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.
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.
A role in Agile development responsible for defining the product vision, prioritizing the product backlog, and ensuring the development team delivers value to users. Essential for guiding product development and ensuring alignment with user needs and business goals.
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.
Minimum Marketable Feature (MMF) is the smallest set of functionality that delivers significant value to users and can be marketed effectively. Crucial for prioritizing development efforts and releasing valuable product increments quickly, balancing user needs with business objectives.
Product-Oriented Delivery (POD) is a methodology that focuses on organizing teams around products rather than projects. This approach is essential for enhancing product focus, agility, and cross-functional collaboration.
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.
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.
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.
A pricing strategy where a core product is sold at a low price, but complementary products are sold at higher prices. Useful for designing pricing strategies that maximize revenue from complementary products.
Market Requirements Document (MRD) is a comprehensive document that outlines the market's needs, target audience, and business objectives for a product. It serves as a crucial tool for aligning product development efforts with market demands and business goals, ensuring that the final product meets customer needs and achieves market success.
The tendency for people to value products more highly if they have put effort into assembling them. Important for understanding user satisfaction and product attachment.
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.
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.
Jobs-To-Be-Done (JTBD) is a framework that focuses on understanding the tasks users are trying to accomplish with a product, emphasizing their goals and motivations over product features. Crucial for designing products that meet real user needs and motivations.
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.
A brief description of how a product, service, or brand meets the needs of its target audience and stands out from competitors. Crucial for defining the unique value proposition and guiding marketing strategies for digital products.
A technique used to prioritize product features based on the potential impact on customer satisfaction and business goals. Essential for aligning product development efforts with user needs and business objectives.
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.
A phenomenon where users perceive greater value in a service or product if they believe more effort was involved in its creation or delivery. Important for enhancing perceived value and user satisfaction.
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.
The process of distinguishing a product or service from its competitors in a way that is meaningful to the target market. Important for creating a unique value proposition and gaining a competitive edge.
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.
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.
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.
The phenomenon where higher-priced products are perceived to be of higher quality, regardless of the actual quality. Useful for understanding consumer perceptions and designing effective pricing strategies.
Features or elements added to enhance the functionality or user experience of a system. Crucial for improving user engagement and satisfaction by adding valuable enhancements.
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.
The practice of selling additional products or services to an existing customer. Essential for increasing revenue and enhancing customer value.
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.
A tool used to prioritize tasks based on their impact and effort, helping to focus on high-value activities. Important for prioritizing tasks effectively to maximize impact with minimal effort.
The part of an application that encodes the real-world business rules that determine how data is created, stored, and modified. Crucial for ensuring that digital products align with business processes and deliver value to users.
The set of shared values, practices, and goals that characterize a startup company. Important for fostering innovation, agility, and a collaborative environment within product design teams.
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.
A professional responsible for promoting a product and driving its adoption in the market, through strategies like market research, positioning, and communication. Crucial for ensuring that products reach their target audience and achieve commercial success.
A prioritized list of features, enhancements, and fixes that are intended to be addressed in future product development cycles. Essential for managing and planning product development activities efficiently.
The worth of something based on its ability to help achieve a desired end or goal. Useful for understanding and prioritizing design elements that contribute to user goals.
An economic theory that explains why some necessities, such as water, are less expensive than non-essentials, like diamonds, despite their greater utility. Useful for understanding consumer behavior and designing pricing strategies.
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.
Short for Product Operations, a function that supports product management teams by streamlining processes, managing tools, and ensuring efficient operations. Important for optimizing product management activities and improving cross-functional collaboration.
Large-Scale Scrum (LeSS) is a framework for scaling agile product development to multiple teams working on a single product. It provides a minimalist, large-scale agile approach that maintains the simplicity and effectiveness of Scrum while addressing the challenges of coordination and integration in multi-team environments.
Lifetime Value (LTV) is a metric that estimates the total revenue a business can expect from a single customer account throughout their relationship. Crucial for informing customer acquisition strategies, retention efforts, and overall business planning by providing insights into long-term customer profitability.
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.
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.
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.
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.
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.
The process of guiding new users through the initial stages of using a product or service, helping them become familiar with its features and benefits. Essential for enhancing user retention and satisfaction by ensuring a smooth introduction to the product.
Information provided by users about their experience with a product, used to inform improvements and adjustments. Crucial for continuous improvement and user-centered design.
A cognitive bias where people ascribe more value to things merely because they own them. Useful for understanding user attachment and designing persuasive experiences.
A methodology that focuses on minimizing waste and maximizing value in business processes. Essential for improving efficiency, productivity, and customer satisfaction by eliminating non-value-adding activities.
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.
The value a brand adds to a product or service beyond the functional benefits, encompassing factors like brand awareness, perceived quality, and customer loyalty. Crucial for understanding the long-term value of a brand and its impact on business success.
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.
The process of anticipating future developments to ensure that a product or system remains relevant and functional over time. Essential for designing durable and adaptable products.
The excessive addition of features in a product, often leading to complexity and reduced usability. Crucial for maintaining simplicity and usability in product design.
A type of data visualization that uses dots to represent values for two different numeric variables, plotted along two axes. Essential for identifying relationships, patterns, and outliers in datasets used in digital product design and analysis.
The economic theory that suggests limited availability of a resource increases its value, influencing decision-making and behavior. Important for creating urgency and increasing perceived value in marketing.
A principle in lean management aimed at reducing non-value-added activities to improve efficiency. Important for optimizing processes and resource use.
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.