Product Management Glossary

A patent is a legal document that gives inventors exclusive rights to their inventions for a certain period of time, preventing others from making, using, or selling the same invention without permission.

Pay-per-click (PPC) advertising is a digital marketing model where advertisers pay a fee each time their ad is clicked. It is a way of buying visits to a website rather than attempting to earn those visits organically.

PDCA Cycle, short for Plan-Do-Check-Act Cycle, is a management model that outlines a continuous improvement process for businesses and organizations. It enables organizations to identify problems, develop solutions, and implement and monitor changes to achieve ongoing success.

Pendo is a product management platform that allows businesses to collect and analyze user behavior data to optimize their product offerings.

A persona is a fictional representation of a target customer group that is used to guide product development decisions and marketing strategies. It includes demographic information, behavior patterns, goals, and pain points.

PERT Chart is a project management tool used to plan, schedule, and control complex tasks within a project. It stands for Program Evaluation and Review Technique Chart.

Pivot is a strategic change in a product's direction in response to market feedback, customer needs, or other external factors that may impact the product's success.

Planning Poker is a consensus-based technique used by Agile product teams to estimate the effort required to complete a project or feature. It is a game-like approach that allows team members to contribute their perspective and knowledge to arrive at a shared estimate, which leads to more accurate and realistic planning.

A platform is a software or hardware system that provides a foundation for other products or services to be built upon. It typically includes a set of tools, APIs, and infrastructure that enable developers to create and deploy applications or services.

A Platform Product Manager is a professional responsible for the strategic planning, development, and execution of a platform product across different teams and stakeholders within an organization.

Positioning is the process of identifying a product's unique features and benefits and communicating them to the target market in a way that differentiates it from competitors.

Pricing strategy refers to the method a company uses to price its products or services. It involves setting a price that is attractive to customers and profitable for the company, taking into account factors such as production costs, competition, and customer demand.

Prioritization is a product management technique that involves ranking tasks or features based on their importance or value to the user, business, or project goals.

A prioritization matrix is a tool used in product management to help prioritize tasks or features based on their level of importance and urgency. It typically involves assigning scores to each task or feature based on criteria such as impact, effort, and risk, and then plotting them on a matrix to determine which ones should be tackled first.

A tangible or intangible item that is created or produced by a company, business or organization that can be sold or offered to customers.

Product Adoption refers to the overall process of introducing a new product to the market, and encouraging customers to buy and use it. It is the measurement of the degree to which a product has penetrated a specific market, and is being purchased and used by customers.

Product Analytics refers to the process of collecting, analyzing, and interpreting data related to a product's usage, performance, and customer behavior to inform product decisions and improve its overall success.

Product Architecture is the arrangement of components and subsystems that define the product's structure and functions.

The product backlog is a prioritized list of features, enhancements, and bug fixes that a product team maintains for a product. It serves as the single source of truth for the product and guides the team's work in delivering value to customers.

A product brief is a concise document that outlines the key features, benefits, and user experience goals of a product. It serves as a communication tool between product managers, development teams, and stakeholders.

Product-Centric is a strategic approach to product management that places the product at the center of decision-making and focuses on continuously optimizing the product to achieve business goals.

Product consolidation is a process where a company combines multiple products or product lines into a single product offering to simplify their product offerings and improve efficiency.

Product Council refers to a team of stakeholders who gather together at regular intervals to assess a product's development and ensure alignment with business goals.

Product Critique is a process of collecting feedback from stakeholders on the performance, design, and functionality of a product

Product design is the process of creating a product’s aesthetics, functionality, and user experience. It includes every aspect of a product’s design, from its initial concept to its final production.

A product designer is responsible for designing and developing the look, feel, and functionality of a product.

Product Development is the process of creating a new product or improving an existing one through research, design, testing, and launch.

The product development cycle is the process of creating, testing, and launching a new product or service in the market.

A product development manager is a professional responsible for overseeing the entire process of product development from concept to launch.

Product Development Process (PDP) is the systematic and structured approach to designing, developing, testing, and launching a product. PDP covers various stages that are required to create and market a successful product.

Product differentiation refers to the process of developing and promoting differences between similar products in order to distinguish them from each other and attract customers.

Product Discovery is the process of identifying and validating a product idea through research, experimentation, and customer feedback to determine if it is worth pursuing.

Product Disruptor refers to the introduction of a new product or service that fundamentally changes or revolutionizes an existing market space, forcing competitors to adapt or fall behind.

Product Enablement is the process of equipping a product team with the essential skills, tools, resources, and knowledge to successfully develop, launch, and market a product.

Product Excellence refers to the process of producing and marketing high-quality products that meet or exceed customer expectations and standards. It involves various activities such as defining product vision, development, launch, and continuous improvement to deliver value to customers.

Product Launch refers to the process of introducing a new product to the market. It involves various activities such as market research, product development, marketing, and sales to ensure a successful launch.

Product Launch Management refers to the process of planning, coordinating, and executing the release of a new product or service to the market.

A Product Launch Manager is a professional who manages and coordinates cross-functional teams to successfully launch a new product or service to the market.

A product launch timeline is a strategic plan that outlines the specific actions and milestones that a product development team must complete to launch a new product. It includes a detailed schedule with deadlines for product design, testing, production, marketing, and distribution.

Product Leadership is a management approach that focuses on driving innovation, customer satisfaction, and market growth through effective product development and execution.

Product Led Growth is a business strategy that focuses on using the product itself as the main driver of customer acquisition, retention, and expansion, rather than relying on traditional sales and marketing tactics.

Product-Led Organization is a company approach that prioritizes delivering value through the product, with cross-functional product teams focused on customer success and growth.

The Product Life Cycle is a marketing concept that tracks the stages of a product's lifespan, from its development to its decline and eventual discontinuation.

Product lifecycle refers to the stages a product goes through from its conception to its eventual retirement. These stages include development, introduction, growth, maturity, and decline.

Product Management Audit is an evaluation of a company's product management capabilities, processes, and practices.

Product Management Talent refers to a combination of skills, competencies, and experience necessary for individuals who manage a product from ideation to post-launch operations.

A product manager is responsible for the strategy, roadmap, and feature definition of a product or product line. They work closely with cross-functional teams, including engineering, design, and marketing, to ensure a product's success in the market.

Product-market fit is the degree to which a product satisfies the demands of the market it is intended for, and is able to gain traction and generate revenue.

The Product-market fit matrix is a tool used by product managers to evaluate the fit between a product and its target market. It helps to identify the areas where the product needs improvement to better meet the needs of the market.

A product-market fit survey is a research tool used by product managers to determine how well their product meets the needs of their target market. It involves gathering feedback from customers to identify areas of improvement and ensure that the product is aligned with market demand.

Product-market fit survey questions are a set of questions designed to gather feedback from potential customers to determine if a product meets their needs and solves their problems. These surveys help product managers understand if their product is a good fit for the market and identify areas for improvement.

A Product Marketing Manager (PMM) is responsible for developing marketing strategies, creating product messaging, and positioning products to make them more appealing to customers.

Product Metrics refer to the quantitative measurements that help product managers analyze and understand the performance of their products. These metrics help to determine if the product is meeting its goals, identify areas for improvement and make data-driven decisions for the product roadmap.

A product mission is a statement that describes the purpose and goals of a product. It outlines the problem the product solves and the value it delivers to customers.

Product mix strategy refers to a marketing plan that a company uses to determine which products to sell, how to position them in the market, and how to allocate resources to each product based on its potential profitability.

A product operating model is the set of processes, tools and activities in a business that enable a product team to develop and support products throughout their lifecycle.

"Product Ops" is a emerging function in a company's product management team. The role involves improving product development processes, allowing for efficient cross-functional collaboration, and decision-making based on data-driven insights.

Product Optimization is the process of improving the performance and profitability of a company's products through a continuous loop of testing and analysis.

The product owner is the person responsible for defining and prioritizing the product backlog and ensuring that the development team delivers the most valuable features and functionality first.

Product planning is the process of defining a product strategy and roadmap based on customer and market research, as well as business goals and resources.

Product Portfolio Management is a strategic approach that helps businesses to manage their collection of products or services in a coordinated manner to achieve their objectives.

Product Portfolio Manager is a professional responsible for overseeing a company's entire product portfolio, from development and launch to end-of-life.

Product positioning is the process of identifying a product's unique value proposition and target market, and creating a strategy to communicate that value proposition to the target market in a way that differentiates the product from competitors.

Product Prioritization Frameworks are a set of guidelines or methodologies used by product managers to prioritize features, enhancements, and bug fixes for a product. These frameworks help product managers make data-driven decisions by considering factors such as customer needs, business goals, technical feasibility, and market trends.

Product Process Matrix is a tool used by product managers to assess the potential of a new product or optimize an existing one by analyzing the impact of product and process decisions on cost, speed, quality, and flexibility.

Product Profitability is a measurement of the profitability of a product or group of products calculated by subtracting the total cost of production, marketing and selling from the total revenue generated. The result is the profit margin of a product which can help managers to decide whether to continue the production of the product or to discontinue it.

The Product Requirements Document (PRD) is a written document that outlines the requirements, features, and functionality of a product. It serves as a guide for the development team and stakeholders, ensuring that everyone is aligned on the goals and objectives of the product.

A Product Requirements Document (PRD) is a formal document that outlines the requirements, features, and functionality of a product. It serves as a guide for the development team and ensures that all stakeholders are aligned on the product vision and goals.

Product Requirements Management refers to the process of identifying, documenting, prioritizing, tracking and managing the requirements, needs and expectations of a product throughout its lifecycle.

A product roadmap is a high-level visual summary that outlines the vision and direction of a product offering over time. It communicates the why and what behind what you’re building. A roadmap is a guiding strategic document as well as a plan for executing the strategy.

Product sense is the ability to understand user needs, identify gaps in the market, and make informed decisions about product development and strategy.

Product Specs specify the features, functionalities, and requirements of a product being developed by a team to ensure that it meets the needs of the stakeholders and end-users.

Product Stack refers to a visual representation of all the products offered by a company that are part of its overall product portfolio.

A product strategist is responsible for developing and executing a long-term product vision and strategy that aligns with a company's overall goals, as well as identifying new market opportunities and enhancing existing products.

Product strategy is a long-term plan for the development and management of a product or product portfolio. It outlines the goals, target market, competitive landscape, and differentiation of the product to ensure its success in the market.

A product strategy framework is a systematic approach to developing and implementing a plan to achieve long-term success for a product. It involves defining the product vision, identifying target customers, analyzing the market, developing a roadmap, and executing the plan.

Product Tree refers to a visual representation of a product hierarchy that shows the relationships between the items in a product lineup. It is a useful tool for product managers to organize and plan their product offerings.

Product Vision is a high-level statement that describes the long-term goals and aspirations of a product. It outlines the purpose, target customers, and unique value proposition of the product, and serves as a guiding light for the product development team.

Product vulnerability refers to the susceptibility of a product to risks that can compromise its security, potential harm and reputation.

Program management refers to the coordination and management of multiple related projects that are aligned with organizational goals and objectives. It involves overseeing interdependent projects, managing shared resources, and ensuring that the collective effort is delivering intended benefits.

A Program Manager is a professional who oversees a group of related projects to achieve strategic objectives. They are responsible for planning, coordinating, and tracking the program's progress while managing risks and dependencies between the different projects within the program.

Project Management is the process of planning, organizing, and managing resources to complete a specific project within defined scope, time, and budget constraints.

A project manager is responsible for planning, executing, and closing projects within an organization. This involves coordinating team members, stakeholders, and resources to ensure projects are completed on time, within budget, and to the satisfaction of all involved parties.

Project Roadmap is a visual representation of a project's goals, timelines, and deliverables that shows the high-level overview of the project's progress, targets, and milestones.

Prototyping is the process of creating a preliminary model or sample of a product to test and validate its design, functionality, and usability before the final product is developed and released to the market.

Public relations (PR) in Product Management refers to the strategic communication between a company and its stakeholders, including customers, investors, and the media, with the goal of building and maintaining a positive image and reputation for the company and its products.

A Product Engagement Score is a metric used by product managers to evaluate the level of interaction and activity of users with their product.