal of an alpha test is to thoroughly test the input and output functions […]
What Is an API (Application Programming Interface)?
API is the abbreviation for Application Programming Interface. APIs are a collection of functions and methods that enable the construction of apps. They get data and features from other apps, services, and operating systems. Essentially, they act as a middleman between several software systems. They enable two unconnected programs to “communicate” with one another. An […]
What Is an Engineering Backlog?
An engineering backlog in agile refers to the artifact that lists and prioritizes epics, stories, and initiatives to be performed by the engineering team in a sprint. Common items in a backlog include bug fixing, stories, and other engineering activities. The owner of the product or a project maintains a backlog, and the agile development […]
What Is an Enterprise Architecture Planning?
Enterprise architecture planning (EAP) is how businesses establish how information technology and information systems will be employed to achieve their objectives. It is a hierarchical process that begins with an evaluation of the methods that the organization currently uses, how things could operate in the future, and the measures that you must take to put […]
What is an Epic?
Epic is a term used in the field of agile product management. Epic is a method for prioritizing missions in the product-making process. An epic is a big piece of tasks that are separated into parts, referring to user stories. The company will share an epic amongst a few different items and even products. Each […]
What Is An Incremental Product?
An incremental product results from the development and improvement of an existing one by making minor upgrades while it’s on the market. The process is known as Incremental Innovation. It doesn’t involve taking significant leaps in technology or substantially impacting the market. As long as a change improves quality and reintroduces novelty, the final product […]
What Is an Iteration?
An iteration in agile software development is a single development cycle over a specified period, usually one to two weeks. An iteration can also be defined as the time elapsed between iteration planning sessions. An iteration involves breaking down the development plan into smaller working units in software development. The smaller bits are developed, implemented, […]
What is an OKR roadmap?
Definition of an OKR roadmap Product managers and their teams have a myriad of alternatives for developing new digital products. With so many project management and decision-making frameworks, it’s no surprise that lines might blur at times. In reality, OKRs and roadmaps are two separate concepts that are commonly misunderstood; therefore, there is no such […]
What Is Needfinding?
Needfinding is the process of determining a market need for a solution. After the product team has identified this need and validated it with potential users, you will develop the product roadmap. The Importance of Needfinding Before product development, need-finding is carried out to identify unmet needs. Before even the first task is added to […]
Opportunity Solution Tree
The Opportunity Solution Tree (OST) is a non-linear visual device that aids in problem-solving. The Opportunity Solution Tree is a concept that has only recently gained popularity. Teresa Torres, a product discovery coach, came up with the idea in 2016. Torres developed the Opportunity Solution Tree to challenge certain assumptions regarding the product discovery process. […]
Outputs vs. Outcome
The term “outputs vs. outcome’ comes from the product development world and refers to the need to understand the difference between the two. What is an outcome The outcomes of a business are both qualitative and quantitative measures that illustrate the organization’s objectives. They often symbolize the benefit that your customers receive from the things […]
What are Objectives And Key Results
The Objectives and Key Results framework, often known as the OKR framework, is a goal-setting framework used in enterprises to align individual performance with overall goals in a measurable and standardized manner. When John Doerr first proposed it at Intel in the 1970s, many large corporations immediately adopted the OKR framework, particularly those in the […]
What Are Operating Expenses?
The operating expenses (OPEX) are the costs that a business incurs in running its operations. The company must invest these resources to execute its activities. Operating expenses usually include rent, marketing costs, inventory costs, payroll, equipment, insurance, costs of research and development, and software licensing fees. Increase of Operating Expenses An increase in the operating […]
What Is Opportunity Cost?
Opportunity costs refer to the amount of potential gain that an individual, investor, or business loses out on when deciding on one activity or concept over another. Making choices is part of product management and business, whether you have options for a feature build, software upgrade, a marketing campaign, or a new company venture. Any […]
What Is Opportunity Scoring?
Opportunity scoring focuses on feature development by finding aspects that consumers value but are undeveloped or unsatisfactory. You might conceive of opportunity scoring as a comparison of significance and enjoyment. Opportunity scoring provides a critical opportunity to mitigate this risk and aim toward a higher return on investment. The History of Opportunity Scoring Tony Ulwick, […]
Product Culture
Product culture is a way of thinking throughout the company, including its staff and departments. This way of thinking must be agreed upon to include the entire product process-start from development through the decision making and ending with problem-solving. You can also look at product culture as a way of thinking that describes the development […]
Product Portfolio Management Explained
Product portfolio management (PPM) is a term used to refer to a product management method. In product portfolio management, every product that a business offers is being examined in light of the business’s short-term, mid-term, and long-term targets. Product portfolio management is also intended to be a learning platform for future professionals in various fields, […]
Product Stack
A Product Stack (PS) is the collection of solutions (or tools) that a product manager can use to deliver a product into the marketplace as quickly and efficiently as possible. This is also known as “development toolkit,” “development stack,” “toolkit,” or “tech stack.” Examples of solution categories you may find in the product stack of […]
What Are Page Views?
Pageviews is a digital tracking metric that summarizes the total number of visits to a specific web page. Pageviews are the commonly used key performance indicator (KPI) marketers use to analyze the number of times a page on the website has been viewed. That said, they are considered vanity metrics as they are rarely indicative […]
What are Product Analytics?
Product analytics is a term that refers to collecting and applying essential data to discover how and why users interact with a digital product or service. Companies can utilize the insights that product analytics provide them to detect gaps in their user/customer experience, uncover chances for growth, and enhance their products based on accurate research […]
What Are Product Insights?
Definition Of Product Insights The following is how Product Insights are defined: “Product insights” are perceptions of what a user is experiencing while interacting with a product. This category includes qualitative data, such as how your user feels when engaging with your product, and quantitative data, such as how easy and efficient your product […]
What Are Product Management Tools?
Product management tools is a term that refers to the means product managers acquire to lead the product development process. Typically, product management teams would rely on a product stack that includes dedicated tools for road mapping, prioritizing, product analytics, time tracking, and customer feedback, among others (and more, depending on the team). The Importance […]
What Are Product Principles?
Definition Of Product Principles Product concepts, the foundation of any product, are the building bricks. These principles describe the product’s goal, how it works, and how people interact with it. Design principles are another name for them. They are essential concepts that govern and influence the team’s decisions and actions. Throughout the development process, […]
What Is A Penetration Pricing Strategy?
Definition Of A Penetration Pricing Strategy The penetration pricing strategy, often known as the “land and grow” method, is a pricing strategy used by businesses (especially in the SaaS industry) to penetrate or infiltrate new markets or rapidly expand in existing markets by charging higher prices. It is the practice of setting a low […]
What is a Persona?
A persona is a fictional avatar designed to represent a user who would use a site, brand, or product. Persona is a term commonly used in internet and technology applications and advertising. Personas help assess the aims, desires, and boundaries of consumers. It looks to describe what drives decisions to purchase a service, product, or […]
What is a Platform Product Manager?
The role of the Platform Product Manager is challenging because, unlike other Product Managers who may be responsible for one or two apps, the Platform Product Manager is in charge of a whole platform of products within a company. Unlike the typical Product Manager, a Platform product manager is accountable for a far more comprehensive […]
What Is A Product Backlog?
Product Backlogs list more minor activities that must be accomplished within a project or sprint. The product backlog is also referred to as a “to-do” list in software development. User stories, issue fixes, and product updates are all standard components of this process. Notably, a backlog is structured in priority order, ensuring that teams are […]
What is a Product Brief?
Definition of a Product Brief A product brief (also known as a product spec) is a brief document that outlines all of the objectives, goals, and specifications that must be satisfied for a product to be developed and launched. The product brief serves as a single source of information for all departments involved in […]
What is a Product Description Sheet?
Also known as a product requirements sheet, a product description sheet signifies the completion of the first stage in product/service development strategies based on the Waterfall (sequential) Workflow model (an approach centered on the sequential execution of objective-specific tasks to realize a planned product/service offering ultimately). In this context, a product description sheet definitively outlines […]
What Is a Product Designer?
A product designer is responsible for the overall user experience of a product. A variety of different names also refer to the Product Designer. among then: an experience designer, user interface designer, interaction designer, information architect, or information architect, among other titles) The Importance Of a Product Designer While a product designer is always beneficial […]
What is a Product Development Manager?
A product development manager, commonly abbreviated as PDM, is an engineer tasked with user experience (UX) designing or quality assurance (QA) testing. These are individuals, majorly software gurus, who conduct, research, direct, and evaluate a new product development. They manage existing product improvements and developments to meet customers’ needs. These managers also conduct market research […]
What Is a Product Discovery?
Product discovery (PD) assesses whether or not a product or feature should be produced centered on the consumer’s needs. The product discovery process will differ from team to team and firm to company, but the end goals will always be the same: creating a better product. The Process of Product Discovery is a flexible phase […]
What Is a Product Disruptor?
The phrase “product disruptor,” derived from “industry disruptor,” refers to an innovation that alters a product or service’s business model, value proposition, or strategic direction. Among the most well-known product disruptors in recent history is Netflix, which transitioned from a pioneering DVD-delivery company to a digital streaming service. The iMac propelled Apple onto its current […]
What is a Product Management Audit?
A Product Management Audit is a comprehensive evaluation of a company’s product strategy and product management processes, which is carried out ideally by an objective third party. A quantitative weighting or scoring system is used to evaluate each aspect of the company’s strategy and associated procedures. A Product Management Audit system allows identifying areas of […]
What is a Product Manager?
Definition of Product Manager Product Manager (PM) is a critical and crucial function in many organizations, yet it’s sometimes misunderstood. While the roles of project managers vary greatly among sectors and enterprises, all PMs drive product development and are ultimately accountable for the success of those products. Many Consider PMs to be information gatherers. They […]
What Is a Product Market Fit
Product-market fit is defined as releasing a product that positively influences your target buyers when they begin selling it to you. It does that through the sharing of their purchasing experience with other buyers. According to Product-Market Fit, a brand’s product can meet demand in the present market by producing enough units of high-enough quality […]
What is a Product Marketing Manager?
A product marketing manager refers to a critical role in product management. The product marketing manager is in charge of explaining the reason and timing of the project and introducing it to the team. Product marketing managers typically use their knowledge of the market, target users, and other players in the competitive industry to promote […]
What is a Product Mix?
Product Mix refers to a company’s entire line of products and services. A product mix comprises product lines, which are related items that customers are likely to use together or consider similar products or services. The product mix is also known as product assortment or product portfolio. The term “product mix” refers to the whole […]
What is a Product Organization?
Definition of a Product Organization When it comes to corporate structures, a product organization prioritizes customer demands and puts the product first. Product-led companies, the de facto strategy for digital-first SaaS businesses, place a premium on the user experience above all other factors. Historically, organizations may have relied on the ability of a particular […]
What is a Product Owner?
Definition of a Product Owner The product owner (PO) is a Member of the Agile Team in charge of defining stories and prioritizing the team backlog to streamline the execution of program priorities while retaining the conceptual and technical integrity of the team’s features or components. The product owner is a critical member of a […]
What Is a Product Roadmap
A product roadmap is a document that directs the development of a product over time. A high-level overview and a strategic copy convey what teams are building and why they are building it and a clear strategic plan for putting it into action. Product roadmaps describe how a product plan comes to fruition. They take […]
What is a Product Spec?
A product specification, or product spec, refers to a document outlining key features, functions, capabilities, and use parameter requirements for a planned product offering. In this context, a product spec reflects not only the needs, expectations, and preferences of target end-users but also those of the product owner. Note that while this document primarily defines […]
What Is a Product Strategy
Product strategy is a term used to express a company’s vision and overarching goal for a particular product or service. More specifically, it will describe the rationale for all of the work that a product team undertakes. A product strategy is a well-executed plan that describes a new product’s distinctive value proposition, target audience, and […]
What is a Product Vision?
A product vision, also known as a product vision statement, is a term used to describe the intended shape, form, and function of the product development process in an organization. The product vision will evaluate what needs the product meets, who the target audience is, and why now is the best time for the product. […]
What Is A Product-Process Matrix?
Definition Of A Product Process Matrix A product-process matrix (PPM) is an example of a visual tool that helps product teams better understand the linkages between the processes in their product development process and the finished product. Product managers can use the PPM to help product teams and others learn more about a project’s […]
What Is A Program Manager?
A program manager defines a program’s strategic objectives and analyses how they will affect a company’s goals. They are responsible for defining and overseeing a list of dependent projects required to meet the program’s overall objectives. A program manager is an architect who creates blueprints. While architects do not install home equipment or bricks, they […]
What Is a Project Manager
A project manager is in charge of the overall execution of a project, from its inception to its conclusion. When the project’s objectives have already been achieved, the project manager’s responsibilities include monitoring the project’s progress, overseeing all logistical activities, and ensuring that the project is effectively completed. A project has a defined beginning, middle, […]
What Is a Project Roadmap?
A project roadmap is a visual representation of the significant stages of a project. It’s often organized according to a timeline and includes deliverables, objectives, milestones, and resources, among other components. The project roadmap provides an overview of the project instead of a thorough project plan, which delves further into day-to-day tasks and owners. The […]
What Is a Prototype?
A prototype is an unfinished form of a physical or digital product intended to be tested by users before being released to the public. It should include all the core features and functions, but it should be devoid of the final design components that give it a polished aesthetic appearance. The primary goal is to […]
What Is Pair Programming?
Pair programming is a term used in agile software development whereby two programmers join in developing one program. Both developers share the same workstation: one computer, one screen, one keyboard, etc. The programmer controlling the keyboard is the driver, while the other is known as the navigator, dealing with general programming tasks. The two programmers […]
What is Personalization?
Personalization is adapting a service or a product to meet the needs of a single individual or group of individuals. As the name implies, personalization is concentrated on the individual, and it involves meeting the demands of a specific client and reflecting those needs in the product or service. A wide range of enterprises employ […]
What Is PERT Diagram?
A PERT diagram, which stands for Program Evaluation and Review Technique, is a visual chart used to estimate the length of time it will take to complete a project accurately. The structure of PERT diagrams is exceptionally similar to that of Gantt charts, albeit they are not the same. Project managers typically use these charts […]
What is Pivot?
Pivot refers to a complete change in the offered product or service, including a difference in the underlying business strategy. A pivot can happen at any point in the product’s life cycle: during scope, development, or even after launch. A pivot is sometimes required to save a product. In other cases, it could be a […]
What is Price Elasticity of Demand?
The price elasticity of demand is an economic term that measures how a product’s demand changes in response to a change in price. This tool tells economists and producers if a product’s demand increases decreases, or remains unchanged when a price change occurs. It is calculated by dividing the change in quantity by the price […]
What Is Prioritization?
Definition of Prioritization Prioritization in Product Development is when a product manager evaluates several activities to decide which tasks should be done and in what sequence. A Key Term in the world of Prioritization is a Product Backlog. A Product Backlog is a term used to define the functions you and your company must complete. […]
What is Product Architecture?
Product architecture is the chunking (or arrangement) of a product’s functional elements. It’s how these elements interact with each other—linking to System-Level Design and System Engineering principles. An architectural design for a product and its many functions aids in developing its schematic strategy and numerous operations. Rather than showing the product as a prototype, the […]
What Is Product Differentiation
Definition of Product Differentiation Product differentiation is a term that refers to how a company differentiates a service or product from others available in the same category of products. This strategy tries to assist organizations in developing a competitive edge and defining compelling, unique selling propositions (USPs) that differentiate their product from rivals. Furthermore, firms […]
What is Product Enablement?
Product enablement allows customers to use all of a product’s capabilities. You can do it through both marketing and customer service channels, but marketing is usually the first port of call because they are in charge of explaining how things work in detail. This post will explore why product enablement is necessary for marketers to […]
What is Product Excellence?
Definition of Product Excellence Product Excellence is an approach to product management that prioritizes acquiring deep user insights and applying those insights to fine-tune product strategies. Ultimately, this helps teams bring the goods consumers desire into the market as quickly as possible. The Importance of Product Excellence According to product management etiquette, products should matter […]
What Is Product Feedback?
Product feedback is any information about your users’ experience and pleasure with the product they share. User interviews, consumer surveys, reviewing customer service tickets, and other research approaches can all be used to gather product feedback. This form of feedback is collected in a variety of ways, and it is frequently focused on a specific […]
What Is Product Leadership?
Product Leadership refers to several management-level positions responsible for the company’s product success. Building and directing the right product team, controlling the product’s strategic direction, and ensuring the team has the tools and mechanisms to produce successful products are all examples of what a product leader’s job entails. Product Leadership is considered a cross-departmental method […]
What Is Product Management Talent?
Product management talent describes qualified candidates who have great potential to fill up the production team. Recruiting top product management talent is necessary because it is the foundation for creating market-leading products and the company’s success. The innovation and competition in different spheres are ever-growing. Therefore, tech companies should formulate ways of attracting and retaining […]
What is Product OPS?
Product operations, often abbreviated as product OPs, is a position within the product team that oversees the smooth communication and collaboration between the product department. It’s a cross-functional role that facilitates sharing resources and information to ensure effective and efficient processes. Often, the size of a company determines if it needs both a product operation […]
What Is Product Planning?
Product planning refers to the collection of procedures and processes that a company employs to plan the creation of a new product or service. Product planning is centered on the internal processes you must follow for a product to thrive. Marketing and deployment are not included because they are external to the product development process. […]
What Is Product Positioning?
Product positioning is a type of marketing in which you offer your product’s advantages to a specific target audience. Marketers can select which audience to target based on favorable product responses through market research and focus groups. Products are placed in the marketplace through product positioning, a strategic marketing process requiring teams to determine how […]
What Is Product Requirements Document?
A product requirements document (PRD) contains the features a product should have for the product manager. It’s a document that tells a development team what to build, who will use it, and its benefit for users. A product requirements document indicates what a producer intends to achieve with a product or service. It further includes […]
What Is Product Requirements Management?
Product Requirements Management (PRM) is the process of documenting, tracing, analyzing, agreeing on, prioritizing product requirements, controlling the changes, and communicating them to the relevant stakeholders. This process is necessary throughout new product development (NPD). The term requirement in this context means the capabilities of the product that the stakeholders have agreed to include in […]
What is Product Value?
Product Value refers to how much a customer believes they get from using a product. It can be calculated and explained by how a product addresses a customer’s individual wants. To explain why a customer should buy a product, you can utilize product value in marketing and advertising materials. Knowing what product value their things […]
What is Program Management?
Program Management is bringing several separate initiatives together under a single management umbrella. Consequently, the initiatives are grouped since they are all tied together by a single guiding strategic purpose. Program management is becoming and operating as a program manager. Managing a program with several connected initiatives is what program management includes. Programs are frequently […]
What Are Quality Assurance Engineers?
The quality assurance engineer’s role is to test and manage software quality before releasing it to the users. The QA engineer’s focus is to improve the software development process and counter any defects in the production phase. The engineer predicts the user’s behavior and formulates a case test for the software to ensure the application […]
What Is a Quality Function Deployment?
Quality Function Deployment may be described as a Product Management model that produces a product by prioritizing consumer – or customer – wants and preferences before considering any other considerations. According to this concept, consumer demands are also encouraged to be felt throughout the entire product development process. According to the model, you must integrate […]
Rapid Prototyping
Definition of Rapid Prototyping Rapid prototyping is a tactic that teams using agile methodology apply to create prototypes quickly. It entails designing, developing, testing, and assessing prototypes to gain critical user and customer feedback. During a manufacturing process, your team can build multiple prototypes in a short period to identify areas where a product’s concept […]
What are Return Visitors?
Return visitors (visits) refers to an analyzing method of the users and user personas of your website. To put it simply, return visitors are the users who have visited your website more than once. The metric of return visitors will mainly sort RV into groups as follows: 2-3 visits. 4-9 visits and ten visits or […]
What Is a Release Demo?
A release demo in an agile development team showcases the latest pre-launch developments in software or a product. In most cases, the agile development team will hold a release demo at the end of an iteration. The main objective of a demo release is to ensure all the stakeholders in a project understand the progress […]
What Is a Release Note?
The technical documentation created and published in conjunction with the launch of a new software product or a product upgrade is referred to as a release note. It could be recent modifications, feature enhancements, or fixing bugs. It defines a new product in-depth or summarizes particular changes made in a product update. Product managers are […]
What is a Release Plan?
An Agile release plan is a product management approach that considers the intangible and flexible nature of software development. The Agile software development life cycle divides the development process into releases instead of implementing all planned features in a single massive, structured project. Releases are essentially periods set aside to focus on a limited scope […]
What Is a Retention Rate?
A customer’s retention rates define the number of customers who continue to use or subscribe to a product throughout a given period. As a result, it is an essential predictor of its future success. In business, the customer retention rate is expressed as a proportion of customers who continue to use a service after a […]
What Is a Retrospective
A retrospective, also known as an agile retrospective, is a meeting after your company releases a product to the market. Discussions about what transpired during the product’s development cycle and release procedure are the main objectives of the meeting because they reflect on what went well and what could have gone better, the team may […]
What Is a Roadmap?
A roadmap is a high-level strategic overview of a major company’s endeavor in the planning or implementation stages. It is used to guide the development of a new product or execution of a large-scale company-wide initiative by defining the goal or desired outcome and listing the milestones and steps needed to achieve it. Project and […]
What is Rapid Experimentation?
Rapid experimentation is an agile technique in product development that helps run rapid tests to verify assumptions and hypotheses. Rapid experimentation enables teams to review and test vital questions during product development. As rapid experimentation tests hypotheses, new ideas are sometimes generated in the same process. How Rapid Experimentation Works Rapid experimentation aims to test […]
What is Rational Product Management?
Rational product management entails pursuing product/service development from a shared pool of improvement-oriented business resources, i.e., channeling available time, finances, personnel, equipment, and other necessary resources to a centralized and comprehensive product/service development initiative. With its roots in the software industry, rational product management allows multiple distinct inter-dependent product/service development teams to collaborate to harmonize […]
What Is Refactoring?
Refactoring is a DevOps software development practice of restructuring the body of the code without affecting the internal functionality and its external behavior. The objective of restructuring is to make the code maintainable, more efficient, and enhance its performance. Refactoring helps in reducing the technical costs of development. It is wise to clean up the […]
What is Research And Development?
Research and Development (R&D) is the first stage in a product life cycle. It is the phase in which product managers and their teams generate a new product concept and evaluate its viability to determine whether it is worthwhile to bring it to market. R&D is the beginning, and the most robust foundation, of product […]
What is Return on Investment?
Return on Investment (ROI) is a term frequently used in marketing to determine how effective a marketing campaign has brought in new business. The business activity’s return on investment is determined by comparing the amount invested upfront to the amount earned. The return on investment could consider how much time and effort was put into […]
What is Return on Sales?
Return on Sales (ROS) is a percentage statistic used to determine how efficiently a business converts sales into profits, which means the amount of profit made per dollar of sales revenue earned. If a company’s return on assets (ROA) increases, it indicates that it is growing at a consistent and efficient rate. On the other […]
Sales Forecast
A sales forecast (SF) assesses a product’s expected sales. A sales forecast will estimate how much your business expects to sell a specific product in a predetermined period. A sales forecast is measured mainly by how well it succeeded in forecasting the current sales. A sales forecast is an estimate of future product sales made […]
Success Requirements
Success requirements (sr), also known as “key success factors,” are the fundamental objectives that a business should focus on to perform successfully in a competitive market. As the name suggests, SR is the factor that will be straightforwardly accountable for the secrecy of a saas business. When it comes to SaaS businesses, success requirements are […]
What are Ship Products?
Ship products are incomplete but usable versions of a product/service that a product/service owner releases to gather initial consumer feedback. This product/improvement approach differs from product/service beta testing in that ship products/services are released to a mainstream market, i.e., a ship’s products are made available to an established customer base and not a select few […]
What Are Soft Skills?
Soft skills represent a range of personal abilities and attributes that shape how work colleagues fit in their respective roles. They include traits that affect how workers work independently and with others. It is hard to ignore the power of soft skills, as they are essential for every job description. Soft Skills at Work Product […]
What Are Software Bugs?
A bug is a term that refers to unexpected problems with hardware or software. A bug is one of the most commonly used words in software development, yet now a phrase that is considered welcomed. Bugs are best defined as faults that lead software to act in ways that are neither expected by the user […]
What Are Success Factors?
Success factors are internal and external dynamics that influence the performance of any given business. Success factors are also referred to as success indicators or success requirements. They are the goals considered crucial by any company or a department within an entity for a project to succeed. In any business, success is never guaranteed. However, […]
What Is a Scaled Agile Framework?
The Scaled Agile Framework, or SAFe, is a development team-focused Agile Framework. The three symbolic pillars that make up SAFE’s basis are Team, Program, and Portfolio. SAFe also allows a product team to be more flexible. Furthermore, it aids in the management of some of the issues that larger organizations have while implementing Agile. SAFe […]
What Is a Scrum Master?
Scrum Master is a term referring to a critical role in agile-based business. Working as a Scrum Master is a specialized vocation that derives from a specific job inside the Scrum framework. A Scrum Master is the one who is in charge of delegating and managing agile software development activities that are based on the […]
What is a Scrum Meeting?
Scrum is an agile framework that allows teams to deliver products more quickly by breaking down massive development projects into smaller chunks that team members can complete in a shorter amount of time. Scrum meetings refer to various team meetings such as daily standups, sprint planning sessions, and sprint retrospectives. Who Should Attend Scrum Meetings? […]
What is a Shipyard Engine?
Definition of Shipyard Engine Shipyard engine is a new term in business that refers to a management process used by organizations that use the CD/CI model. The Drift development team coined the term “Shipyard engine,” which updates its software fifteen times a day on any given day. This developer of conversational marketing software follows […]
What is a Software Development Lifecycle (SDLC)?
Definition of an SDLC The acronym SDLC stands for Software Development Lifecycle. SDLC is a strategy in software development that allows teams to break the work required to build an application into a series of predictable, structured stages. The application of routine business procedures to software development is formally known as the Software Development […]
What Is a Sprint Backlog?
The Sprint Backlog lists tasks your team intends to do within a project sprint. These items are frequently pulled from the product backlog during the sprint planning session. A clear sprint backlog avoids scope creep by defining exactly what your team will do—and not do—during each sprint. A sprint backlog is a selection of items […]
What Is a Sprint Goal?
A sprint goal in an organization is a roadmap that the team will use to achieve a specific purpose during an agile sprint for the sprint goal. Usually, a sprint goal is the outcome of a negotiation between the project owner and the product development team. Ideally, sprint goals should be objective, straightforward, and measurable. […]
What is a Sprint?
A sprint is a predetermined period during which a team will work together to achieve particular objectives. Sprints are often only a few minutes long, but they can be as long as you want (one or two weeks, for example). A sprint is typically preceded by a planning meeting, where the team brainstorms and confirms […]
What is a Stakeholder?
In the corporate world, a stakeholder is any party, individual, or group of people or organizations with a deep-rooted interest in an entity and its actions. The stakeholders can influence several aspects of the business. Examples of stakeholders are the investors, employees, shareholders, suppliers, the community, government, trade associations, customers, and suppliers. Different stakeholders have […]
What is a Standup meeting?
A standup is a daily short meeting held by members of an agile team. The purpose of a standup meeting is to discuss critical ongoing projects. Standup meetings are typical in various departments across numerous industries. Many regard it as a brilliant alternative to frequent traditional round table meetings, and it’s rightly so. It carries […]
What Is A Story Point In Product Management?
Definition Of A Story Point Story points represent the amount of work it will take to complete a backlog item in the agile development process. They show how much time it will take to complete the project, and it is short for “story point estimate.” They are used to make sure that everyone on […]
What Is A Swot Analysis?
A SWOT analysis is a planning framework widely used to analyze the advantages and disadvantages of a company’s current business model, market rivalry, or project planning. SWOT analysis is an acronym that represents these four components: ● Strengths ● Weaknesses ● Opportunities ● Threats The Importance of A Swot Analysis Strengths and weaknesses are […]
What Is Scope Creep?
Definition Of A Scope Creep Scope creep (also known as feature creep in product management) is the tendency for a project’s criteria and deliverables to expand or diverge over time. As customers and other stakeholders seek additional features and capabilities, the scope of a project will frequently expand over its existence. The fact that […]
What Is Scrumban?
Scrumban is a project management productivity solution that enables teams to get more work done faster. It combines the essential features of two well-known and similarly agile methodologies: Scrum and Kanban. This framework merges Knaban’s flexibility with the efficiency and dependability of scrum to make teams more agile and productive. Furthermore, it is a highly […]
What Is Seed Capital?
Seed capital or seed funding is one of the types of financing for a startup during its formation. Investors give the seed money in the form of securities by providing the capital the business requires for an equity stake or future profits from the sale of products from product managers. In most cases, seed capital […]
What Is SMART Goal Setting?
“SMART goal setting” is a term used to describe how project managers develop goals that lead to more favorable outcomes. As its acronymic name suggests, it aids the design of clear, measurable, attainable, relevant, and time-bound goals for products and roadmaps. Each of these factors gives clarity, fuels motivation, and raises the likelihood of success. […]
What is Spike Agile?
The Spike Agile product/service development approach entails setting up time-bound diversions from a primary improvement roadmap to resolve product/service-related issues, problems, obstacles, or challenges. These time-bound diversions(i.e., time-boxes) allow resource-intensive and solution-centric exploration and experimentation. Subsequently, the diversion of time and human resources to concentrate on resolving improvement-encumbering issues/obstacles/problems embodies a figurative spike, i.e., focusing […]
What Is Sprint Planning?
Sprint planning is a scrum session that starts the Sprint. Sprint planning aims to figure out what can be accomplished in a given sprint and how you will do it. The scrum team as a whole collaborates on sprint planning. Why using Sprint Planning When the scrum teams meet for sprint planning, they are looking […]
What is Stakeholder Analysis?
Definition of Stakeholder Analysis To undertake a stakeholder analysis, you must examine all of the persons or groups who will impact the product’s success or those who will be affected by it. Usually, this evaluation takes place before starting a new program or project. Depending on how they interact with the product or project or […]
What Is Stakeholder Management?
A product’s stakeholder management is a term that refers to preserving good connections with the company stakeholders, which are people who have the most impact on the company’s work. The product’s stakeholder management strategy involves the development of tasks, activities, and behaviors that will impact the stakeholders involved in the product’s development. The stakeholders of […]
What is Story Mapping?
Story mapping (SM) is a technique for visualizing user stories to create a clear, birds-eye picture of the user experience from beginning to end. A story map, which lists the various methods of attaining the same end goal, assists you in swiftly identifying your minimum viable product — which is at the top of the […]
What is Strategic Marketing Management?
Strategic marketing management is a term that describes the process of putting your company’s mission into action through precise and strategic methods. All of that was meant, of course, to maximize the effectiveness of your current marketing strategy. At its core, Strategic marketing management is making strategic decisions within a marketing strategy to improve that […]
What is Sunk Cost?
Sunk cost (SC) is, by definition, an expense that cannot be retrieved, much like a shipwreck. Sunk costs are an unavoidable part of doing business. Furthermore, because they are non-recoverable, they should not be included in future budgetary estimates. The Role Of Sunk Cost The role of sunk cost is mainly about knowing what to […]
The AARRR Framework
Definition of AARRR Framework The AARRR framework is among the most widely used methods to measure growth and success in startups and SaaS businesses. David McClure, the founder of Practical Venture Capital, introduced it, and it’s also known as the Pirate Metrics or Pirate Framework. It divides your client’s life cycle into five phases, each […]
The Crystal Agile Framework
The Crystal agile framework is designed for software development. It emphasizes people rather than procedures, empowering teams to develop their solutions for each project rather than being constrained by pre-determined methodologies. The agile doctrine prioritizes individuals and interactions over procedures and tools, and the Crystal approach is a direct subset of this value. Different teams […]
What Are The Five Forces?
The five competing forces model, which defines industry structure, is one of the most well-known among managers making strategic decisions. The nature of competitiveness in any industry, according to Porter, is personified in the following five forces. Professor Michael Porter of Harvard Business School first proposed the five-force paradigm in 1979, and it has since […]
What Are The Five Whys
The five whys technique is used to uncover the root, the underlying reason for an issue with a client, a firm, or an operation. Teams must first ask themselves five “why?” questions if they want to arrive at a solution (or “counter-measure,” as the exercise’s name suggests). Sakichi Toyoda, the Japanese investor and businessman who […]
What are the Four Ds of Time Management?
The four Ds of time management, also popularly known as the four Ds of productivity, outline a technique used to prioritize the execution of tasks/activities within a limited time frame. The four Ds stand out in full for Do, Defer/Delay, Delegate, and Delete/Drop. In essence, the four Ds describes four categories into which pending tasks/activities […]
What are the Six Thinking Hats?
The “six thinking hats” refer to a decision-making approach that enables product/service development teams to safely pursue strategies/initiatives/activities that encompass overcoming significant risk to achieve a substantial product/service-centered improvement objective. Context of the Six Thinking Hats Whenever an improvement-curtailing product/service-related problem/issue/obstacle manifests on a product development roadmap, a product/service development team typically has to choose […]
What is a Technical Product Manager?
A technical product manager (TPM) is a project coordinator with a solid technical background and is usually responsible for the product’s more specialized components. A technical product manager collaborates more closely with the engineering team than with the organization’s business, sales, and marketing teams. A technological product manager will usually work on technology products rather […]
What is a Theme in Product Management?
A theme in product management refers to a product’s primary goal/objective. In other words, it is the value clients or stakeholders get from a product. It is also why customers buy a product or investors put their money in the business. Themes are developed from strategic plans and are at the top of a product’s […]
What Is A Top-Down Product Strategy?
A top-down product strategy is a hierarchical structure in which leaders and decision-makers disseminate product-related information and instructions to the product team. In some situations, decision-makers, senior managers, and the product manager can collaborate to define the strategy. Under this hierarchical management system, power and decision-making often remain in the hands of those taking the […]
What is a Total Addressable Market?
The total addressable market (TAM), sometimes known as the total available market, refers to the magnitude of the financial opportunity that a specific product or service provides. The total addressable market is also defined as the sum of all potential customers. You can say that TAM refers to the amount of money a company or […]
What is Technical Debt?
Technical debt, also known as “design debt,” “code debt,” or “tech debt,” is defined as the result of a development team choosing a faster but less comprehensive solution to a problem over a slower but more comprehensive solution. Technical debt is also used to describe the resulting cost of later reworking the product in terms […]
What Is Test-driven Development?
Test-driven Development (TDD) is a software development practice that focuses on creating test cases before developing code. These test cases are meant to determine how the software will work. It starts by developing unit tests for every small functionality to test the software at every development stage continuously. If the code fails the test, the […]
What Is The Action Priority Matrix?
The action priority matrix is a diagrammatic framework intended to assist product managers in prioritizing their tasks and making the most use of their available time. It accomplishes this by charting the impact of an activity against the effort required to complete it. The history of the Action Priority Matrix The renowned author and business […]
What Is the Agile Manifesto?
The Agile Manifesto is a document that outlines the core ideas and principles that underpin the Agile mindset. It is intended to assist development teams in becoming more efficient and sustainable in their work. The Agile Manifesto for Agile Software Development, which is officially known as ‘The Manifesto for Agile Software Development,’ is a document […]
What Is The Baseline?
A baseline is a point in time representing the beginning of a project, a budget, or a product. It is frequently used as a starting point or a foundation upon which you will measure future success or failure. Based on historical data, teams will agree on criteria for establishing a baseline, which will serve as […]
What Is the concept of Churn?
Churn is the percentage of customers who discontinue utilizing your business throughout a specified period rate, commonly represented as a proportion of subscribers who have terminated their recurring payment arrangements. . SaaS businesses or subscription businesses in general use a variety of more sophisticated churn metrics to inform critical business decision-makers better. For instance, in […]
What Is The Cost of Delay?
The cost of delay (COD) explains the impact of time on the outcomes we seek” It’s the partial derivative of the total expected value concerning time. Cost of Delay combines knowledge of matter with an awareness of how that value diminishes over time. Why Using the Cost of Delay metric The cost of a delay […]
What is the Cost Of Goods Sold?
The Cost of Goods Sold(COGS), also known as the cost of sales, refers to the direct cost of producing a product from principles to conception to when the company is ready for sale. It is simply the cost of every item that a company manufactures and sells. The sum of cost includes expenses of the […]
What Is The Cost Of Sales?
The cost of sales is the direct expenses associated with manufacturing goods/services provided to your consumers. It’s often known as the cost of goods sold (COGS). Selling, general, and administrative expenses are excluded from the cost of sales calculation, as are interest charges. In a nutshell, the cost of sales is a critical financial performance […]
What is the Critical Path Method?
The Critical Path Method, or CPM, refers to a resource utilization strategy that optimizes the timeline of objective-specific product/service improvement activities. The founding premise behind CPM-based product/service improvement is the logical and sequential execution of objective-specific tasks to minimize overall completion time. Consequently, task scheduling of a CPM product/service-centric project requires establishing a logical(cause-effect) relationship […]
What Is The DaciDecision Making Framework?
The DACI decision-making framework assigns defined roles to team members, as described in the following section, To make group decision-making faster and more successful. The concept is founded on the premise that assigning roles to specific individuals within a group would result in choices being made more quickly and efficiently. This provides: ● Defined lines […]
What Is The Definition Of Done?
The Definition of Done (DoD) is a collection of agreed-upon requirements that must be met before a project or user story can be declared finished. It is constantly implemented and serves as an official confirmation between “in progress” and “done.” Different firms and development teams will develop their version of the definition, but they all […]
What is the Definition of Ready?
The definition of readiness (DoR) is a milestone in the Scrum meeting agile framework that indicates the completion of preliminary steps for a task or project that is about to be processed. In essence, realizing a DoR milestone involves attaining a series of minimum pre-implementation requirements necessary for the success of an organizational-wide transition. Importance […]
What Is The Eisenhower Matrix?
The Eisenhower Matrix is a straightforward four-quadrant design for prioritizing and prioritizing your tasks in order of Importance and urgency. The matrix, named after its originator, President Dwight Eisenhower, has been utilized to increase productivity by organizations and individuals for decades. It is used to categorize and prioritize the time we spend working by dividing […]
What is The Fatal Two Percent Rule?
Definition of the Fatal Two Percent Rule When it comes to strategic organization planning, the fatal 2 percent rule is a decision-making method that you can use in various situations. According to the ‘rule,’ companies can set a standard for success or failure by achieving just 2 percent of the overall market share for […]
What Is The First Mover Advantage?
A corporation that is the first to launch a product or service to the market gains a competitive advantage known as the first-mover advantage. A company’s first-mover advantage can create significant brand awareness and product/service loyalty ahead of rival market entrants. It’s vital to emphasize that the first-mover advantage only applies to significant businesses initially […]
What is the First Source of Guidance?
The first source of guidance refers to a documented description of the initial set of conditions that prompt a software/product improvement initiative. This document is the starting point of all software/product development activities based on the Scaled Agile Framework(SAF) process implementation approach. A first-source-of-guidance document enables a software/product development team to comprehensively define the necessary […]
What is The First Step Setting Price?
The first step setting price is a method for determining your pricing goals. First step setting prince was made to keep up with the competition rather than outperform it. As a result, firms can evaluate demand and expenses associated with several pricing and select the one that generates the most current profit, return on sales, […]
What Is the Freemium business model?
Freemium is a popular business model in the software as a service (SaaS) market. Companies make their platforms available in various configurations, including free and paid-for versions, to accommodate a broad user base with different financial resources. The importance of Freemium The most excellent free platforms demonstrate the complete product’s worth and entice consumers to […]
What Is the heart framework?
The HEART framework is an approach that aims to align their attention more closely with the customer experience. The HEART framework aims to assist companies in gaining a better understanding of how modifications can affect the user’s journey. The history of the HEART framework In its original form, the HEART framework was described as part […]
What Is The Ice Scoring Model?
The ICE Scoring Model is a reasonably rapid technique to assign a numerical score to specific possible initiatives or ideas to prioritize them based on their relative value. ICE is an acronym that stands for Impact, Confidence, and Ease, and these are the three measures used to evaluate projects for project managers. The History […]
What Is The Kano Model?
The Kano Model (pronounced “Kah-no”) is a method of ranking items on a product roadmap according to their likelihood of satisfying consumers. The History Of The Kano Model Professor Noriaki Kano invented the Kano Model in 1984, and it has been in use ever since. He worked as a quality management professor at the Tokyo […]
What is the Moscow Prioritization?
The Moscow Prioritization is a technique for constructing a hierarchy of priorities during a project. The Moscow prioritization method is based on the agile method of project management, which attempts to identify as many aspects as possible as early as possible, such as the cost of a product, the quality of the product, and the […]
What is the Net Promoter Score?
Definition of a Net Promoter Score Net Promoter Score is a method used to determine customer loyalty and satisfaction. In the net promoter score Method, Customers are asked how likely they are to suggest your product or service and its result on a simple scale. The Net Promoter Score is designed to assess customer […]
What Is The North Star Metric?
North Star Metric, also known as an organizational product north star metric, is a gold standard by which the product team is evaluated inside the business. It is, without a doubt, a broad-brush approach. Still, it provides critical stakeholders with a quick and straightforward means of assessing and monitoring a product’s success and alignment with […]
What Is The Payback Period?
The payback period is defined as the time it takes for an investment to pay off. The length of time that a company expects to pass before recovering its initial investment in an item or service is called the payback period. Organizations use the payback period to calculate the rate of return on any new […]
What Is the Product Development Process?
A Product Development Process refers to all of the processes that a company must accomplish to take a product from conception to the point it is made available. For example, the process often entails identifying a need in the industry, performing market research to identify and qualify a potential opportunity, developing a product roadmap, and […]
What Is The Product Life Cycle?
The Product Life Cycle is a term used to describe the process of product development, from start to finish. In other words, The product life cycle is the trip that each product takes from the conception of an idea to its eventual retirement, referred to as the product life cycle. The notion of the product […]
What Is the Product Tree?
The Product Tree is a fun, visual, and functional tool that introduces gamification to product management. It represents a product roadmap in the form of a simple tree, complete with the trunk, branches, roots, and leaves. The branches here represent the product’s key functionality, while the roots represent the requirements for supporting those functionalities (branches). […]
What Is The Rapid Application Development Method?
Rapid Application Development (RAD) is an adaptive software development approach. A software prototype is swiftly modified based on user feedback and iteratively supplied until it satisfies all the client’s specifications. Rapid application development differs from other software development models by a significant amount. The most crucial difference is how rapid application development prioritizes speed above […]
What Is The Shape Up Method?
Definition of the Shape Up Method Through the use of specific definitions and prioritization of goals and objectives, this product development technique aims to aid teams in designing and constructing products to higher standards. According to a tight, iterative structure, small teams will complete project tasks in six-week cycles before distributing their work to the […]
What Is the Stage-gate Model?
The stage-gate model, also known as the phase-gate process, is a project management strategy used to drive a project from idea to launch in a structured manner. The project is divided into several stages in this model, separated by figurative “gates.” These gates are the decision points where product managers make decisions regarding the course […]
What Is The Term “The User Is Drunk”?
The Meaning Of “The User Is Drunk” “The user is drunk” is an intriguing concept in product management and user experience design: it refers to creating websites or software that is so simple to use that even someone under the influence of alcohol can use it. To me, an idea or a process that […]
What is the Waterfall model?
The waterfall is an early product and software development approach referred to as the Linear-sequential Life Cycle Model. A definitive attribute is that the various objective-specific phases in the waterfall model strictly adhere to a predefined sequence of execution, i.e., the outcomes, findings, and results obtained from one phase function as the primary inputs for […]
What is Town Hall Meeting?
A town hall meeting is an organization-wide meeting attended by all employees and executive management team members. It is hosted by a senior management team member and is the perfect opportunity for the management to meet and interact with their employees and share their business plan. The meeting can be held in a large conference […]
What Is Tribe Model Management?
Tribe model management (TMM) divides product development workers into specific units, each responsible for one particular aspect of the product’s development. This concept is more widely employed in agile product development than in other types of product development. It is a method in which product development workers are divided into specific units so that they […]
User Interface
A user interface (UI) is defined as a graphical user interface or means the end-user of a product interacts with or controls a product, software, or hardware device that is referred to as the user interface. In other words, the user interface is where a human and a computer will interact and communicate. Screens, keyboards, […]
What Is a Unique Selling Proposition?
A unique selling proposition (USP) is the distinguishing element that distinguishes your brand, product, or service from the competition. A unique selling is also known as a “unique selling point.” Rosser Reeves, an American advertising executive in the 1940s, was the first to study the concept of a unique selling proposition (USP). Reeves was well-known […]
What Is a Usability Testing?
Usability testing (UT) of a product or service involves determining how easy or difficult it is for users to interact with the product or service in question. You can do usability testing for apps, websites, software, platforms, online courses, or any other product that a company sells or offers. It is customary to conduct a […]
What is a Use Case?
A use case depicts the product’s consumers, interaction with the product, and what the product does. Use cases in project management can be just as crucial for gathering requirements and setting a project’s scope for breaking down complex ideas in a software development environment. Furthermore, a use case describes a user’s interactions with a system […]
What Is a User Experience
A user experience (UX) is a broad term that refers to any tactile or emotional interaction an individual has with a product. This could be the ease with which an app is used, the ease with which a website is explored, the intuitiveness and ergonomics with which a device is handled, or the overall feeling […]
What Is a User Persona?
A user persona is a semi-fictional figure designed to represent the many types of customers who use a company’s products or services and are represented by the character. They are semi-fictional because they are not based on a specific human, but their traits should be derived from observation of actual users in the real world. […]
What Is a User Story
A User Story is a well-formed, brief, and straightforward statement of a software requirement stated in an informal and natural language from an end-user’s perspective. It is the primary artifact used in the agile software development process to capture the needs of end-users, and it is also the most complex. User stories are produced by […]
What is a UX Designer?
Definition of a UX Designer A user experience (UX) designer is responsible for ensuring that a product is usable by its intended audience and prioritizes the user experience during the design process. It ensures that customer satisfaction is considered and promoted throughout the product development. The role of a user experience designer encompasses anything […]
What is User Flow?
User flow refers to the steps that a prototypical end user follows to complete a product/service-centric task on a website or a standalone web-dependent app. These include buying a product from an e-commerce platform, subscribing to a web-based service, making in-app purchases, etc. Consequently, realizing this series of customer-focused, objective-specific, and revenue-centric tasks is crucial […]
What is User Research?
Definition of User Research User research, which should not be confused with usability testing, can be conducted using a variety of approaches, including qualitative and quantitative. Through user research, there is also the opportunity to investigate a wide range of objectives, which means that speaking directly to consumers can benefit any department within your firm. […]
What Are Vanity Metrics?
Vanity metrics are performance statistics or data that look promising on the surface but do not necessarily indicate the business’s actual performance. In some cases, the vanity metrics look good to the onlookers, but you cannot use them to gauge the performance of your business. They are not an accurate indication because they often lack […]
What is a Value Proposition?
A value proposition is a promise by a business to give value to customers. A value proposition explains how a product or service will benefit consumers or users. It provides details about a product or service — the benefits, the uniqueness, and the perks of choosing it over similar products. The ideal value proposition is […]
What Is Value Versus Effort?
Value versus Effort is a model used to prioritize features and build a practical roadmap. The Value versus effort paradigm requires teams to assign each element a monetary value (for example, income potential) and measure their Effort (e.g., hours to build). Teams can rapidly determine which features are high Value and low Effort — priorities […]
What is Velocity?
In agile software development, velocity measures the speed at which teams and team members complete tasks or the rate of progress. It is the number of stories the team can complete and ship in one sprint. You can compute velocity by calculating the number of units of work accomplished in a given time frame (such […]
What Are Website Metrics?
Website metrics are some or all of the information gleaned from your website activity. These figures can be related to traffic figures, audience demographics, user-specific actions, etc. Metrics are critical to your website’s success since they can reveal where particular issues may arise. Several measurements are taken on the site in question to track and […]
What Is A Wireframe?
Wireframes are used to create (and define) the form and function of an application, which can be a web app or a smartphone app. It’s a valuable tool in an Agile development environment since it allows excellent communication between project team members and stimulates iteration. Wireframes also save time on project execution by reducing the […]
What is Web Traffic?
Traffic is a standard metric used by websites, software as service applications, and many other digital services and websites. It refers to the number of visitors or individual visits an online property receives. The first and most obvious measure you can take to increase website traffic is to use robust search engine optimization best practices. […]
What is Website Traffic?
Definition of Website Traffic Website traffic refers to the number of individuals who visit a website. To ascertain the number of visits to a website, one must evaluate its mission, the visitors’ objectives, and the means they discovered the website. When a page receives a visitor, the servers track and log the visitor’s IP address. […]
What is Weighted Scoring
Weighted scoring is a method of prioritizing projects by assigning a numeric value to each task according to the cost-benefit (or effort-to-value) analysis. Initiatives are rated using this framework based on a set of criteria. The requirements are sorted according to their final ratings based on a cost-benefit analysis. Why the Weighted Scoring method […]
What is Weighted Scoring?
Weighted scoring is a method of prioritizing projects by assigning a numeric value to each task according to the cost-benefit (or effort-to-value) analysis. Initiatives are rated using this framework based on a set of criteria. The requirements are sorted according to their final ratings based on a cost-benefit analysis. Why the Weighted Scoring method is […]
What is Weighted Shortest Job First?
Weighted Shortest Job First (WSJF) Is a priority approach used to order jobs (e.g., Features, Capabilities, and Epics). In SAFe, Weighted Shortest Job First is calculated by dividing the Cost of Delay (CoD) by the number of jobs. When it comes to task prioritizing, weighted shortest job first, or Weighted Shortest Job First, is a […]
What is What, Not How?
“What, not how” is a software development philosophy that prioritizes what a product will do over how it will do it. It is part of business rules created to automate decisions, so there is no doubt about what to do when it comes to making the decision. It has been applied to software development and […]
What Is Working Backwards?
The “working backward” (WB) method, commonly known as the Amazon way, is a product development methodology developed by Amazon product teams. Teams should begin at the end of the product development process by creating an internal-only press release announcing the completed product, according to the company’s unique perspective on the process. You may write this […]
