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Glossary: Product Management

Hand-picked product management terms, definitions, and frequently asked questions. Each product management term is defined and explained simply by our research team.

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A

A/B Test

An A/B test is an essential comparative process used to identify which version of two items is most effective, such as PPC ads, landing pages, and more.

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B

Buyer Persona

A buyer persona is a functional tool that helps businesses maximize their customer experiences by creating products based on a concrete understanding of the people buying (but not necessarily using) them.

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Bill Of Materials (BOM)

A bill of materials is an exhaustive list of the components, parts, and raw materials required for manufacturing a product.

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C

Cannibalization

Product cannibalization is when a company has several products that compete with one another within the same market.

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Customer Advisory Board (CAB)

A customer advisory board is a group of customers brought together by a business to provide expert advice and share insights about its products and services.

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Customer Journey Map

A customer journey map outlines each step, across all touchpoints, that a user takes to interact with or buy from your product, service or brand. Customer journey maps can increase empathy with users and reveal areas for added value.

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Customer Empathy

Customer empathy is the ability to see the world through your user’s eyes. This understanding helps you see where your product fits into their lifestyle, and where it can really add value.

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D

Digital Transformation

Digital transformation refers to the integration of digital technology into all areas of a business to redesign processes and products for the digital age.

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Dependency

A dependency describes the relationship among activities and specifies the particular order in which they need to be performed.

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F

Feature Bloat

Feature bloat relates to products carrying excessive features, perhaps becoming overloaded to a point that core functions are impaired.

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Features, Advantages and Benefits (FAB) Analysis

A FAB analysis describes the features, advantages and benefits of a product, and how they work together to help differentiate a product within the market.

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Features

Features are the defining attributes of a product that make it valuable to customers and distinguish it from the rest of the market.

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M

Market Validation

Market validation is the process of verifying a product of concept with a target market, usually via interviews.

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Mission Statement

A mission statement is a clear definition of a business, its goals, its ethos, its reasons for being and its primary customers.

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P

Product Excellence

Product excellence refers to a framework for developing a product or feature based on a deep understanding of user needs. Product excellence enables businesses to innovate more efficiently, enabling them to get the right products to market quickly.

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Project Roadmap

A project roadmap is a visual overview capturing all critical elements of a project, from kickoff to final delivery.

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Product Roadmap

Product roadmaps the vision and strategic objectives for a product over time. They give development teams and stakeholders a ‘single source of truth’ that captures all the steps needed to deliver against objectives.

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Product-Market Fit

Product-market fit refers to the way in which a brand’s product is capable of satisfying the current market, by supplying enough units of a high-enough quality to meet demand. 

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Product Lifecycle

The product lifecycle is the journey each product takes from the inception of an idea all the way through to a product’s retirement.

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Product Strategy

A product strategy is your business’s goal(s) for a product and the in-depth process for achieving success

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Product Requirements Document

A product requirements document (PRD) is a detailed outline of all functionalities a software product must fulfill when being delivered.

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Product Differentiation

Product differentiation is how a business distinguishes a service or product from others that are available in the same category.

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Product Enablement

Product enablement increases awareness and understanding of a business’s product(s) across the entire organization, with the aim of making each and every employee higher performing.

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Project Manager

A project manager is responsible for the execution of a project from start to finish. A project manager is often the bridge between the team, deliverables and upper management.

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Product Manager

A product manager is responsible for the success of a product. The product manager has profound knowledge on the developed product and everything that goes with it.

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Product Owner

The product owner (PO) represents next to the ScrumMaster and the development team a key player in a Scrum team.

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Product Requirements Management

Product requirements management refers to the process of collecting, analyzing, tracking, and prioritizing product requirements. These requirements are usually communicated later on to key stakeholders.

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Program Manager

A program manager’s essential objective is to reconcile multiple projects and teams by coordinating them and giving strategic guidance to the company’s project managers.

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Product Ops

Product ops, referring to product operations, supports a cross-functional product team to constantly ensure and improve their efficiency.

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R

Roadmap

A roadmap is a high-level strategic overview of a significant business initiative. Roadmaps are typically used to manage the development of a new product or the execution of a company-wide project.

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S

Scope Creep

Scope creep describes the tendency for projects to gradually expand, and take on a different scope of activity or output than was initially planned.

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Story Mapping

Story mapping is the visualization of a user’s journey with your product, breaking each step down into user stories. This exercise can help you see clearly which features and functionalities are essential for your MVP.

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T

Total Addressable Market (TAM)

Total addressable market refers to the maximum possible revenue a product or service could generate if it was able to activate every single relevant customer.

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Theme in Product Management

A theme in product management is a simple way to convey a product’s value, comprising multiple features or initiatives which contribute to this overall objective.

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U

User Persona

A user persona is a semi-fictional character created to represent different customer types that use a company’s products or services.

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User Research

User research includes qualitative and quantitative means of gathering user feedback on your product or service, to guarantee what you build is not only user-centric but has the best chance of commercial success.

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Unique Selling Proposition

A unique selling point (USP) is the key reason a customer should choose your brand, product or service — it’s what separates you from your competition.

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