New Product Development (NPD) is the complete process of bringing a new product to market, from idea generation to commercialization. Essential for companies to innovate, stay competitive, and meet evolving customer needs through a structured approach to creating and launching new offerings.
Return on Investment (ROI) is a performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of different investments. Crucial for assessing the financial effectiveness of business decisions, projects, or initiatives.
A team structure focused on delivering value streams, often organized around a specific business capability or customer need. Crucial for enhancing delivery efficiency and aligning with business goals.
Product Requirements is a document that outlines the essential features, functionalities, and constraints of a product. Crucial for guiding the development process and ensuring all stakeholders have a shared understanding of the product's goals.
Business Process Model and Notation (BPMN) is a graphical representation for specifying business processes in a workflow, using standardized symbols and notations. Essential for creating clear, standardized diagrams that facilitate understanding and communication of business processes in digital product design.
A cross-functional team focused on solving customer problems and achieving business outcomes, with a strong emphasis on discovery, experimentation, and continuous improvement. Crucial for creating valuable and innovative products that meet user needs and drive business success through iterative development and close collaboration with stakeholders.
Detailed descriptions of a product's features, functionality, and technical requirements, used to guide development and ensure all stakeholders are aligned. Essential for ensuring that the product development process is clear and aligned with business and user needs.
The process of defining a product's objectives, strategy, and roadmap, ensuring alignment with market needs and business goals. Important for setting a clear direction for product development and ensuring strategic alignment.
Adaptive Software Development (ASD) is a software development methodology that focuses on continuous adaptation to changing requirements and environments. Essential for managing changing requirements and ensuring agile project delivery.
The practice of being open and honest about operations, decisions, and business practices, fostering trust and accountability. Essential for building trust with users and stakeholders and ensuring ethical business practices.
Areas of unmet demand in a market where opportunities for growth and development exist. Essential for identifying new business opportunities.
Net Promoter Score (NPS) is a metric used to measure customer loyalty and satisfaction based on their likelihood to recommend a product or service to others. Crucial for gauging overall customer sentiment and predicting business growth through customer advocacy.
The planning, development, and management of content to meet business and user needs, ensuring consistency and effectiveness across all channels. Essential for creating cohesive and impactful content that aligns with business goals and user needs.
The process of gathering and analyzing information about competitors to inform business strategy and decision-making. Essential for understanding market positioning and developing effective competitive strategies.
A strategic approach where decisions and direction are set by top-level management and flow down through the organization, often aligned with overarching business goals. Crucial for ensuring strategic alignment and coherence across all levels of an organization.
Key Performance Indicators (KPIs) are quantifiable measures used to evaluate the success of an organization, employee, or project in meeting objectives for performance. Essential for tracking progress, making informed decisions, and aligning efforts with strategic goals across various business functions, including product design and development.
Strengths, Weaknesses, Opportunities, and Threats (SWOT) is a strategic planning tool that is applied to a business or project. Essential for strategic planning and decision-making.
The risk that the product will not be financially or strategically sustainable for the business, potentially leading to a lack of support or profitability. Essential for ensuring that the product aligns with business goals and can be maintained and supported long-term.
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.
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.
The simultaneous pursuit of differentiation and low cost, creating a leap in value for both the company and its customers, often associated with Blue Ocean Strategy. Important for developing strategies that can open up new markets and create significant competitive advantages.
A set of practices and principles that guide agile methodologies, such as Scrum and Kanban, to improve project management and product development. Important for structuring agile practices and ensuring effective project delivery.
Numeronym for the word "Documentation" (D + 11 letters + N), creating detailed records and instructions to support the development, use, and maintenance of systems or products. Crucial for ensuring users and developers understand and properly use the system or product.
A framework for assessing and improving an organization's ethical practices in the development and deployment of AI. Important for ensuring that AI systems are developed responsibly and ethically.
World Wide Web Consortium (W3C) is an international community that develops open standards to ensure the long-term growth of the Web. Essential for creating and maintaining protocols and guidelines that enable the Web to function and evolve.
The process of distinguishing a product or service from its competitors in a way that is meaningful to the target market. Important for creating a unique value proposition and gaining a competitive edge.
Business-to-Government (B2G), a business model where products or services are sold to governments. Important for understanding and navigating public sector markets.
A pattern of rapid and sustained growth after a period of linear or stagnant growth, resembling the shape of a hockey stick. Crucial for understanding and planning for rapid expansion phases in digital product lifecycle and business strategy.
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.
The process of turning a lead into a customer. Important for driving business growth and measuring marketing effectiveness.
A strategic planning tool that focuses on outcomes and objectives rather than specific features, allowing for flexibility in achieving goals. Important for maintaining strategic focus and adaptability in product development.
An area in a market or industry that is currently underserved or unaddressed, presenting opportunities for innovation and new business ventures. Important for identifying gaps in the market that can be filled with new products, services, or solutions.
A product or service produced by one company that other companies rebrand to make it appear as if they had made it. Crucial for understanding business strategies that allow for customization and brand differentiation.
A high-level description of the future state of a product, outlining its purpose, target audience, and key differentiators. Essential for providing direction and inspiration for product development efforts.
The loss of customers over a specific period, also known as customer churn. Important for understanding and addressing customer retention issues.
Responsive Web Design (RWD) is an approach to web design that makes web pages render well on a variety of devices and window or screen sizes. Essential for creating flexible, adaptive web experiences that maintain functionality and aesthetics across different platforms and devices.
Voice of the Customer (VOC) is a process for capturing customers' expectations, preferences, and aversions. Crucial for guiding product development and improving customer satisfaction.
Obstacles that make it difficult for new competitors to enter an industry, such as high capital requirements, strong brand loyalty, or regulatory hurdles. Crucial for assessing the competitive landscape and the feasibility of entering a new market.
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.
Business-to-Consumer (B2C), a business model where products or services are sold directly to individual consumers. Essential for understanding consumer markets and developing direct marketing strategies.
Amazon Web Services (AWS) is a comprehensive cloud computing platform provided by Amazon that offers a wide range of services including computing power, storage, and databases. Crucial for enabling scalable, cost-effective, and flexible IT infrastructure solutions for businesses of all sizes.
A clear and concise statement that defines the purpose and goals of a product, guiding its development and strategic direction. Crucial for aligning product development efforts with organizational vision and goals.
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.
Agile Release Train (ART) is a long-lived team of Agile teams that, along with other stakeholders, incrementally develops, delivers, and operates one or more solutions in a value stream. Important for coordinating Agile development and delivery at scale.
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.
A methodology that focuses on minimizing waste and maximizing value in business processes. Essential for improving efficiency, productivity, and customer satisfaction by eliminating non-value-adding activities.
Business Process Automation (BPA) refers to the use of technology to automate complex business processes. Essential for streamlining operations, reducing manual effort, and increasing efficiency in recurring tasks.
A visual tool used to map out the components and features of a product, showing how they relate to each other and to the overall product vision. Useful for visualizing and planning product development, ensuring all elements are aligned with the product vision.
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.
The financial performance of a product, measured by its ability to generate revenue and profit relative to its costs and expenses. Important for assessing the financial success of a product and making informed business decisions.
A unique capability that sets an organization apart from its competitors, providing a competitive advantage. Important for identifying and leveraging core strengths in strategic planning.
The practice of promoting and representing the needs, interests, and rights of users in the design and development process. Important for ensuring that user needs and perspectives are prioritized in product design and development.
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.
The process of managing multiple related projects in a coordinated way to achieve strategic business objectives. Crucial for ensuring alignment and efficiency across multiple projects to achieve broader goals.
The process of systematically collecting, analyzing, and acting on feedback from users to improve products and services. Essential for ensuring that user insights are effectively integrated into the development process.
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.
A market space that is unexplored and uncontested, where companies can create new demand and capture significant market share without much competition. Crucial for identifying opportunities for innovation and growth by creating new markets.
A business strategy where the product itself is the primary driver of customer acquisition, retention, and expansion, often through user experience and engagement. Essential for leveraging the product to drive business growth and achieve market success.
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.
Data points that represent an individual's, team's, or company's performance in the sales process. Essential for tracking progress, identifying issues, and optimizing sales strategies.