Product Strategist
A professional responsible for defining the strategic direction of a product, ensuring it aligns with market needs and business objectives. Essential for guiding product vision and ensuring long-term success.
355 topics found for:
“business development”
Story Mapping
A visual exercise that helps product teams understand and prioritize features by organizing user stories into a cohesive narrative that aligns with user journeys and goals. Essential for planning and prioritizing product features and ensuring alignment with user needs.
Control Framework
A set of standards and guidelines used to ensure the integrity, security, and compliance of business processes and IT systems. Important for establishing robust governance and control mechanisms in digital product design and development.
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.
BSC
Balanced Scorecard (BSC) is a strategic planning and management system used to align business activities to the vision and strategy of the organization. Essential for aligning business activities with organizational strategy and improving performance.
Red Ocean
A market space that is already crowded with competition, where companies fight for market share, leading to intense rivalry and lower profitability. Important for understanding competitive dynamics and market saturation in strategic planning.
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.
CMM
Capability Maturity Model (CMM) is a framework for improving and optimizing processes within an organization. Essential for assessing and enhancing the maturity and efficiency of processes in product design and development.
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.
Innovation Theory
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.
Behavioral Strategy
The use of behavioral science insights to inform and guide strategic decision-making in organizations. Crucial for developing strategies that effectively influence behavior and drive business success.
Behavioral Product Management
Managing product development with a focus on understanding and influencing user behavior through behavioral science principles. Essential for product managers to create user-centric products that drive desired behaviors.
CRO
Conversion Rate Optimization (CRO) is the systematic process of increasing the percentage of website visitors who take a desired action, such as making a purchase or filling out a form. Crucial for improving user engagement and achieving business goals.
Empowered Product Team
A cross-functional team that is given the autonomy, resources, and authority to make decisions and take ownership of the product's success, focusing on solving user problems and achieving business outcomes. Important for fostering innovation, accountability, and agility, leading to more effective product development and higher user satisfaction.
Incident Management
The practice of managing and resolving incidents that disrupt normal operations, ensuring minimal impact on business activities. Essential for maintaining service reliability and managing operational disruptions effectively.
SOM
Serviceable Obtainable Market (SOM) is the portion of the Serviceable Addressable Market that a company can realistically capture. Essential for setting achievable sales and market share goals.
OKR
Objectives and Key Results (OKR) is a goal-setting framework for defining and tracking objectives and their outcomes. Essential for aligning organizational goals, improving focus and engagement, and driving measurable results across teams and individuals.
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.
Trademark
A symbol, word, or words legally registered or established by use as representing a company or product. Crucial for protecting brand identity and ensuring legal rights to brand elements.
Churn Rate
The percentage of customers who stop using a product or service during a specific time period. Essential for understanding customer retention and identifying areas for improvement.
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.
Chapter
A group of individuals with similar skills or expertise, spread across different squads, who come together to share knowledge and best practices. Crucial for maintaining technical excellence and fostering professional development within specific disciplines.
BML
Build-Measure-Learn (BML) is a feedback loop used in Lean Startup methodology where a product is built, its performance is measured, and learnings are used to make improvements. Essential for iterating quickly and efficiently to create products that better meet user needs and market demands.
Scaling Fallacy
A cognitive bias where people underestimate the complexity and challenges involved in scaling systems, processes, or businesses. Important for understanding the difficulties of scaling and designing systems that address these challenges.
MoSCoW Prioritization
Must have, Should have, Could have, and Won't have (MoSCoW) is a method used to prioritize features or tasks. Crucial for effective project management and ensuring focus on essential features.
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.
Innovation Management
The systematic approach to managing innovation processes, from idea generation to implementation. Crucial for effectively harnessing creativity and ensuring successful innovation outcomes.
Idea Backlog
A prioritized list of ideas and potential features for future product development, embodying a collective vision for innovation and improvement. Essential for managing creative input and maintaining an innovation pipeline that aligns with the team's entrepreneurial spirit and shared commitment to product excellence.
SMART Goals
Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) Goals are a framework for setting and achieving clear objectives. Essential for setting clear and actionable objectives in personal and professional contexts.
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.
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.
Kaizen
A Japanese term meaning "continuous improvement," focusing on small, incremental changes to enhance processes and products. Crucial for fostering a culture of ongoing improvement and excellence in product design and development.
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.
DMAIC
Define, Measure, Analyze, Improve, and Control (DMAIC) is a data-driven improvement cycle used in Six Sigma. Crucial for systematically improving processes and ensuring quality in digital product development.
Squad
A small, cross-functional team of 6-12 people focused on delivering a specific product feature or component. Essential for agile development, allowing for rapid iteration and close collaboration among team members.
Operational Risk
The risk of loss resulting from inadequate or failed internal processes, people, and systems. Important for identifying and mitigating potential operational threats.
OCM
Organizational Change Management (OCM) is the process of managing the people side of change to achieve desired business outcomes. Essential for ensuring successful implementation of changes within an organization.
Product-Market Fit
The degree to which a product satisfies strong market demand, often considered a key indicator of a product's potential for success. Essential for validating the viability of a product in the market and guiding strategic decisions.
Prescriptive Analytics
The use of data, algorithms, and machine learning to recommend actions that can achieve desired outcomes. Essential for optimizing decision-making and implementing effective strategies.
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.
RFx
A collective term for Request for Information (RFI), Request for Proposal (RFP), and Request for Quotation (RFQ) processes used in procurement. Crucial for managing vendor selection and procurement processes in digital product development.
Six Sigma
A data-driven methodology aimed at improving processes by identifying and removing defects, and reducing variability. Crucial for enhancing the quality and efficiency of digital product development processes.
Program Increment
A time-boxed period in which Agile teams deliver incremental value in the form of working, tested software and systems. Essential for aligning teams, managing dependencies, and ensuring continuous delivery.
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.
PMBOK
The Project Management Body of Knowledge (PMBOK) is a comprehensive set of guidelines, best practices, and standards for project management. Essential for ensuring consistency and excellence in managing projects across various industries.
PDCA
Plan-Do-Check-Act (PDCA) is an iterative four-step management method used for continuous improvement of processes and products. Essential for quality control and operational efficiency.
Incremental Innovation
The process of making small, continuous improvements to products, services, or processes over time. Important for sustaining growth and maintaining competitiveness through ongoing improvements.
Co-Branding
A marketing strategy where two brands collaborate to create a product or service that leverages the strengths of both. Crucial for expanding market reach and enhancing brand value through strategic partnerships.
Benchmarking
The practice of comparing performance metrics to industry bests or best practices from other companies. Essential for identifying performance gaps and opportunities for improvement.
Surrogation
The process by which a measure or metric comes to replace the underlying objective it is intended to represent, leading to distorted decision-making. Important for ensuring that metrics accurately reflect true objectives and designing systems that prevent metric manipulation.
Innovation Theatre
Activities that give the appearance of innovation but do not produce tangible results. Important for recognizing and avoiding ineffective innovation efforts.
Sunsetting
The process of phasing out or retiring a product or feature that is no longer viable or needed. Important for managing the lifecycle of digital products and ensuring resources are allocated to more valuable initiatives.
Product Development
Product Development is the process of bringing a new product to market or improving an existing one. Crucial for innovation, meeting customer needs, and maintaining a competitive edge.
ALM
Application Lifecycle Management (ALM) is the process of managing an application's development, maintenance, and eventual retirement throughout its lifecycle. Important for ensuring the sustainability and effectiveness of digital products over time.
PoC
Proof of Concept (PoC) is a demonstration, usually in the form of a prototype or pilot project, to verify that a concept or theory has practical potential. Crucial for validating ideas, demonstrating feasibility, and securing support for further development in product design and innovation processes.
AIaaS
AI as a Service (AIaaS) is a service model where AI tools and algorithms are provided over the internet by a third-party provider. Essential for making advanced AI capabilities accessible to businesses.
Vertical Market
A market in which vendors offer goods and services specific to an industry, trade, profession, or other group of customers with specialized needs. Important for developing targeted digital products that cater to the unique requirements of specific industries or sectors.
SRS
Software Requirements Specification (SRS) is a detailed document that outlines the functional and non-functional requirements of a software system. Crucial for ensuring clear communication and understanding between stakeholders and the development team.
Design Leadership
The practice of guiding and inspiring teams to create effective, user-centered design solutions that align with business goals. Crucial for fostering a culture of innovation, collaboration, and excellence in design practices within organizations.