MVP
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.
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Bounded Rationality
A concept that humans make decisions within the limits of their knowledge, cognitive capacity, and available time, leading to satisficing rather than optimal solutions.
Rebrand
The process of changing the corporate image of an organization, including its name, logo, visual identity, and messaging, to better align with its strategic goals.
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.
Scenario Mapping
A method used to create detailed narratives of potential future events to explore and understand possible outcomes and inform decision-making.
Brand Recall
The ability of consumers to remember a brand when prompted by a product category.
Bounce Rate
The percentage of visitors to a website who navigate away from the site after viewing only one page.
Inflection Point
A moment of significant change in a process or system, where the direction of growth, performance, or trend shifts markedly.
Value Innovation
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.