Product management glossary

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Product Management Terms Starting With

Landing Page

A landing page is a standalone web page designed specifically for a marketing or advertising campaign. It is created with the intention of driving visitors to take a specific action, such as filling out a form or making a purchase.
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Landing Page

Launch Plan

A launch plan is a comprehensive strategy outlining the steps and tactics necessary to successfully introduce a new product to the market. It includes details on target audience, marketing channels, pricing, distribution, and more.
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Launch Plan

LeSS (Large Scale Scrum)

LeSS (Large Scale Scrum) is a framework for scaling Scrum to larger organizations, involving multiple teams working on the same product or project.
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LeSS (Large Scale Scrum)

Lead Product Manager

A Lead Product Manager is a high-level management position responsible for overseeing a team of product managers throughout the product development process.
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Lead Product Manager

Lead Time

Lead time refers to the amount of time it takes for a product to be manufactured and delivered to the customer, from the moment the order is placed to the moment it is received. It includes all the steps involved in the production process, such as sourcing materials, manufacturing, and shipping.
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Lead Time

Lead generation

Lead generation is the process of identifying and cultivating potential customers for a business's products or services. It involves capturing interest in a product or service for the purpose of developing a sales pipeline.
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Lead generation

Lead qualification

Lead qualification is the process of determining whether a potential customer is a good fit for a product or service based on their needs, budget, authority, and timeline.
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Lead qualification

Lean Analytics

Lean Analytics is a methodology that focuses on using data to drive decision-making and product development in a lean startup. It involves measuring and analyzing key metrics to gain insights into customer behavior and product performance, and using those insights to make data-driven decisions about product development and growth.
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Lean Analytics

Lean MVP

Lean MVP is a minimum viable product that has only the core features necessary to test the product hypothesis and gather feedback from early adopters. It is developed quickly and with minimal resources to validate the product idea before investing significant time and money into development.
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Lean MVP

Lean Product Development

Lean Product Development is a methodology that focuses on creating products with the least amount of waste possible. It emphasizes rapid prototyping, customer feedback, and continuous improvement to deliver products that meet customer needs efficiently and effectively.
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Lean Product Development

Lean Software Development

Lean Software Development is a methodology that aims to minimize waste while maximizing customer value by continuously delivering small releases and actively involving the customer in the development process.
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Lean Software Development

Lean Startup

Lean Startup is a methodology for developing businesses and products that aims to shorten product development cycles and rapidly discover if a proposed business model is viable; this is achieved by adopting a combination of business-hypothesis-driven experimentation, iterative product releases, and validated learning.
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Lean Startup

Lean UX

Lean UX is a methodology that focuses on reducing waste in the product development process by incorporating user feedback early and often, and iterating quickly to create a user-centered design.
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Lean UX

Lean canvas

The Lean Canvas is a one-page business plan template that helps product managers and entrepreneurs quickly identify and communicate key elements of their product or business idea, including customer segments, value propositions, channels, customer relationships, revenue streams, key metrics, cost structure, and unique selling points.
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Lean canvas

Lean experimentation

Lean experimentation is a method of testing product ideas quickly and efficiently by using a hypothesis-driven approach, minimal viable products, and customer feedback to validate assumptions and make data-driven decisions.
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Lean experimentation

Lean metrics

Lean metrics are a set of measurements used by product managers to evaluate the effectiveness of their product development process. These metrics focus on minimizing waste and maximizing value for the customer, and can include metrics such as cycle time, lead time, and defect rate.
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Lean metrics

Lean principles

Lean principles are a set of methodologies and practices aimed at minimizing waste and maximizing value in product development. This approach emphasizes continuous improvement, customer focus, and a data-driven decision-making process.
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Lean principles

Lean startup

Lean startup is a methodology for developing businesses and products that aims to shorten product development cycles and rapidly discover if a proposed business model is viable; this is achieved by adopting a combination of business-hypothesis-driven experimentation, iterative product releases, and validated learning.
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Lean startup

Learning Loop

The Learning Loop in Product Management is a continuous process of gathering customer feedback, analyzing it, and using the insights to improve the product. It involves testing hypotheses, measuring results, and iterating on the product to achieve better outcomes.
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Learning Loop

Legacy System

A legacy system is an outdated technology or software that is still in use because it is too expensive or difficult to replace. These systems often lack modern features and can be a hindrance to innovation and progress.
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Legacy System

LifeTime Value (LTV)

LifeTime Value (LTV) is the total amount of revenue a customer is expected to generate for a business over the course of their relationship. It takes into account factors such as customer retention, repeat purchases, and the average amount spent per transaction.
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LifeTime Value (LTV)

Lifecycle Management

Lifecycle Management is the process of managing a product from its conception to its retirement. It involves planning, development, launch, growth, maturity, and eventual decline or discontinuation of the product.
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Lifecycle Management

Lifetime Value (LTV)

Lifetime Value (LTV) refers to the projected total value a customer will bring to a business over the course of their lifetime as a customer.
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Lifetime Value (LTV)

Line Extension

Line Extension is a product management strategy where a company introduces additional variations of an existing product line to cater to different customer needs or preferences.
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Line Extension

Localization

Localization is the process of adapting a product or service to meet the language, cultural, and other specific requirements of a particular country or region.
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Localization

Long-Tail Product

A long-tail product is a niche product that has a low sales volume but a high profit margin, typically sold through online channels and targeted towards a specific customer segment.
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Long-Tail Product

Loss Aversion

Loss aversion is a cognitive bias where people feel the pain of loss more strongly than the pleasure of gain, leading them to avoid losses rather than seeking gains.
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Loss Aversion

Low-Fidelity Prototype

A low-fidelity prototype is a basic, rough, and incomplete representation of a product that is used to test and validate early design concepts and ideas. It is typically created using simple materials and tools, such as paper, cardboard, or wireframes, and is meant to be quick and easy to modify based on feedback.
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Low-Fidelity Prototype