Three-Legged Stool
A metaphor for a balanced approach to product development, considering three core aspects: business viability, technical feasibility, and user desirability. Crucial for ensuring comprehensive and balanced product decisions.
208 topics found for:
“business decisions”
Annual Recurring Revenue
A metric that shows the revenue that a company can expect to receive annually from its customers for subscriptions or services. Essential for understanding business performance and growth potential.
Design Tradeoffs
The compromises made between different design options, balancing various factors like usability, aesthetics, and functionality. Essential for making informed decisions that optimize overall design effectiveness.
Design Maturity
The level of sophistication and integration of design practices within an organization's processes and culture. Essential for assessing and improving the effectiveness of design in driving business value and innovation.
Product Manager
A professional responsible for the strategy, roadmap, and feature definition of a product or product line, ensuring it meets market needs and business goals. Essential for guiding the development and success of products from conception to market.
ICE Scoring Model
Impact, Confidence, and Ease of implementation (ICE) is a prioritization framework used in product management to evaluate features. Essential for making informed and strategic decisions about feature development and prioritization.
Belief Bias
The tendency to judge the strength of arguments based on the believability of their conclusions rather than the logical strength of the arguments. Important for understanding cognitive biases that affect decision-making and user perceptions.
Operating Model
A framework that defines how an organization operates across various functions to deliver value to customers and achieve business objectives. Crucial for aligning organizational functions and processes with strategic goals.
Enterprise Architecture
Enterprise Architecture (EA) is a strategic framework used to align an organization's business strategy with its IT infrastructure. Crucial for optimizing processes, improving agility, and ensuring that technology supports business goals.
Prospect Theory
A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known. Crucial for understanding decision-making under risk and designing systems that align with user behavior.
Digital Product Manager
A role focused on overseeing the development, launch, and lifecycle of digital products, ensuring they meet market needs and business goals. Essential for integrating digital product strategy and development.
Active Choice
A decision-making strategy where individuals are prompted to make a choice rather than defaulting to a pre-set option. Useful for increasing user engagement and ensuring intentional decision-making.
Product Portfolio Manager
A professional responsible for overseeing and optimizing a company's portfolio of products, ensuring they align with strategic goals and market demands. Crucial for managing a diverse range of products and maximizing their market impact.
AARRR
Acquisition, Activation, Retention, Referral, and Revenue (AARRR) is a metrics framework for assessing user engagement and business performance. Important for product managers to understand customer lifecycle and optimize business growth.
Product Mix Strategy
The approach a company takes to manage and market its portfolio of products, ensuring each product supports the overall business strategy. Important for optimizing the range of products offered to maximize market reach and profitability.
Market Validation
The process of determining whether there is a need or demand for a product in the target market, often through testing and feedback. Crucial for ensuring that a product will meet market needs and be successful.
Mapping
The process of creating visual representations of data or information to enhance understanding and decision-making. Essential for organizing information and making complex data accessible.
Law of Diminishing Returns
A principle stating that as investment in a single area increases, the rate of return on that investment eventually decreases. Important for understanding and optimizing resource allocation in product design and development.
Data-Driven Design
An approach to design that relies on data and analytics to inform decisions and measure success. Crucial for making informed design decisions that are backed by evidence.
Portfolio Management
Portfolio Management is the process of overseeing and coordinating an organization's collection of products to achieve strategic objectives. Crucial for balancing resources, maximizing ROI, and aligning products with business goals.
Placing Bets
A strategic approach where multiple potential solutions are tested to identify the most promising one. Crucial for innovation and reducing risk in decision-making.
RICE Scoring Model
A prioritization framework used in product management to evaluate features based on Reach, Impact, Confidence, and Effort. Crucial for making informed decisions about which product features to prioritize and develop.
Relativity
A principle often used in behavioral economics that suggests people evaluate options based on relative comparisons rather than absolute values. Important for understanding decision-making and designing choices that highlight beneficial comparisons.
Behavioral Game Theory
The study of strategic decision making, incorporating psychological insights into traditional game theory models. Useful for understanding complex user interactions and designing systems that account for strategic behavior.
Quantitative Research
A research method that focuses on collecting and analyzing numerical data to identify patterns, relationships, and trends, often using surveys or experiments. Essential for making data-driven decisions and validating hypotheses with statistical evidence.
Adhocracy
An organizational structure that emphasizes flexibility, employee initiative, and decentralized decision-making. Useful for fostering innovation and rapid response to changes within an organization.
Demand Forecasting
The process of predicting future customer demand using historical data and other information. Crucial for optimizing inventory levels, production schedules, and supply chain management.
ZMOT
Zero Moment of Truth (ZMOT) is a concept in marketing that refers to the point in the buying cycle when the consumer researches a product before the seller even knows they exist. Crucial for understanding consumer behavior and optimizing marketing strategies to influence decision-making at this early stage.
Prioritization Matrix
A decision-making tool that helps prioritize tasks or projects based on specific criteria, such as impact and effort. Essential for effective project management and resource allocation.
Defaulting
The practice of setting defaults in decision environments to influence outcomes, often used in behavioral economics and design. Crucial for creating user experiences that encourage beneficial behaviors through preselected options.
Decoy Effect
A cognitive bias where consumers change their preference between two options when presented with a third, less attractive option. Useful for designers to create choice architectures that effectively influence user decisions.
BoFu
Bottom of Funnel (BoFu) refers to the stage in the sales funnel where prospects are close to making a purchase decision. Important for tailoring marketing and sales efforts to convert leads into customers.
Feature Audit
A systematic evaluation of all features in a product to determine their usage, effectiveness, and alignment with business goals. Essential for optimizing product performance and user satisfaction.
CRM
Customer Relationship Management (CRM) is a strategy for managing an organization's relationships and interactions with current and potential customers. Essential for improving business relationships and driving sales growth.
Impact Mapping
A strategic planning technique that uses visual maps to align activities with business goals and user needs. Essential for ensuring that development efforts are aligned with strategic objectives.
Convergent Thinking
A cognitive process where ideas are brought together to find a single, best solution to a problem. Important for problem-solving and decision-making in design processes.
Discounted Utility
A concept in behavioral economics that describes how future benefits are perceived as less valuable than immediate ones. Important for understanding user preferences and designing experiences that account for time-based value perceptions.
Digital Twin
A digital replica of a physical entity, used to simulate, analyze, and optimize real-world operations. Essential for improving operational efficiency and decision-making.
CoD
Cost of Delay (CoD) is a metric that quantifies the economic impact of delaying a project, feature, or task. Important for making informed decisions about project prioritization and resource allocation.
Product Strategy
Product Strategy is a framework that outlines how a product will achieve its business goals and satisfy customer needs. Crucial for guiding product development, prioritizing features, and aligning the team around a clear vision.
TAM
Total Addressable Market (TAM) represents the total revenue opportunity available if a product or service achieves 100% market share. Essential for understanding the full potential of a market.
CAB
Customer Advisory Board (CAB) is a group of key customers who provide feedback and insights to a company to help guide its strategic decisions. This group is crucial for aligning products and services with customer needs and expectations.
Standard Economic Model
A theoretical framework in economics that assumes individuals act rationally and seek to maximize utility, used to predict economic behavior and outcomes. Important for understanding traditional economic theories and designing systems that account for rational decision-making.
Product Council
A group of stakeholders that regularly meet to discuss and guide the development and strategy of a product or product line. Crucial for ensuring diverse input and alignment on product strategy and decisions.
SCR
Situation-Complication-Resolution (SCR) is a communication and problem-solving framework used to structure information clearly and logically. Crucial for effectively conveying complex ideas and solutions in business and design contexts.
Performance Metrics
Measurements used to evaluate the success of an organization, employee, or process in meeting goals. Necessary for assessing performance and driving continuous improvement.
Reference Dependence
A cognitive bias where individuals evaluate outcomes relative to a reference point rather than on an absolute scale. Essential for understanding decision-making and consumer behavior.
Program Manager
A professional responsible for overseeing and coordinating multiple related projects to ensure they align with organizational goals and deliver strategic value. Essential for managing complex initiatives and ensuring successful delivery of business objectives.
Product Sense
The ability to intuitively understand what makes a product successful, including market needs, user experience, and competitive landscape. Important for making informed decisions that lead to successful product development.
Denomination Effect
A cognitive bias where people are less likely to spend large denominations of money compared to an equivalent amount in smaller denominations. Useful for designers to understand consumer behavior and design pricing strategies that consider spending biases.
Lead Conversion Rate
The percentage of leads that convert into customers. Crucial for measuring the effectiveness of marketing and sales efforts.
Last Touch
The final interaction a customer has with a brand before making a purchase. Important for understanding which touchpoints drive conversions.
Founder’s Mentality
A mindset and approach that embodies the entrepreneurial spirit, passion for improvement, and deep sense of ownership typically associated with a company's founders. Essential for maintaining agility, innovation, and customer-centricity as organizations grow and mature.
First Mover Advantage
The competitive advantage gained by the initial significant occupant of a market segment, which can lead to brand recognition and customer loyalty. Important for understanding the benefits and risks of being an early entrant in a new market.
Value vs. Complexity
A prioritization framework used to assess and compare the value a feature will deliver to users against the complexity and cost of implementing it. Crucial for making informed decisions about feature prioritization and resource allocation.
Persuasion Architecture
A strategic framework that designs user experiences to guide behavior and decisions towards desired outcomes. Crucial for creating effective and ethical influence in digital interfaces.
Incumbent
An established company or market leader that holds a significant market share and has a strong presence in the industry. Important for understanding the dynamics between established players and new entrants in a market.
MRR
Monthly Recurring Revenue (MRR) is a metric that quantifies the predictable revenue generated each month from customers. This metric is crucial for SaaS companies to track financial health and growth.
EPM
Enterprise Project Management (EPM) is a comprehensive approach to managing projects across an entire organization. Essential for coordinating complex, cross-functional projects and achieving organizational objectives.
PESTEL Analysis
A strategic framework used to analyze the external macro-environmental factors affecting an organization: Political, Economic, Social, Technological, Environmental, and Legal. Essential for strategic planning and understanding market dynamics.