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.
150 topics found for:
“product offerings”
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.
Digital Product Manager
A role focused on overseeing the development, launch, and lifecycle of digital products, ensuring they meet market needs and business goals. Essential for integrating digital product strategy and development.
Product Consolidation
The process of combining multiple products or product lines into a single offering to streamline operations and reduce complexity. Useful for optimizing product portfolios and improving operational efficiency.
Product Mission
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.
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.
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.
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.
NPD
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.
Private Label
Products manufactured by one company for sale under another company's brand name. Important for retailers to offer exclusive products and build customer loyalty.
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.
MVE
Minimum Viable Experience (MVE) is the simplest version of a product that delivers a complete and satisfying user experience while meeting core user needs. Essential for rapidly validating product concepts and user experience designs while ensuring that even early versions of a product provide value and a positive impression to users.
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.
PAC
Product Advisory Council (PAC) is a group of customers, industry experts, and stakeholders who provide feedback and guidance on a company's product strategy and development. Essential for aligning products with market needs and driving innovation.
Portfolio Management
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.
Desirability Study
A research method used to determine how desirable a product or feature is to potential users. Crucial for understanding user preferences and guiding product development.
White Label
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.
Merchandising
The strategic promotion, placement, and persuasive presentation of digital products or services within an online platform to maximize sales, engagement, and user satisfaction. Important for optimizing the visibility, appeal, and persuasive impact of digital offerings, enhancing user experience, and driving conversions in online environments.
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.
Diversification Bias
A cognitive bias where people prefer a greater variety of options when making simultaneous choices compared to sequential choices. Important for designers to consider user preferences for variety when designing choice architectures and product offerings.
CSAT
CSAT (Customer Satisfaction) measures how products or services provided by a company meet or exceed customer expectations. Essential for understanding customer needs and improving product offerings.
Market Segmentation
The process of dividing a broad consumer or business market into sub-groups of consumers based on shared characteristics, needs, or behaviors. Important for tailoring marketing strategies and product offerings to specific customer groups.
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.
Product Vision
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.
Product Profitability
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.
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.
Product Operating Model
A framework that outlines how a product is developed, managed, and delivered, including roles, processes, and tools used throughout its lifecycle. Crucial for ensuring efficient and effective product management and development.
Product vs. Program
Products are individual items or services designed to meet specific customer needs, while programs are collections of related projects and products managed together to achieve broader strategic goals. Essential for understanding the different scopes and objectives involved, helping to manage and align efforts effectively within an organization.
Product Differentiation
The process of distinguishing a product from its competitors through unique features, benefits, or branding to attract and retain customers. Crucial for creating a competitive advantage and capturing market share.
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.
MVF
Minimum Viable Feature (MVF) is the smallest possible version of a feature that delivers value to users and allows for meaningful feedback collection. Crucial for rapid iteration in product development, enabling teams to validate ideas quickly and efficiently while minimizing resource investment.
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.
User Testing
The process of evaluating a product by testing it with real users to gather feedback and identify usability issues. Essential for validating design decisions and ensuring the product meets user needs.
External Consistency
The degree to which a product's elements are consistent with external standards or other products. Important for ensuring compatibility and user familiarity across different systems.
Value Proposition
A statement that explains the unique value a product or service provides to its customers, differentiating it from competitors. Essential for communicating the benefits and advantages of a product to attract and retain customers.
Retention
The ability of a product or service to keep users engaged and returning over time, often measured by metrics such as retention rate. Crucial for evaluating user loyalty and the long-term success of a product.
Less Is Better Effect
A cognitive bias where people prefer a smaller set of higher-quality options over a larger set with lower overall quality. Useful for designing product offerings and experiences that emphasize quality over quantity for users.
User Feedback
Information provided by users about their experience with a product, used to inform improvements and adjustments. Crucial for continuous improvement and user-centered design.
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.
Goldilocks Effect
The psychological phenomenon where people prefer options that are not too extreme, but just right. Crucial for designing products and experiences that cater to the majority preference.
Competitive Analysis
A strategic research process that involves evaluating competitors' products, services, and market positions to identify opportunities and threats. Essential for informing product strategy, differentiating offerings, and gaining a competitive advantage in the market.
Branded House
A brand architecture strategy where all products share a common brand name and identity. Essential for creating a cohesive brand image and leveraging brand equity across products.
User Control
The ability of users to influence the behavior and outcomes of a system or product, allowing them to interact with it according to their preferences. Essential for creating user-friendly interfaces that allow for flexibility and customization.
Mid-Tier Value
A pricing strategy that offers a middle option with substantial value at a moderate price, often perceived as the best deal by users. Useful for driving sales by presenting a balanced choice that appears more attractive relative to higher and lower-priced options.
Brand Extension
The practice of using an established brand name to introduce new products or services. Essential for leveraging brand equity to expand product lines and enter new markets.
Feature Parity
The condition in which two or more versions of a product or system offer the same features and functionalities, ensuring consistency and uniformity across different platforms or updates. Important for providing a consistent user experience, reducing confusion, and ensuring all users have access to the same capabilities regardless of the platform they use.
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.
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.
Competitive Differentiator
A unique attribute, feature, or capability of a product, service, or brand that sets it apart from competitors in the market. Essential for identifying and leveraging unique selling points to create a competitive advantage, enhance brand value, and attract and retain customers in the market.
ModelOps
ModelOps (Model Operations) is a set of practices for deploying, monitoring, and maintaining machine learning models in production environments. Crucial for ensuring the reliability, scalability, and performance of AI systems throughout their lifecycle, bridging the gap between model development and operational implementation.
4 P’S Marketing Mix
The four key elements of marketing: Product, Price, Place, and Promotion, used to develop marketing strategies. Important for creating comprehensive marketing strategies that effectively promote digital products.
Cross-Selling
The practice of selling additional products or services to an existing customer. Essential for increasing revenue and enhancing customer value.
Contextual Help
In-product assistance provided within the context of a specific task or screen, tailored to the user's current needs. Important for enhancing user experience by providing timely and relevant assistance.
Competitive Research
The systematic investigation of competitor activities, products, and strategies to gain insights and inform decision-making. Crucial for staying competitive and improving product and service offerings.
UI Design
The design of user interfaces for machines and software, such as computers, mobile devices, and other electronic devices, with the focus on maximizing usability and the user experience. Essential for ensuring that digital products are intuitive and easy to use.
Bundling Bias
A cognitive bias where individuals evaluate the value of bundled items differently than they would if the items were evaluated separately. Important for understanding user behavior and designing effective product bundles and pricing strategies.
UBP
Unique Buying Proposition (UBP) is a statement that highlights the unique benefits and value a product or service offers to customers. Crucial for differentiating a product in the market and attracting customers.
Feature Outcome Assessment
The process of evaluating the impact and success of a feature after its release, based on predefined metrics and user feedback. Crucial for understanding the effectiveness of features and informing future development.
Speed Dating
A research method in which participants interact with a series of potential product concepts in quick succession, providing rapid feedback on multiple ideas. Useful for quickly gathering user feedback on various concepts and iterating based on their preferences.
Opportunity Space
The area within a market where unmet needs or problems present potential for new products or services. Essential for identifying new business opportunities.