A behavior in which an individual provides a benefit to another with the expectation that the favor will be returned in the future, fostering mutual cooperation and long-term relationships. Important for building trust, cooperation, and mutually beneficial relationships in various social and professional contexts.
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.
The process of making small, continuous improvements to products, services, or processes over time. Important for sustaining growth and maintaining competitiveness through ongoing improvements.
The use of social media platforms to connect with prospects, build relationships, and ultimately drive sales. Important for leveraging social media to enhance sales strategies.
A statement that explains the unique value a product or service provides to its customers, differentiating it from competitors. Essential for communicating the benefits and advantages of a product to attract and retain customers.
The practice of optimizing individual web pages to rank higher and earn more relevant traffic in search engines, focusing on both the content and HTML source code. Crucial for improving the visibility and relevance of web content in search engine results.
Numeronym for the word "Internationalization" (I + 18 letters + N), enabling localization for different languages, regions, and cultures without requiring extensive rework. Important for expanding product reach to global markets.
A method where a document or proposal is limited to one page and created within one hour to ensure clarity and focus. Crucial for efficient communication and decision-making.
Quantitative measures used to track and assess the performance and success of a product, such as usage rates, customer satisfaction, and revenue. Essential for making data-driven decisions to improve product performance and achieve business goals.
An interdisciplinary field that uses scientific methods, processes, algorithms and systems to extract knowledge and insights from structured and unstructured data. Essential for driving data-informed decision making, predicting trends, and uncovering valuable insights in digital product design and development.
The perseverance and passion for long-term goals, often seen as a key trait for success. Important for understanding and fostering resilience and persistence in design and product development.
The final interaction a customer has with a brand before making a purchase. Important for understanding which touchpoints drive conversions.
The process of testing product ideas and assumptions with real customers to ensure they meet market needs. Essential for reducing risk and ensuring product-market fit.
Measurements that track the effectiveness of each stage of the funnel, such as conversion rates and drop-off points. Crucial for identifying areas of improvement in the customer journey.
The use of technology to perform repetitive tasks or processes in a workflow, liberating skilled experts from tedious activities and empowering them to focus on higher-order problem-solving and creative tasks. Crucial for streamlining operations, reducing human error, and enhancing the overall efficiency and innovation capacity of product design teams.
The process of investigating and experimenting with new technologies to understand their potential applications and benefits. Essential for innovation and staying ahead in a rapidly changing technological landscape.
A cognitive bias where individuals evaluate the value of bundled items differently than they would if the items were evaluated separately. Important for understanding user behavior and designing effective product bundles and pricing strategies.
Mutually Exclusive, Collectively Exhaustive (MECE) is a problem-solving framework ensuring that categories are mutually exclusive and collectively exhaustive, avoiding overlaps and gaps. Essential for structured thinking and comprehensive analysis in problem-solving.
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.
A metric that predicts how well a specific page will rank on search engine result pages (SERPs). Important for understanding and improving a webpage's search engine performance.
Numeronym for the word "Personalization" (P + 13 letters + N), tailoring a product, service, or experience to meet the individual preferences, needs, or behaviors of each user. Important for enhancing user satisfaction and engagement.
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.
A strategic research process that involves evaluating competitors' products, services, and market positions to identify opportunities and threats. Essential for informing product strategy, differentiating offerings, and gaining a competitive advantage in the market.
The process of developing relationships with prospects through targeted communications and marketing efforts. Crucial for guiding prospects through the sales funnel and increasing conversion rates.
A web-based interface that allows customers to find information and perform tasks without needing assistance from a customer service representative. Essential for improving customer experience and reducing support costs.
A persuasion strategy that involves getting a person to agree to a small request to increase the likelihood of agreeing to a larger request later. Crucial for building user commitment and enhancing marketing and sales strategies.
The process of tracking and managing potential customers from initial contact through to sale. Important for ensuring that leads are properly engaged and converted.
The process of combining different systems or components in a way that ensures they work together smoothly and efficiently without disruptions. Essential for providing a cohesive user experience and ensuring the reliability of complex systems.
Minimum Viable Product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. Essential for validating product ideas quickly and cost-effectively, allowing teams to learn about customer needs without fully developing the product.
A pricing strategy where a high-priced option is introduced first to set a reference point, making other options seem more attractive in comparison. Important for shaping user perceptions of value and creating a benchmark for other pricing options.
Customer Experience (CX) is the overall perception and feeling a customer has when interacting with a company, its products, or services. Crucial for ensuring positive interactions with a company, driving loyalty and satisfaction.
A pricing strategy where a core product is sold at a low price, but complementary products are sold at higher prices. Useful for designing pricing strategies that maximize revenue from complementary products.
The percentage of users who start but do not complete a desired action, such as completing a form or purchasing a product. Important for identifying issues in user flows and improving conversion rates.
A cognitive bias where individuals or organizations continue to invest in a failing project or decision due to the amount of resources already committed. Important for designers to recognize and mitigate their own risks of continuing unsuccessful initiatives.
The tendency for people to defer purchasing decisions to a later time, often leading to procrastination. Important for understanding consumer behavior and optimizing sales strategies.
The organizational structure and dynamics of teams within a company, designed to enhance collaboration and delivery. Important for optimizing team performance and project outcomes.
Interactive Voice Response (IVR) is an automated telephony system that interacts with callers, gathers information, and routes calls to the appropriate recipient. It improves customer service and automates information retrieval.
A principle in lean management aimed at reducing non-value-added activities to improve efficiency. Important for optimizing processes and resource use.
The study of how new ideas, products, and processes are developed and brought to market. Essential for fostering creativity and ensuring the continuous improvement and relevance of products.
The strategic promotion, placement, and persuasive presentation of digital products or services within an online platform to maximize sales, engagement, and user satisfaction. Important for optimizing the visibility, appeal, and persuasive impact of digital offerings, enhancing user experience, and driving conversions in online environments.
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.
Below the Line (BTL) refers to marketing activities targeting specific consumer groups through direct channels. Essential for personalized marketing and building deeper customer relationships.
The error of making decisions based solely on quantitative observations and ignoring all other factors. Important for ensuring a holistic approach to decision-making.
The primary brand in a brand architecture that serves as the foundation for all sub-brands and extensions. Essential for providing a unified brand strategy and leveraging brand equity across multiple products.
Information Visualization (InfoVis) is the study and practice of visual representations of abstract data to reinforce human cognition. Crucial for transforming complex data into intuitive visual formats, enabling faster insights and better decision-making.
AI systems designed to communicate with users through natural language, enabling human-like interactions. Crucial for developing advanced customer service and user engagement solutions.
Volatility, Uncertainty, Complexity, and Ambiguity (VUCA) is an acronym for describing the challenging conditions of the modern world. Important for understanding and navigating dynamic and unpredictable environments.
A high-level description of a system's structure and interactions, focusing on its market-facing aspects rather than technical details. Useful for communicating the value and structure of a digital product to non-technical stakeholders and aligning with market needs.
The practice of comparing one's performance, processes, or practices to those of peers or competitors to identify areas for improvement. Important for understanding relative performance and identifying best practices for improvement.
The dynamic system of content creation, distribution, and interaction within an environment. Important for understanding how content flows and interacts within a system.
The SEO value or authority passed from one website to another through hyperlinks, influencing the search engine ranking of the linked site. Important for understanding and leveraging the impact of links on SEO performance.
The process of fundamentally changing how a service is delivered to improve efficiency, user satisfaction, and overall effectiveness. Essential for enhancing service delivery and aligning it with modern user needs and expectations.
A strategic plan that outlines the goals, milestones, and steps needed to deliver a product that achieves desired outcomes incrementally, providing a clear path forward. Essential for guiding product development and ensuring alignment with strategic objectives.
The study of psychology as it relates to the economic decision-making processes of individuals and institutions. Essential for understanding and influencing user decision-making and behavior in economic contexts.
The process of ranking leads based on their perceived value to the organization. Useful for prioritizing sales efforts and improving conversion rates.
The process of evaluating and categorizing potential customers based on their likelihood to purchase. Essential for prioritizing sales efforts and improving conversion rates.
The use of natural language processing to identify and extract subjective information from text, determining the sentiment expressed. Crucial for understanding public opinion and customer feedback.
An Agile project management framework that uses iterative cycles, called sprints, to deliver incremental improvements and adapt to changing requirements. Crucial for managing projects in a flexible and iterative manner, ensuring continuous improvement and responsiveness.
The tendency to attribute positive qualities to one's own choices and downplay the negatives, enhancing post-decision satisfaction. Useful for understanding user satisfaction and designing experiences that reinforce positive decision outcomes.
The process of evaluating the impact and success of a feature after its release, based on predefined metrics and user feedback. Crucial for understanding the effectiveness of features and informing future development.