Glossary

A/B testing
Also known as split testing. Used to compare two different versions of the same web page and determine which one is measurably more effective at achieving results. Results are usually measured as click through, purchase, or download.
active listening
The process of listening and responding by echoing some of the talker’s words to ensure understanding.
Agile
An iterative and incremental approach to, typically, software development that involves short phases of work followed by checking that the work achieves the agreed upon goals and adapting to new information given market changes.
alpha
The very first version of the software that works, sort of. Term mostly used in waterfall development.
application program interfaces (API)
A set of definitions, protocols, and tools used to build software. Especially important to define when different software parts need to work together.
assumption
Unproven business supposition used to make rapid progress toward a conclusion.
business-to-business (B2B)
A business model where a business primarily supplies its product to other businesses.
business-to-consumer (B2C)
A business model where a business primarily supplies its product to consumers.
barrier to entry
A set of obstacles that prevent or slow down a business from conducting business.
benefit
A description of a product advantage written from the perspective of the customer. Often includes emotional aspects.
beta
The almost final version of the software. Term mostly used in waterfall development.
beta plan
A plan to validate whether a product meets or does not meet customer expectations. A beta plan is created and executed prior to product launch.
beta program
A program to execute the beta plan.
brainstorming
A problem-solving meeting with specific rules intended to generate a wide range of ideas.
brand
A name, term, design, or symbol that identifies a company or product.
break-even
The financial point at which the total cost, including investment, of all products sold is the same as the profit generated by the same product.
business case
A financial and business justification to support investment in a particular product or solution.
business model
The specific way in which a business is organized to generate revenue and profits in a sustainable manner.
channel partner
A company that works with the provider of a product to sell it onto other channel partners or end users. A channel partner usually sells products from many different product providers.
conversion rate
In the digital marketing space, the percentage of all customers or website visitors who act in the way that the company wants at that point in time. For example, converting a website visit to a sale.
customer development
A process for bringing customers to the point of choosing your product through a deep understanding of their needs and the way that they purchase products.
customer panel
Groups of selected customers who provide feedback on a company’s strategy, plans, and specific product offerings. Customer panels can be strategic or tactical, but not usually both.
DACI
A decision-making matrix developed to ensure a company can make decisions more quickly and that the process is transparent to all parties. D stands for Driver, A for Approver, C for Contributor, and I for Informed.
daily standup
In Agile, a very short daily meeting where everyone stands up. Each participant quickly answers specific questions.
design thinking
An integrative process involving a small inter-disciplinary team to analyze problems from all sides including logical, empathetic, and systemic points of view.
differentiation
An aspect of developing products and solutions that ensures customers can distinguish different offerings on a basis that is meaningful to the customer.
distribution channel
A chain of businesses through which a product passes until it reaches the end user. Different industries use widely varying terms for distribution partners.
embargo (press)
A press embargo is a request that the information not be made public until a specified date.
feature
A distinctive factual attribute of a product or service.
frequently asked questions (FAQs)
A list with answers of the most commonly asked questions about a company, product, solution, or service.
gate
In the context of a phase-gate process: a decision point as to whether a product or project should proceed, be held back, or cancelled.
Golden Master (GM)
The final released version of software.
head count
The number of people allocated to a particular project or department. A fully loaded head count is the full cost including all personnel and business expenses of having the person employed.
ideation
The process of generating, fleshing out, and prioritizing product ideas.
inbound marketing
Marketing efforts that bring customers to you as a result of their searches for information on a certain topic. White papers, ebooks, blogs, and social media are examples of inbound marketing.
kanban
In software development, a method for developing software on a just-in-time basis. Kanban removes the scrum time boxed method to track work, which is useful when your development team members have specialized skills.
key performance indicators (KPIs)
A set of business metrics used to determine whether a person, product, group, or division is successful.
landing page
Landing pages are officially any web page that a customer is directed to via a hyperlink. For large websites, landing pages are used to direct customers quickly to a more specific topic of interest.
Lean
A methodology for approaching problems by delivering quality with speed and customer alignment. Usually followed by a descriptor of Lean: Lean startup, Lean UX. The goal is not to create anything unless it adds value.
market
A space where buyers and customers can interact to exchange money for products. In product management terms, often used to mean a group of customers who interact with the company in the same way.
market analysis
An analysis of specific markets with the goal of determining relative attractiveness of addressing a product to a particular group of customers.
market needs document
See market requirements document.
market offering
A combination of products offered to a market to satisfy a particular need.
market requirements document (MRD)
A document that defines the high-level market need for a product. An MRD is written from the point of view of the problem space and the customer.
market research
The process of gathering, analyzing, and interpreting information about customers and markets to determine their preferences.
market segments
A unique group of customers who share similar characteristics in the way that they react to marketing.
market share
The portion of the total market sales that accrues to one company.
minimum viable product (MVP)
The smallest and most tightly defined product that will generate initial sales. Customer feedback is then gathered to inform the next version of the product.
mockup
A model of a final product used to guide product development and gain customer feedback.
new product development (NPD)
The process of conceiving a product until it is finally delivered to market.
non-disclosure agreement (NDA)
A formal agreement or contract by which two or more parties agree not to disclose confidential information that they share with each other.
opportunity cost
The cost of not pursuing a different alternative instead of the one chosen.
outbound marketing
Marketing that reaches out from the company to the customer. This includes but isn’t limited to direct mail, email, and advertising.
payback time frame
The period of time needed to recover all the costs of the project.
persona (market and product)
An archetype of a customer, decision maker, or influencer that defines its role, attributes, behavior, and any other insights pertaining to its perception of your product or the way that the person perceives marketing messages.
phase
A time period during the product life cycle when certain prescribed activities are completed by different departments with the goal of completing specific tasks before the next gate. Also referred to as a stage.
phase-gate process
A project management technique where phases of prescribed work are punctuated by decision gates. Also known as stage-gate process.
pivot
In the Lean start-up world, a pivot is a structured, often rapid, course correction on the basis of new market, customer, and development information.
positioning
The marketing objective of a customer having a clear, unique, and advantageous understanding of a product.
product line
A group of products related to each other under the banner of a brand.
product line extension
An additional product added to a product line that prevents revenue decline or increases overall revenue for the overall product line.
product portfolio
A range of products sold by a company. Many products and product lines can be part of a product portfolio.
product requirements document (PRD)
A document that contains at least all the high-level product-specific requirements or features for that product to be developed and ready for market.
profit
In financial terms, the difference between the price that a product is sold for and the total cost to provide and sell the product.
prototype
The first model of a product. In software, it’s the incomplete product used for testing and validation before final development.
public relations (PR)
The development and maintenance of a positive public image of the company by an internal department very often in conjunction with external PR specialist firms.
RACI
A tool for identifying roles and responsibilities within and between organizations. R stands for Responsible, A for Accountable (to whom R is accountable), C for Consulted, and I for Informed.
requirement
A market need for the customer or product feature in a product that needs to be addressed for a customer problem to be solved.
return on investment (ROI)
A numerical financial calculation used to compare different investment opportunities. ROI = (net profit/cost of investment) × 100.
revenue
The amount of money a company receives from operations during a specific period.
risk
The chance of a negative thing happening.
road map
A time-based visual representation of future scenarios for products, technologies, and market forces.
scope
The features and characteristics of a product. Scope creep occurs when additional features are added during development.
scrum
An iterative and incremental time-boxed method of developing software using small, self-directed teams. The goal of scrum is to flexibly develop what customers find valuable.
scrum master
In software development, the person who facilitates the work and decisions of a scrum team.
segmentation
For product managers, mainly market segmentation where different markets are divided so that choices can be made as to which markets to address.
sprint
In scrum, the defined period of time during which an agreed upon list of tasks should be accomplished.
sprint goal
The goal of a particular sprint communicated to all team members.
sprint planning meeting
A collaborative meeting facilitated by the scrum master during which the plan is developed and clarified for the upcoming sprint. Product owners participate to clarify user stories for the team.
sprint retrospective
A meeting held at the end of each sprint to evaluate the previous sprint and decide on changes that the team agrees for the next sprint.
sprint review
A meeting held at the end of a sprint to demonstrate the work that was completed during the sprint and get feedback for upcoming work.
stage
See phase.
strategy
A plan for achieving major objectives under conditions of uncertainty, usually over an extended period of time.
SWOT analysis
An analysis of the company’s strengths and weaknesses compared to the opportunities and threats in the market place.
target market
The markets selected for the product to be sold to because they are the ones most likely to achieve positive company outcomes.
technical debt
In software, refers to code that should be reworked to improve it for a variety of reasons. Typically arises when shortcuts are done in development to get to market more quickly.
unique selling proposition (USP)
The unique reason that a customer should choose your product over other offerings.
user experience (UX)
The entirety of the customer experience with your company and product including purchasing, look and feel, functionality, and support.
user interface (UI)
Anything that the customer interacts with and gets information from your company or about your product. Primarily, but not exclusively, used in software development.
user story
Description of the functionality that a product should have, written from the perspective of the user. A very simplified and focused requirement description.
value proposition
A statement of the value that your product brings to your customer. The main reason that a customer should buy from you.
vision
In product management, the description of the future that will exist when your product is developed. Used to provide a “true north” description to bring all stakeholders on board.
voice of the customer (VOC)
The in-depth process of capturing customer needs, which includes market research and customer visits.
waterfall development
A linear and sequential development methodology where, for the product development part, product managers define all aspects of the product before it is given to engineering to create. There is no official role for feedback loops and flexible changes in waterfall development.
wireframe
In software development, a visual guide to the information hierarchy in the software as users follow a flow from screen to screen.
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