Instrumentation
The process of designing, developing, and managing tools and techniques for measuring performance and collecting data. Essential for monitoring and improving system performance and user experience.
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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.
ERP
Enterprise Resource Planning (ERP) are integrated software systems that manage business processes across various departments, such as finance, HR, and supply chain. Essential for improving operational efficiency and providing a unified view of business operations.
Empathy in Design
The practice of deeply understanding and sharing the feelings of users to create products and services that truly meet their needs. Crucial for creating user-centered designs that resonate with users' emotions and experiences.
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.
Value Risk
The risk that the product being developed will not deliver sufficient value to the users, meaning it won't meet their needs or solve their problems. Critical for ensuring the product will be desirable and valuable to the users, which is essential for its success.
Berkson’s Paradox
A statistical phenomenon where two independent events appear to be correlated due to a selection bias. Important for accurately interpreting data and avoiding misleading conclusions.
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.
Qualitative Research
A research method that focuses on understanding phenomena through in-depth exploration of human behavior, opinions, and experiences, often using interviews or observations. Essential for gaining deep insights into user needs and behaviors to inform design and development.
Confirming Subscription
A dark pattern where users are tricked into confirming a subscription through misleading language or design. It's crucial to avoid misleading users and ensure clear communication about subscription terms and conditions.
User Research
The process of understanding user behaviors, needs, and motivations through various qualitative and quantitative methods. Essential for designing user-centered products and ensuring they meet actual user needs.
Design Literacy
The understanding and proficiency in the principles, practices, and processes of design. Essential for empowering individuals to effectively participate in and critique design processes.
Demographic
Statistical data relating to a particular population and groups within it. Crucial for market research and understanding target audiences.
IBP
Integrated Business Planning (IBP) is a process that aligns strategic, operational, and financial planning to optimize business performance. It ensures cohesive and efficient planning across all functions.
Linear Regression
A statistical method that models the relationship between a dependent variable and one or more independent variables by fitting a linear equation to observed data. Essential for predicting outcomes and understanding relationships between variables in digital product design and analysis.
ARPA
Average Revenue Per Account (ARPA) is a metric used to measure the average revenue generated per user or account. Crucial for understanding and optimizing revenue streams in subscription-based businesses.
Lead Conversion Rate
The percentage of leads that convert into customers. Crucial for measuring the effectiveness of marketing and sales efforts.
Usability Testing
A technique used to evaluate a product or system by testing it with real users to identify any usability issues and gather qualitative and quantitative data on their interactions. Crucial for identifying and resolving usability issues to improve user satisfaction and performance.
Product Portfolio Manager
A professional responsible for overseeing and optimizing a company's portfolio of products, ensuring they align with strategic goals and market demands. Crucial for managing a diverse range of products and maximizing their market impact.
Heat Map
A data visualization technique that shows the intensity of data points with varying colors, often used to represent user interactions on a website. Essential for understanding user behavior and identifying areas of interest or concern in digital product interfaces.
Field Study
Research conducted in natural settings to collect data on how people interact with products or environments in real-world conditions. Crucial for gaining authentic insights into user behaviors and contexts.
Traffic Sources
The origins of visitors to a website, such as search engines, direct visits, social media, and referrals from other sites. Crucial for understanding and optimizing website traffic and marketing strategies.
Feedback Management
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.
Selection Bias
A bias that occurs when the sample chosen for a study or survey is not representative of the population being studied, affecting the validity of the results. Important for ensuring the accuracy and reliability of research findings and avoiding skewed data.
CIRCLES Method
A structured framework for product design that stands for Comprehend the situation, Identify the customer, Report customer needs, Cut through prioritization, List solutions, Evaluate trade-offs, and Summarize recommendations. Essential for guiding product managers through a comprehensive design process.
Kano Model
A framework for prioritizing product features based on their impact on customer satisfaction, classifying features into categories such as basic, performance, and delight. Crucial for understanding customer needs and prioritizing features that enhance satisfaction.
FAR
Feature Adoption Rate (FAR) is the percentage of users who adopt a new feature within a specified time period after its release. This metric is important for measuring the success and impact of new product features.
Cannibalization
The reduction in sales of a company's existing products due to the introduction of a new product by the same company. Crucial for understanding product strategy and market impacts of new product introductions.
Test Marketing
A marketing strategy that involves releasing a product to a limited audience to evaluate its market performance before a full-scale launch. Important for assessing market response, identifying potential issues, and refining digital products before a wider release.
CAC
Customer Acquisition Cost (CAC) is the total cost associated with acquiring a new customer, including marketing and sales expenses. Essential for evaluating the efficiency and effectiveness of marketing strategies.
Technical Product Manager
A role that involves overseeing the development and improvement of technical products, ensuring they meet user needs and business goals. Crucial for bridging the gap between technical teams and business objectives, ensuring successful product development.
Customer Validation
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.
ROAS
Return on Advertising Spend (ROAS) measures the revenue generated for every dollar spent on advertising. Essential for assessing the effectiveness and profitability of marketing campaigns.
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. Essential for validating product ideas quickly and cost-effectively, allowing teams to learn about customer needs without fully developing the product.
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.
Intention Action Gap
The discrepancy between what people intend to do and what they actually do. Crucial for designing interventions that bridge the gap between user intentions and actions.
WSJF
Weighted Shortest Job First (WSJF) is a prioritization method used in agile and lean methodologies to maximize value by comparing the cost of delay to the duration of tasks. Essential for effectively prioritizing work to ensure the highest value tasks are completed first.
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.
Contrast Effect
The enhancement or diminishment of perception, cognition, or related performance as a result of exposure to a stimulus of greater or lesser value in the same dimension. Useful for designing interfaces that leverage contrasting elements to guide user attention and behavior.
Polynomial Regression
A form of regression analysis where the relationship between the independent variable and the dependent variable is modeled as an nth degree polynomial. Useful for modeling non-linear relationships in digital product data analysis.
Summative Testing
A type of usability testing conducted at the end of the design process to evaluate the effectiveness and overall user experience. Important for assessing the final design's usability and identifying any remaining issues.
Velocity
A measure used in Agile project management to quantify the amount of work a team can complete in a given sprint, typically measured in story points. Crucial for planning and forecasting in Agile projects and understanding team capacity.
Status Quo Bias
A cognitive bias that leads individuals to prefer things to remain the same rather than change, often resisting new options or changes. Crucial for understanding resistance to change and designing strategies to overcome it among users.
Matched Pairs Design
An experimental design where subjects are paired based on certain characteristics, and then one is assigned to the treatment and the other to the control group. Important for reducing variability and improving the accuracy of experimental results.
PESTEL Analysis
A strategic framework used to analyze the external macro-environmental factors affecting an organization: Political, Economic, Social, Technological, Environmental, and Legal. Essential for strategic planning and understanding market dynamics.
UX
User Experience (UX) refers to the overall experience of a person using a product, system, or service, encompassing all aspects of the end-user's interaction. Crucial for creating products that are not only functional but also enjoyable, efficient, and satisfying to use.
Consistency Bias
The tendency to recall past behavior in a way that aligns with current beliefs and attitudes. Crucial for understanding how memories and self-perception can be influenced by current perspectives.
QFD
Quality Function Deployment (QFD) is a method used to transform customer needs into engineering characteristics for a product or service. Essential for ensuring that customer requirements are systematically incorporated into the design and development process.
PAR
Performance and Accountability Reporting (PAR) is a comprehensive document that outlines an organization's performance in achieving its goals and its accountability in managing resources. This report is essential for transparency, governance, and continuous improvement.
PageRank
An algorithm used by Google Search to rank web pages in their search engine results, based on the number and quality of links to a page. Essential for understanding search engine optimization and improving website visibility.
Social Desirability Bias
The tendency for individuals to present themselves in a favorable light by overreporting good behavior and underreporting bad behavior in surveys or research. Crucial for designing research methods that mitigate biases and obtain accurate data.
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.
Competitive Landscape
The overall market environment in which a business operates, including the strengths and weaknesses of competitors. Important for understanding the market context and identifying opportunities and threats.
User Centered Design
An iterative design process that focuses on the users and their needs at every phase of the design process. Crucial for creating products that are effective, efficient, and satisfying for the end users.
Licensing Effect
A cognitive bias where people allow themselves to indulge after doing something positive, believing they have earned it. Important for understanding user behavior and designing systems that account for self-regulation.
Product Requirements
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.
Annual Recurring Revenue
A metric that shows the revenue that a company can expect to receive annually from its customers for subscriptions or services. Essential for understanding business performance and growth potential.
Trick Questions
A dark pattern where questions are worded in a way that tricks the user into giving an answer they didn't intend. Recognizing the harm of this practice is important to maintain clarity and honesty in user interactions.
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.