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.
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“business markets”
Sub-Brand
A brand that is part of a larger brand family, often having its own distinct identity while being related to the parent brand. Important for diversifying a brand's market presence and reaching new customer segments.
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.
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.
VOC
Voice of the Customer (VOC) is a process for capturing customers' expectations, preferences, and aversions. Crucial for guiding product development and improving customer satisfaction.
Digital Transformation
The integration of digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers. Essential for staying competitive and relevant in a rapidly evolving digital landscape.
Content Strategy
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.
Brand Strategy
A long-term plan for the development and management of a brand to achieve specific goals. Essential for guiding brand development and ensuring alignment with business objectives.
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.
Marketecture
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.
Parent Brand
The main brand in a brand architecture that houses sub-brands or extensions. Crucial for providing overarching brand identity and consistency across sub-brands.
Brand Exposure
The extent to which a brand is seen or experienced by potential customers through various media channels. Crucial for increasing brand awareness and reaching new audiences.
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.
Brand Audit
A thorough examination of a brand's current position in the market and its effectiveness in reaching its goals. Important for assessing brand health and identifying areas for improvement.
SWOT Analysis
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.
Zero Price Effect
A phenomenon where people perceive an item as more valuable when it is free, leading to an increased likelihood of choosing the free item over a discounted one. Important for understanding consumer behavior and designing effective marketing strategies.
KPI
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.
Stream-Aligned Team
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.
Prospect
A potential customer who has shown interest in a product or service but has not yet made a purchase. Essential for identifying and targeting potential new customers.
Viability Risk
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.
Compliance
Adhering to laws, regulations, and guidelines relevant to business operations and product development. Crucial for ensuring products and practices meet legal and ethical standards.
Descriptive Analytics
The interpretation of historical data to identify trends and patterns. Important for understanding past performance and informing future decision-making.
SEM
Search Engine Marketing (SEM) is a digital marketing strategy used to increase a website's visibility in search engine results pages (SERPs) through paid advertising. Essential for driving targeted traffic and improving online presence.
Attention Economy
An economic approach that treats human attention as a scarce commodity, focusing on capturing and retaining user attention. Crucial for understanding user engagement and designing products that effectively capture and retain attention.
TTV
Time to Value (TTV) is a metric that measures the time it takes for a customer to realize the value of a product or service after purchase. Crucial for optimizing customer satisfaction and improving business outcomes.
Liking Principle
A psychological principle where people are more likely to be influenced by those they like. Important for understanding social influences and improving user engagement and marketing strategies.
Funnel Velocity
The speed at which leads move through the sales funnel. Crucial for understanding and optimizing the sales process.
Top-Down Product Strategy
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.
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.
Product Launch Manager
A professional responsible for overseeing the planning and execution of a product launch, ensuring alignment with strategic goals and successful market entry. Essential for managing the complexities of launching a new product and coordinating cross-functional teams.
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.
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.
Squeeze Page
A squeeze page is a type of landing page designed to capture a visitor's email address or other contact information. Highly effective for building an email list by offering a valuable incentive in exchange for the user's details.
Product Development Cycle
The series of stages a product goes through from initial concept to market release, including planning, design, development, testing, and launch. Essential for understanding the full lifecycle of product creation and bringing products to market efficiently.
DSDM
Dynamic Systems Development Method (DSDM) is an agile project delivery framework focused on delivering business value early and continuously. Essential for ensuring that projects align with business goals and user needs through iterative processes.
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.
Data Analytics
The practice of measuring and analyzing data about digital product adoption, usage, and performance to inform business decisions. Crucial for making data-driven decisions that improve product performance and user satisfaction.
Lovemark
A marketing concept that describes brands that inspire loyalty beyond reason, creating an emotional connection with consumers. Crucial for building strong brand loyalty and emotional engagement.
Operational Planning
The process of setting short-term objectives and determining the actions needed to achieve them. Critical for aligning daily operations with strategic goals.
Forecasting
The process of making predictions about future trends based on current and historical data. Useful for anticipating user needs and market trends to inform design decisions.
Foot-in-the-Door Technique
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.
On-Page SEO
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.
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.
Product Enablement
The strategies and tools used to ensure that sales, marketing, and customer service teams have the necessary resources to effectively promote and support a product. Essential for aligning internal teams and ensuring successful product adoption and customer satisfaction.
Inflection Point
A moment of significant change in a process or system, where the direction of growth, performance, or trend shifts markedly. Important for recognizing critical transitions in design or business strategies, enabling timely adjustments and informed decision-making.
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-Led Organization
An organization that places the product at the center of its operations, ensuring that all departments align their efforts to support product development and success. Crucial for creating a cohesive and focused approach to product development and business growth.
Masterbrand
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.
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.
AWS
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.
Sales Metrics
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.
Operational Efficiency
The ability to deliver products or services in the most cost-effective manner without sacrificing quality. Key to reducing costs and improving profitability.
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.
Buy-a-Feature
A prioritization technique where stakeholders use a limited budget to "buy" features they believe are most valuable, helping to prioritize the development roadmap. Useful for involving stakeholders in the decision-making process and aligning development priorities with business value.
MoFu
Middle of Funnel (MoFu) is the stage in the sales funnel where leads are being nurtured and evaluated before becoming sales-ready. Crucial for converting leads into prospects and moving them closer to purchase.
Commodification of Design
The process where design services and outputs become standardized and interchangeable, often leading to competition based primarily on price rather than quality or creativity. Important for understanding market trends and pressures that reduce the perceived value and uniqueness of design work, impacting pricing and differentiation strategies.
Brand Loyalty
The tendency of consumers to continuously purchase the same brand's products over time. Essential for driving repeat business and ensuring long-term brand success.
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.
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.
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.