Glossary
Prioritization
Master the art of feature prioritization and make informed decisions. Learn frameworks like RICE and explore strategies to prioritize effectively for maximum impact.
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100 Dollar Test Prioritization
The 100 Dollar Test Prioritization method is a prioritization method that takes limitations into account.
30/30/30 Rule in Product Management
The 30/30/30 rule in product management is a method of balanced resource allocation. It recommends committing 30% of resources to current customers, 30% to growth, and 30% to debt.
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Acceptance Criteria
Acceptance criteria are a set of targets that must be met in order to successfully finalize and complete the user story.
Action Priority Matrix
The Action Priority Matrix is a diagrammatic framework which helps product managers to prioritize their tasks and make the best use of their limited time. It does this by plotting the impact of a task against the effort it requires.
Affinity Grouping
Affinity Grouping is a collaborative tool used for gathering qualitative data and sorting it based on shared themes. The process also involves prioritizing the groups formed and agreeing on actions that should be taken based on the results.
Augmented Product
An augmented product is designed to add extra value to an existing product to help it stand out from its competitors. Added value can mean anything from improved product features to free delivery and installation of the product.
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Capacity Planning in Product Management
Capacity Planning in product management helps PMs determine the tools, people, budget, and other resources required to meet demand.
Churn
Churn is the percentage of customers that stop using your business during a given time frame.
Convergent Thinking
Learn what convergent thinking means, how product teams use it to evaluate options, make trade-offs and prioritize the strongest ideas with confidence.
Cost of Delay (CoD)
The Cost of Delay is a prioritization framework that helps product managers make informed decisions by weighing in the monetary implications of being late to market.
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Dot Voting
Dot voting is a simple but effective prioritization technique performed as a group.
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Eisenhower Matrix
The Eisenhower Matrix is a productivity tool for organizing your tasks by urgency and importance. Created by President Dwight Eisenhower, it's a great way to better understand where your time is going versus where it should be going.
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Fatal 2% Rule
The Fatal 2% Rule states that if a company or venture can achieve 2% of total market share it will be successful, but failing to achieve 2% will be fatal.
Feature Adoption
Feature adoption is a metric used to see how many users actually use product features.
Featured and Popular Products
Featured and popular products can relate to any item from your bestsellers list or even a new collection you’ve launched. Popular products are determined by the amount of sales whereas featured products can be chosen by the business.
Five Whys (5 Whys)
The Five Whys is a technique used to understand the root cause of problems, and identify counter-measures that prevent them happening again. It focuses on rectifying underlying issues rather than their symptoms.
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Guerrilla Marketing
Guerrilla marketing is a form of promotion that relies on unconventional, and surprising, methods to create impactful, memorable marketing campaigns.
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HiPPO in Product Management
HiPPO in product management occurs when the general consensus is based upon the most senior team member’s opinion.
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ICE Scoring Model
The ICE Scoring Model is an agile prioritization tool, assessing projects, ideas and features via three set measurements: Impact, Confidence and Ease
Ideal Customer Profile (ICP)
An ICP outlines the key characteristics of the customer, such as their demographics, behavior patterns, needs, and pain points.
Ideas Versus Opportunities
Potential business opportunities are built on good ideas, but not all good ideas translate into valuable opportunities. Understanding this difference is key to making the right decisions.
Impact Mapping
A graphic or schematic method for planning which features will be incorporated into a product.
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Jobs-To-Be-Done-Framework
This is developing a product with an understanding of what the consumer wants to achieve when using the product.
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Kano Model
The Kano Model is a framework that product teams can use to prioritize features, by organizing them across five categories based on the value and satisfaction they deliver to a user.
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Minimum Requirements for a Feature
The minimum requirements for a feature include the beneficiaries, the benefit hypothesis, and acceptance criteria.
MoSCoW Prioritization
MoSCoW Prioritization is a method for organizing project requirements based on their priority level. “MoSCoW” is an acronym for Must-Have, Should-Have, Could-Have, and Won't-Have.
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Net Promoter Score (NPS)
Net Promoter Score is a metric that gauges customer loyalty and satisfaction simply by asking customers how likely they are to recommend your product or service on a simple scale.
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OKRs vs KPIs
OKRs vs KPIs — they’re both great performance metrics, but what’s the difference between them?
Objectives and Key Results (OKR)
Objectives and Key Results, also known as OKR, is a goal-setting framework used in businesses to align individual performance with overall goals in a measurable way.
Opportunity Cost
An opportunity cost is the inevitable loss of profit, growth or other value, which must be spent in order to focus on an activity. Despite its name, opportunity cost is not necessarily a bad thing.
Opportunity Scoring
Opportunity Scoring is a prioritization method, based on user-assigned importance and satisfaction ratings. Product teams can use opportunity scoring to refocus product roadmaps, improving the value of the product overall.
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Penetration Pricing Strategy
Penetration pricing refers to setting a low initial cost for a new product or service. Usually, this is done by businesses to gain market share quickly or get new customers to purchase.
Pitching a Product
Pitching a product is the process of trying to get investment for a new product launch by selling it to potential investors. A sales pitch is designed to explain the product and how much investors are expected to make.
Price Elasticity of Demand
Price elasticity of demand relates to the way in which demand for a product changes based on price adjustments. Certain products are inelastic, as a change in price leads to little or no change in demand.
Prioritization
This is a process by which a set of tasks are assessed for the order in which they will be developed.
Product Attributes
Product attributes are details about a product that help marketers sell the product and customers make a purchasing decision.
Product Backlog
A product backlog is a list of all the tasks known to be needed in the product. It serves as an authoritative source for what the team should be working on right now.
Product Bundle
Product bundling is a marketing strategy where a number of products are bundled together and offered for sale as a single item. This tactic is used to persuade clients to purchase more goods.
Product Category
A product category is the easiest way for a business to group products together based on similar characteristics. That could be by product type, a product feature, or a customer need.
Product Management Tools
Every product team requires the right product management tools to do their job. Every individual product stack is different, but the specific tools product managers use during development are often common across all organizations.
Product Waste
Product waste describes any process or feature that adds no value to a product, wasting money, time, and energy. There are multiple types of product waste across manufacturing and digital product management.
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RICE framework
The RICE framework is a simple framework that helps product managers prioritize and quantify the potential value of project ideas, initiatives, and features.
Requirements Prioritization
Requirements prioritization is the process of determining the importance of different project requirements in an effort to best use limited resources.
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SMART Goal Setting
Product managers who want to increase their odds for success should consistently turn to the SMART goal setting approach. It’s their best tool for creating realistic, clear objectives and for driving motivation.
Setting Price
The first step to setting the price of your product or service is always to discover your baseline pricing.
Shiny Object Syndrome
Shiny object syndrome is a phenomenon that happens when a person or business is constantly drawn to new ideas.
Software Feature
A software feature represents a part of software that provides a precise capability or function for the whole software, contributing to its purpose.
Sunk Cost
Sunk cost is money that has been spent and cannot be recovered. Whilst it sounds damaging, sunk costs are unavoidable in business. Anything from buying office equipment, to researching a new feature that goes on to flop, can result in sunk cost.
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Team Charter
A team charter is a written document outlining a team’s direction and any team rules. It is established early on while the team is being formed.
The Four Disciplines of Execution (4DX)
The 4 Disciplines of Execution (4DX) is a framework of tasks created to help companies prioritize their most important work.
Town Hall Meeting
What is a town hall meeting? Town hall meetings for product teams can help build alignment and drive ownership through transparent communication.
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Value Prioritization
Value-based prioritization is an effective method used to organize the product backlog.
Value Proposition
A value proposition is an assertion of the benefits of the product to its potential consumers.
Value Versus Complexity
Value versus complexity is a prioritization framework assessing ideas by how valuable they are to the business and user, against how complex they will be to achieve.
Value versus Effort
Value versus effort is a prioritization model used to identify which features add the most value, while requiring the least effort. This helps teams to cut out anything that needs a lot of work, for little reward.
Vanity Metrics
Pageviews, registered users and app downloads are all vanity metrics. Whilst these figures are exciting at first, they are not useful in measuring true commercial impact and success.
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Weighted Scoring
Weighted scoring is a framework designed to help teams prioritize outstanding tasks by assigning a numeric value to each based on cost-benefit analysis.
Weighted Shortest Job First (WSJF)
The weighted shortest job first prioritization framework looks at the cost of delaying a project against the amount of time or effort required to complete it.
Prioritize with confidence
