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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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.
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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.
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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.
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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.
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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.
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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.
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.
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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.
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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.
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Value Prioritization
Value-based prioritization is an effective method used to organize the product backlog.
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.
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