Product Management Glossary

Cannibalization is the negative impact on the sales of a current product when introducing a newer, similar product in the same market or product line.

Captive Product Pricing is the strategy of setting a low price for a core product and charging a higher price for supporting products or services that are necessary to use the core product.

Certified Product Manager is a professional certification awarded by the Association of International Product Marketing and Management (AIPMM) to individuals who have demonstrated proficiency in product management principles and practices.

Change enablement is the practice of equipping teams and organizations with the tools, processes, and frameworks they need to support and manage change in a structured manner. It involves building a culture of change readiness and agility, enabling teams to proactively identify changes and respond to them effectively.

Change Management is the systematic approach to dealing with change, both from the perspective of an organization and on an individual level. It includes methods for facilitating, tracking, and implementing changes to processes, procedures, technologies, and strategies.

Change Management Principles refer to the best practices and guidelines for managing changes in a project or organization in a controlled and systematic manner to minimize any negative impact on stakeholders and ensure successful delivery of the project objectives.

Channels of distribution are the routes through which products or services are channeled from the manufacturer or producer to the end consumer. It includes all the intermediaries such as wholesalers, distributors, retailers, and agents who help in the physical movement of goods from one place to another.

The Chief Product Officer (CPO) is a C-level executive who is responsible for the company's product strategy and direction, as well as overseeing the entire product portfolio from ideation to launch and beyond.

"Churn" is a business term used to describe the rate at which customers or subscribers discontinue their use of a service or product.

Churn Rate is the percentage of customers who stop using a product or service during a given time period. It is calculated by dividing the number of customers lost during that period by the total number of customers at the beginning of the period.

The CIRCLES Method is a systematic approach to product management that involves assessing a product's features and identifying gaps in order to improve functionality and enhance user experience.

Closing in Product Management refers to the final stage of the sales process where the customer makes the decision to purchase the product or not.

Competitive analysis is the process of identifying and evaluating the strengths and weaknesses of competitors in a market, in order to make informed decisions about product development, marketing, and sales strategies.

Competitive Intelligence is the process of gathering and analyzing information about competitors, customers, and the marketplace to make informed strategic decisions for product management.

Competitive Landscape refers to the current and potential competition for a company within its market. It includes an analysis and evaluation of competitors' strengths, weaknesses, market share, product offerings, pricing strategies, and overall positioning.

Concept Review is the process of evaluating new product ideas, examining their feasibility and viability, and determining whether the investment of time, resources, and money is worth it.

Content marketing is a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience — and, ultimately, to drive profitable customer action.

Continuous Delivery is a software development approach in which code changes are automatically prepared, tested, and released to production with minimal manual intervention.

Continuous Deployment is a software engineering approach in which any code change that passes all stages of the production pipeline is automatically released into the production environment, without human intervention.

Continuous Discovery is an ongoing process of gathering customer feedback and insights to inform product decisions and ensure that the product remains relevant and valuable to its users.

Continuous Improvement is an ongoing approach to enhancing products, processes and services by incrementally and continuously improving them over time.

Continuous Integration is a software development practice where code changes are frequently and automatically merged into a shared repository. This allows for early detection of integration issues and ensures that the software is always in a releasable state.

Cost of Delay (CoD) is a concept used in product management to quantify the impact of delaying the delivery of a project or feature.

Cross Browser Testing is the process of testing a website or web application across multiple web browsers to ensure compatibility and consistency of the user experience. This involves identifying and addressing any issues or bugs that may arise due to differences in browser rendering, functionality, or performance.

A Cross-Functional Team is a group of individuals from various departments or areas of expertise within a company who work together to achieve a specific goal or project.

Cross-selling is a sales technique where a company promotes complementary or additional products to a customer who has already made a purchase, with the aim of increasing revenue and enhancing customer satisfaction.

The Crystal Agile Framework is a software development methodology that emphasizes team collaboration, flexible planning, and frequent delivery of working software.

Customer acquisition cost (CAC) is the total cost incurred by a company to acquire a new customer, including all marketing and sales expenses. It is calculated by dividing the total cost of sales and marketing by the number of new customers acquired during a specific period of time.

Customer Advisory Board is a group of strategically selected customers who are invited to regularly provide valuable feedback and insights to a company's product management team.

Customer churn rate is the percentage of customers who stop using a product or service during a certain period of time. It is a key metric for product managers to measure customer retention and identify areas for improvement.

Customer development is a process of understanding customer needs and validating product hypotheses through continuous feedback and iteration.

A customer development interview is a research method used by product managers to gain insights into the needs, behaviors, and pain points of potential customers. It involves conducting one-on-one interviews with target customers to validate assumptions and refine product ideas.

Customer development survey questions are a set of questions designed to gather information from potential or existing customers in order to understand their needs, preferences, and pain points. These questions are used by product managers to inform product development and improve customer satisfaction.

Customer empathy refers to the ability of product managers to understand the feelings, needs, and challenges of their customers, in order to create products that meet their expectations and solve their problems.

Customer experience refers to the overall interaction and perception customers have of a company's products or services throughout their entire journey, from discovery to purchase and beyond.

Customer experience (CX) refers to the overall perception a customer has of a company based on all interactions and touchpoints with the company, including pre-sale, sale, and post-sale interactions. It encompasses the emotional, physical, and psychological aspects of the customer's journey and can greatly impact customer loyalty and retention.

Customer feedback refers to the information provided by customers about their experience with a product or service. This feedback can be used by product managers to improve the product and meet customer needs.

Customer Journey Map is a visual representation of the entire customer experience, mapping it from start to end highlighting all possible interactions. It helps product managers to view the customer’s experience from their perspective and make improvements in it.

Customer lifetime value (CLV) is the total amount of money a customer is expected to spend on a company's products or services over the course of their lifetime. It is a metric used to determine the long-term value of a customer to a business.

Customer needs refer to the desires, requirements, and expectations of a customer that a product or service must fulfill in order to satisfy them and provide value.

Customer pain points refer to the specific problems or challenges that customers face when using a product or service, which can negatively impact their overall experience and satisfaction.

A customer persona is a fictional representation of a target customer group that is based on market research and data. It includes demographic information, behavior patterns, motivations, and goals, and is used to guide product development and marketing strategies.

Customer relationship management (CRM) is a strategy for managing a company's interactions with customers and potential customers. It involves using technology to organize, automate, and synchronize sales, marketing, customer service, and technical support processes.

Customer retention refers to the ability of a company to retain its existing customers over a period of time. It is a measure of customer loyalty and satisfaction, and is often achieved through effective customer service, personalized marketing, and product quality.

Customer retention rate is the percentage of customers who continue to do business with a company over a certain period of time. It is calculated by dividing the number of customers retained by the total number of customers at the beginning of the period and multiplying by 100.

Customer segmentation is the process of dividing a customer base into smaller groups of individuals who have similar needs or characteristics. This allows companies to tailor their marketing efforts and product offerings to specific segments, ultimately increasing customer satisfaction and profitability.

Customer service in product management refers to the support and assistance provided to customers before, during, and after their purchase of a product. It includes activities such as answering customer inquiries, resolving complaints, and providing technical support.

A Customer Service Level Agreement (SLA) is a contract between a service provider and a customer that outlines the level of service the customer can expect to receive, including metrics such as response time, resolution time, and availability. SLAs help ensure that both parties have a clear understanding of expectations and responsibilities.

Customer success management is the process of ensuring that customers achieve their desired outcomes while using a product or service, by providing support, guidance, and resources to help them succeed.

Customer validation is the process of testing and validating a product idea or feature with actual customers to ensure that it meets their needs and solves their problems.