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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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Product Management
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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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Affinity Diagram

An affinity diagram is an organizational tool used to consolidate large volumes of information or data according to their similarities, or affinities.

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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.

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Cannibalization

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

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Change Management

A methodical approach to aiding staff covert from one system or process to another.

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Concept Review

A concept review is a discussion where you evaluate different or competing concepts and decide which ones you're going to invest in and see through to completion.

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Continuous Delivery (CD)

Continuous Delivery (CD) is defined as the ability to deliver product updates to customers as quickly and frequently as possible.

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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 Development

A framework that assesses whether or not the product fulfills the customer’s needs.

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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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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 Success

Customer success is a relationship-focused business strategy. Its primary focus is to help a customer achieve their goals when using a product or service — and to do so in an engaging, satisfying way.

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Persona

A persona is an imaginary profile designed to represent the details of a set of end-users.

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Personalization

Personalization is the act of tailoring a service or a product to accommodate a specific individual or group.

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Pivot

Pivot is a strategy that is used to redirect the business objective of a project or product.

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Prioritization

This is a process by which a set of tasks are assessed for the order in which they will be developed.

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Product Description Sheet

A product description sheet defines the scope of a product in specific terms. The document is used during the planning phase to create a clear idea of what the final product should look like, and is then passed on to the development team for execution.

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Product Development Process

A methodical approach to aiding staff covert from one system or process to another.

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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 Discovery

Product discovery is the customer-centric process of determining whether or not a product or feature should be developed. It requires in-depth customer knowledge, to identify and validate which user problem(s) a build could solve.

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Product Disruptor

A product disruptor is an innovation that adds new value to a business, by future-proofing against market threats, competitor rivalry or customer behavior change.

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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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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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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 Management Audit

A comprehensive assessment concerning the processes and strategy of an organisation’s product 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 Marketing Manager

This is the person who’s chief objective is to broadcast the value of the product to the market.

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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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Product Owner (PO)

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 Portfolio Management

This refers to the strategic administration of all the products owned by the organization.

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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 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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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 Spec

A product spec provides teams with critical information to guide them as they bring products to market, covering such contextual details as the target audience, user goals, and intended outcomes.

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Product Stack

This refers to the tools that a product manager has at their disposal in order to get the product to the marketplace.

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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 Vision

A product vision aims to describe the future state of a product. It is the core essence of the product.Ideally, the product vision will serve as a guide for the stakeholders, as it will remind them of the general direction the product should be taking

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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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Program Management

The grouping together of multiple projects to meet a strategic objective.

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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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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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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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Prototype

Prototypes offer teams a valuable opportunity to conduct in-depth testing on products and concepts during the development process.

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SWOT Analysis

The SWOT analysis framework assessing the strengths, weaknesses, opportunities, and threats related to business, their rivals, or their project planning. SWOT is an acronym for these four factors.

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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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Ship Products

Shipping products is part of an iterative workflow, in which an MVP (Minimum Viable Product) is released to gather valuable feedback. This information inspires future updates to improve the product and deliver a better user experience.

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Six Thinking Hats

The Six Thinking Hats is a method used to make creative discussions more productive. It's based on the work of Dr. Edward de Bono, a widely respected psychologist and author.

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Soft Skills

Soft skills are personal attributes that enhance our ability to perform our professional roles. Problem-solving, communication, and emotional intelligence are some of the most sought after soft skills.

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Stage-Gate Model

The Stage-Gate model is a process used to structure the product development cycle into a series of stages and gates. Each stage represents a milestone, and a gate separates each stage, where teams decide if and how to move forward.

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Stakeholder

This is a person or group who can influence the success of the product, or in contrast, be affected by the product.

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Stakeholder Analysis

This is an assessment of all of the people who will either have an impact on the success of the product or will be affected by it.

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Stakeholder Management

The identification, assessment, and planning, of actions that are designed to engage with a business’ stakeholders.

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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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