Glossary of Product Management Terms

We have made a glossary of frequently used Product Management terms. This is a work in progress. Disagree with one of our definitions? Can't find a term you are looking for?  Contact us

A/B Testing

A/B testing is essentially an experiment where two or more variants are tested against each other to determine which variation is better.

API (Application Program Interface)

It is a set of routines, protocols and tools for building software applications that define how components should interact. APIs can extend the functionality of your product to third parties.

Adaptive Design

Adaptive design refers to GUI design that adapts to different screen sizes.

Agile

Agile is an iterative product-development methodology in which teams work in brief

Agile Principles

They are principles that help instill an agile mindset in development teams. There are 12 agile principles mentioned in the Agile Manifesto.

Agile Product Development

It is an approach encouraging continuous discovery

Agile Product Management

It is a process of using agile methodologies in creating product strategy and roadmap.

Alpha Testing

It is done at the end of the development process when the product is in a near fully-usable state to improve the quality of the product and ensure Beta readiness.

Backlog

A backlog is a list of ideas that a team may or may not decide to work on later.

Backlog Refinement / Grooming

It is when the product team get together to discuss, review and prioritize backlog ideas that would be worked on in future.

Beta Testing

It is done just prior to launch to improve the quality of the product

Business Model

It is an outline of an organization's plan to make money.

Business Model Canvas

It is a tool used by a company to develop and document their business model plans and strategies.

Churn Rate

A measure of how many customers do not renew at the end of their subscription.

Continuous Deployment

It is a strategy used by the engineering team for software releases where code that passes the automated testing phase is automatically released.

Continuous Discovery

It is the process of continuously refining ideas based on the customer’s needs. It helps keep your development process agile.

Continuous Integration

CI is a development practice where developers integrate code into a shared repository frequently

Cross Browser Testing

It is a type of testing that lets you check whether your website or web application is working as it was intended in all the supported browsers

Customer Journey Map

It is a visual representation that depicts various stages customers go through while interacting with your business.

Design Sprint

It is a five phase time-based process used by user-centric teams to brainstorm ideas

Design Thinking

Design thinking is an iterative process adopted to drive innovative ideas by understanding a user in the context of his/her needs

Dual-Track Agile

This agile process is built upon the idea of continuous discovery, in a dual track method the product team breaks its daily development work into two tracks: discovery and delivery.

Empathy Maps

An empathy map is used to gain a deeper insight into their customers.

Epics

In product development, epics are a large chunk of work divided into smaller, manageable and accomplishable tasks.

Experiments

In product development, experiments are used to evaluate ideas and make data driven decisions.

Feature

Features are specific functionalities that provide benefits to the user.

Feature Bloat

It is a term used when a product team continues to add more features without necessarily adding proportionate value for users.

Feature Flag

The term refers to the ability to turn a feature “on” or “off” at their discretion.

Feature Gap Analysis

An exercise in which a team will catalog the major features of key competitors and compare how their product stacks up

GIST Planning

GIST is an acronym for Goals, Ideas, Step-Projects, and Tasks and is a product planning method.

General availability (GA)

It defines the product's release to the General Public for purchase

Go-to-Market Strategy

A GTM strategy is an action plan that specifies how a company will launch the product in the market and reach their target customers

Hooked Method

A method describing how to convert triggers to internal product features to increase the stickiness of the product.

Idea Management

The process of capturing, sorting, and prioritizing ideas from customers, partners, and internal teams.

Impact Map

It is a strategic planning technique to decide on building features with the maximum impact on customers.

Jobs-to-be-done Framework

Jobs to be Done is a framework used to assess product-market fit of the product.

KANO Model
KPI’s

It is an acronym for Key Performance Indicators. They are quantifiable metrics used to measure the progress of intended results.

Kanban Roadmap

This roadmap helps in documenting tasks the team is currently working on as well as longer-term initiatives.

Key Results
Lean Experimentation

It is the process of swiftly turning new ideas for products into iterative experiments to understand the usefulness of the idea.

LifeTime Value (LTV)

It is an estimate of the average revenue that a customer will generate throughout their lifespan as a customer.

Minimal Viable Product (MVP)

A MVP is a product with a minimum level of functionality launched in the market to gather feedback for future product development.

MoSCoW Prioritization

This model is used for prioritizing product features by taking into consideration the wishes and interests of the stakeholders. To read more about MoSCoW prioritization check this “5 Popular Prioritization Frameworks For Product Managers”.

MoSCoW Prioritization

This model is used for prioritizing product features by taking into consideration the wishes and interests of the stakeholders. Follow the link to learn more about prioritization frameworks: “5 Popular Prioritization Frameworks For Product Managers”.

Monthly Recurring Revenue

MRR is income that is the revenue received every single month by a business.

Needfinding

A design method that focuses on looking for needs rather than solutions. This helps teams to align better with customer’s pain points.

Net Promoter Score (NPS)

NPS is a metric used to measure customer satisfaction. The customers are divided into four categories promoters

Objectives
Objectives and Key Results (OKRs)

It is a goal management framework to define and track goals and their intended result.

Opportunity Score

A metric which measures the performance of a product or feature against customers' needs by calculating importance minus satisfaction.

Persona

User personas are archetypical users whose goals and characteristics represent the needs of a larger group of users. Make better decisions about your customers with persona.

Product Led Growth

Product-led growth (PLG) is a business methodology in which user acquisition, expansion, conversion, and retention are all driven primarily by the product. Read more about why “Product led growth is the new black”.

Product Prioritization Frameworks

Product prioritization frameworks are techniques to evaluate what features to develop next which will have the maximum impact on users. Check this “5 Popular Prioritization Frameworks For Product Managers” to know more.

Product Requirements Document

A product requirements document (PRD) is used by product teams to explain the solution they are implementing for a given problem.

Product Vision

A product vision, or product vision statement, describes the long-term mission of your product like what problems is it solving, for whom and why at this point in time.

Quality Assurance

QA is to ensure that your product meets customer requirements and performance expectations by preventing issues before deployment.

RICE Scoring

This model is used for prioritizing product features by measuring them against reach

Release Notes

They are technical documentation outlining the changes in the products and are coupled with the launch of products or features.

Responsive Design

It refers to an approach wherein content is created such that it adjusts smoothly to various screen sizes. Designers size elements in relative units and apply media queries

Retention Rate

It is the percentage of customers retained by the customers at the end of a period (quarter

Retrospective

Meeting that is held to identify what worked well and what could be improved after the end of a sprint.

Roadmap

A visual representation of how a product is going to meet a set of business goals and the tasks that will be performed for their accomplishment.

Roadmap Milestones

It refers to the deadline when an event needs to be completed.

Scrum Framework

Scrum is a behavioral framework that enables a group of people (scrum team and its stakeholders) to use their collective intelligence

Sprint Planning

It is during this phase the team's plans on what work is to be done during the sprint and how will that work be accomplished

Sprints

Sprints are set periods of time when the team decides to complete a set amount of work.

Top-down Product Strategy

The top-down product strategy is one where high-level objectives and a long-term vision are defined first.

Unique Selling Proposition (USP)

USP is the main reason why a user chooses one product over another.

Use Case

A use case is a scenario in which a particular task is performed. It comprises a list of actions or steps typically defining the interactions between a user and the product.

User Journey Map

User journey map is a visualization of a user’s relationships with a product/brand over time and across different channels to accomplish specific goals.

User Research

It is a method used by designers to uncover the barriers or frustrations users face as they interact with products. This research is then incorporated into the designs of the product to solve for client barriers and frustrations.

User Stories

It is a description of a software feature written from the perspective of the end user.

User Testing

User testing is a type of user research that helps you understand how people interact with your product by either validating a hypothesis

Value Proposition

It refers to the value promised and delivered to customers should they choose to buy your product or service.

Value Proposition Canvas

It is a tool for value creators to ensure they are positioning their service or product around what customers need and want

Vanity Metrics

They are metrics that look meaningful at the surface but do not add real value to the business.

Weighted Scoring

It is a method used for prioritization features where ideas are scored according to a set of common criteria on a cost-versus-benefits basis and then ranked by their final scores.

Wireframe

A wireframe is a schematic blueprint that represents the skeletal framework of a digital product. Wireframes are useful for programmers and designers to think and communicate about the structure

Working Backwards (Used by Amazon)

The Amazon working backward method is a product development approach that starts with the team imagining the product is ready to ship and then reverse engineering the rest.