If you’re looking to become a better product manager, you’ll need to be familiar with the terms and concepts that are central to the job. In this post, we’ve compiled a list of 50 common product management terms that you should be aware of.
From customer discovery to product development sprints, this list will ensure that you’re up-to-date on the latest terminology and practices in the field. So don’t wait – start learning today!
What is Product Management?
Product management is a role that helps to ensure the success of a product by coordinating the work of various teams and creating a roadmap for the product.
A product manager is responsible for understanding the customer’s needs and wants, as well as the company’s goals and objectives.
They also play an important role in developing, testing, and launching products while ensuring that they meet customer expectations.
Product managers typically have a background in engineering or business, but there are no specific educational requirements for this position.
However, good product management skills often come from experience working in different areas of a company (such as marketing, sales, or engineering).
In addition to managing the products themselves, product managers are also responsible for ensuring that all stakeholders are aligned with the company’s vision and strategy for their product category.
They must also be able to communicate effectively with team members across various departments in order to achieve this goal.
Most Common Product Management Terms you should know (A – P)
Let us look at some of the top product management terms you should know this year.
1. Acceptance Criteria
Acceptance criteria is a term used in software development. It refers to the set of conditions that must be met for a piece of software to be accepted by its developers and users.
Typically, acceptance criteria are written down as a set of requirements that the software must meet in order to be considered for release.
The main benefits of using acceptance criteria are twofold: first, it serves as a guide for developers and helps them stay focused on what’s most important; and second, it ensures that the released product meets the needs of its target audience.
By specifying what’s required and ensuring that these requirements are met, you can ensure that your software is quality-controlled from the get-go.
Agile is a software development methodology that emphasizes the need for quick, frequent feedback cycles between developers and managers.
It allows for more flexible and responsive working practices that help teams to rapidly adapt to changes in the environment.
The benefits of using Agile include faster delivery times, reduced costs, improved communication and teamwork within teams, and greater flexibility when adapting to changes in the environment.
Overall, it has been shown to be an effective methodology when it comes to developing software products that are both high-quality and efficient.
3. Agile Product Development
Agile product development is a process that helps teams create products that are quickly released and improved upon. It involves the use of collaboration, feedback, and continuous improvement to produce better results.
The goal of Agile product development is to move from planning to doing in an efficient and effective manner. This way, teams can get feedback faster and make changes more frequently without worrying about the consequences.
This allows them to adjust their plans as they go along, which leads to smoother sailing and a higher-quality end product.
4. ART: Agile Release Train
The ART: Agile Release Train is a methodology for delivering software products that incorporate frequent, small releases.
It’s based on the idea that software development should be done in a way that allows feedback to be gathered and fixed as quickly as possible.
This method is often used in situations where the product needs to be released quickly and with minimal impact on the user experience.
This allows the team to fix any bugs or problems as they are found, and to make further improvements before the next release is made.
5. Alpha Testing
Alpha Testing is a process used by software companies to test their products before they are released to the public. It’s also known as “beta testing”, “user testing” or “pre-release testing”.
Alpha Testing is a crucial step in the development cycle of any software product. It allows developers and testers to identify and fix any potential problems with the product before it’s released to the public.
By doing this, they can make sure that the final product is as good as possible and that no users have any negative experiences.
Backlog is a term used in project management to describe the number of tasks that have not been completed yet. It’s usually measured as the number of uncompleted items divided by the total number of tasks.
Backlogs can be useful because they help you to identify which tasks are taking longer than expected and why. This information can then be used to adjust your schedule or priorities so that you can focus your efforts on tasks that are more important.
7. Beta Testing
Beta Testing is a process by which you can test the functionality of your product or service before it’s released to the public.
The goal of beta testing is to find and fix any bugs before your product or service goes live to the public. By doing this, you can ensure that your product or service is as perfect as possible when it’s released to the masses.
There are a variety of ways to beta-test your product or service. You could try out different versions on a small scale, invite a select group of people to try out your product early on, or run a controlled beta test with a selected group of customers.
Whichever route you choose, make sure that you’re able to track and fix any issues as they arise.
There are two types of bugs in product development: functional and non-functional.
Functional bugs are those that cause the product to work as intended, while non-functional bugs are those that don’t have an immediate impact but could potentially lead to a problem down the road.
The most common type of functional bug is a mistake in coding or specifications. These mistakes can often be corrected quickly, but they can also introduce other problems down the line.
Other common functional bugs include typos, missed dependencies, and incorrect variable names.
9. BI: Business Intelligence
Business intelligence is a term that refers to the use of computerized tools to help businesses make better decisions. It can help companies manage their data more effectively, provide insights into their operations, and optimize their processes.
There are several different types of business intelligence systems, but they all have one thing in common: they help businesses make better decisions by providing them with the information they need to make informed decisions.
10. Burndown Chart
A Burndown Chart is a visual representation of how well a project is progressing. It helps you identify checkpoints and milestones along the way so that you can track your progress and make sure that you’re on track.
To create a Burndown Chart, you first need to set up some basic parameters like the number of days worth of data (or tasks), the starting and ending points, and the colors used to indicate different levels of progress.
After that, you place markers at each milestone or checkpoint and then use a color scheme to indicate the level of completion for that particular task. Finally, you add an overall bar chart to graphically display how well the project is doing overall.
Churn in product management is the rate at which a product or service is being abandoned by its users. It’s typically measured in terms of the number of times a product or service is used within a specific period of time.
Churn can be caused by a variety of factors, including poor design, low quality, or simply not meeting users’ needs.
If it becomes too high, it can result in lost revenue and decreased customer loyalty — both of which can ultimately damage a company’s reputation and business operations.
12. Competitor Analysis
Competitor analysis is a way of understanding how your competitors are doing and what they’re doing that could be affecting your business. It can help you make better decisions about what products to develop and where to focus your marketing efforts.
One of the most important aspects of competitor analysis is understanding your market. By understanding who your target market is and what they want, you’ll be able to create products that meet those needs.
You’ll also be able to decide which features are most important to include in your product and which ones should be left out.
13. Concept Review
Concept review is a process that product managers use to ensure that their products are meeting the needs of their target audience. It helps them identify and prioritize features, feedback from users, and other factors that will influence the design and development of the product.
The goal of concept review is to make sure that the product is in line with customer expectations and meets all the requirements specified in the business case. By doing this, product managers can avoid making costly mistakes down the road.
14. Continuous Integration
Continuous Integration (CI) is a software development process that helps ensure that all the code changes that are made to a product are tested and integrated into the main codebase as quickly as possible.
CI helps to avoid the “integration hell” syndrome, where multiple changes are made to a product and no one knows which changes actually affected the functionality of the product.
It also helps to prevent unexpected bugs from being introduced into the codebase and makes it difficult for developers to work on the project.
15. Continuous Deployment
Continuous Deployment is a process by which products are released often and automatically, without the need for human intervention.
This helps to ensure that your products are always up-to-date and available to users, reducing the risk of errors and ensuring that you’re meeting their needs as quickly as possible.
You can achieve Continuous Deployment by using a variety of methods, including automated testing and deployment, version control, and version management systems.
All of these tools help to keep track of changes made to your product, test them automatically, and deploy them to a live environment where users can see them.
16. Customer Experience
Customer experience is the sum total of all the interactions a customer has with a company or product, both online and offline.
It includes everything from the time they first encounter a product to the moment they finish using it and decide to either recommend it or not.
In product management, customer experience is one of the most important factors that you need to consider.
It’s important because it affects how customers perceive your company and its products, as well as how likely they are to return to buy from you in the future.
17. Conversion Rate
In product management, the conversion rate is the percentage of visitors who take a specific action after clicking on a marketing campaign or ad. This could be anything from buying a product to subscribing to a newsletter.
There are multiple factors that affect conversion rates, including the type of media used and how it’s delivered, the copywriting and design of the campaign or ad, as well as the targeting strategy.
Ideally, you want your conversion rate to be as high as possible so that you’re able to achieve your business goals.
18. DAU: Daily Active Users
DAU is a metric that’s used to measure the popularity of a product or service. It’s calculated by taking the total number of users who accessed the product or service each day over the past week.
DAU is a valuable tool for product managers because it helps them understand how popular their product is and whether they need to make any adjustments to their marketing strategy.
It also tells them how likely it is that new users will convert into paying customers.
19. Dependency Management
Dependency management is a key concept in product management, and it’s responsible for ensuring that the various parts of a product are always working together as intended.
If one part of the product fails, then the entire system will eventually come crashing down.
This is why dependency management is such an important part of product management – it ensures that everything necessary for a successful product is always available and up to date.
Dependency management can be divided into two main categories: local and global dependencies.
20. Design Thinking
Design Thinking is a process that helps product managers come up with innovative solutions to problems.
It’s based on the idea that design is essential to successful product management, and that by working together with designers, product managers can create products that are both functional and beautiful.
The main principles of Design Thinking are collaboration, empathy, and experimentation. Collaboration involves getting all the stakeholders involved in the design process from the beginning so that everyone has a say and understands the goals of the project.
Empathy involves understanding the user’s perspective and trying to put yourself in their shoes.
21. Design Concept
Design concept is a description of the intended user experience of a product. It includes how the product will be used, how it will look, and what its features will be.
The design concept should be developed in consultation with users who will be using the product. It should also reflect the company’s mission and values, as well as the target market for the product.
Once the design concept is finalized, it needs to be tested and evaluated before it can be implemented into the product.
22. Digital Transformation
Digital Transformation is a term that’s been getting a lot of attention in recent years. It describes the process of transforming an organization from a traditional product management model to a platform-based model.
The goal of this transformation is to enable companies to better serve their customers through the use of technology.
By digitizing products, processes, and customer interactions, organizations can speed up decision-making and enhance customer experience.
In addition, they can reduce costs and increase agility by using new digital technologies to streamline their operations.
In a world where everything is constantly changing, it’s important for product managers to be able to handle disruption effectively.
Disruption can refer to many different things, but in general, it refers to any situation or event that causes a change in the way an organization operates.
This can include things like new technology or market trends that impact how products are designed and marketed. It can also refer to changes in the company’s structure or management.
Regardless of the specifics, disruption is always a challenge for product managers because it requires them to be flexible and adaptable.
24. Divergent Thinking
Divergent thinking is a cognitive process that involves breaking the usual patterns of thought in order to come up with new, innovative ideas.
It’s often used in product management because it’s essential for solving problems and finding solutions that no one else has thought of before.
Divergent thinking can be broken down into four main stages: brainstorming, ideation, innovation, and validation.
In brainstorming, you and your team come up with as many ideas as possible in an effort to find solutions to the problem at hand.
This might involve any combination of talking aloud, writing down ideas on paper or drawing pictures. The goal is to generate as many ideas as possible so that you can start sorting them out and narrowing them down later on.
An ecosystem is a community of living things and their environment. In product management, an ecosystem refers to the relationships between different groups of stakeholders (customers, users, developers, IT staff) that interact with a product.
It’s important to understand these relationships in order to manage a product effectively.
The keystone of an ecosystem is the customer. The customer is the foundation that supports everything else in the ecosystem.
Without customers, there would be no need for products or services and no incentive for anyone else to participate in the ecosystem.
It’s up to product managers to make sure that they always keep the needs and wants of their customers in mind when developing and releasing products.
The feature is a component of product management that deals with the identification and definition of what customers want and how to deliver it. It also includes the development of features that meet or exceed customer expectations.
Feature analysis is one of the most important aspects of feature management, as it helps you understand what your customers want from your product.
You can do this by surveying your customer base, looking at customer feedback, or using other forms of market research. Once you have a clear understanding of what your customers want, you can start developing features that address their needs.
27. Feature Audit
A feature audit is an important step in product management. It’s a process that helps you identify and assess the features that are currently available in your product, as well as the features that you want to add in the future.
The main purpose of a Feature Audit is to make sure that your product meets the needs of your target audience. This involves looking at both current and potential features, and determining which ones are essential for achieving this goal.
You also need to consider how these features will be implemented, tested, and released into your product.
28. Feature Score
In product management, a feature score is a metric that measures how well a product or feature meets the needs of its intended users. It combines user feedback with data about how users are using the product to create an overall score for each feature.
A feature score should be high if it meets most or all of the needs of the target users and falls below 2 if it does not.
Ideally, features that have a score of 1 or 2 are considered “must haves”, while features with scores between 3 and 5 are considered “nice to haves”.
Features with scores below 3 may be canceled or reduced in scope in order to prioritize those that have higher scores.
29. FDD: Feature-Driven Development
Feature-driven development (FDD), also known as product management through features, is a style of product development that emphasizes completing features in the shortest possible time frame.
This approach is often used in software development and mobile app development.
The idea behind FDD is that features should be developed in a way that enables them to be tested and evaluated as quickly as possible. This allows developers to release new features more frequently and make sure that they’re meeting customer needs.
FDD can also help identify problems early on, saving both time and money in the long run.
30. Gantt Chart
A Gantt chart is a type of timeline that helps managers plan and track the progress of tasks. It is commonly used in product management, where it can be used to manage deadlines and ensure that tasks are completed on time.
The Gantt chart is organized into days, months, and years, and each column represents a specific task or stage in the project.
The bars at the bottom of the chart indicate how much time has been allocated for each task, and the colors represent different stages of completion.
31. GOOB: Get-Out-Of-The-Building
GOOB stands for “Get-Out-Of-The-Building.” It’s a term that’s often used in product management to refer to the idea of rapidly and easily testing a product concept with potential customers.
Testing a product concept with potential customers is an important step in the product development process because it helps you determine whether or not your product idea is viable.
It also allows you to quickly identify any problems that may be associated with it, and to come up with solutions.
32. GTM: Go-To-Market Strategy
The go-to-market strategy (GTM) is a planning and execution process used by product managers to bring new products to market.
It includes the steps of developing a business case, designing a product, designing the marketing and sales plan, and launching the product.
There are several factors that must be taken into account when developing a GTM, including customer needs, competitive threats, market conditions, and budget constraints.
The goal is to find the best way to reach your target market at the lowest possible cost while still making a profit.
33. Incremental Product
An incremental product is a product that is updated and improved over time, rather than being completely new from the ground up. It is a way of managing products that minimize the amount of waste that’s created during the development process.
The main benefit of incremental product launches is that it helps to improve the speed and accuracy of product launches.
This is because it allows for updates and improvements to be made without disrupting customer flows or causing any major disruptions. Furthermore, it reduces the number of resources needed to develop a new product, which can save money in the long run.
34. Intuitive Design
Intuitive design is a philosophy that stresses the importance of making products easy to use and understand. It’s based on the idea that users should be able to easily find what they’re looking for, understand how to use the product, and derive value from it.
When designing products, it’s important to take into account both the user and the end user. The user is the person who will be using your product, while the end user is anyone who could potentially use your product.
35. JTBD: Jobs-To-Be-Done
JTBD is a theory developed by Jobs-to-Be-Done theorist Clayton Christensen that helps product managers identify and focus on the jobs that their customers actually need to be done.
It’s a way of understanding how people interact with products and services, and it enables product managers to understand what people really want from them.
The key to applying JTBD in product management is to break down the job into its essential parts. Once you’ve done this, you can start to identify which parts of the job your customers are actually capable of doing.
From there, you can create products and services that help those customers complete those tasks more easily and efficiently.
Kaizen is a Japanese term that means “continuous improvement.” It is a philosophy used mainly in manufacturing and service industries to ensure that processes are constantly improved.
Kaizen is usually implemented as a series of small, incremental changes that collectively produce large improvements in quality and efficiency.
Though Kaizen was originally designed for industrial settings, it has recently been applied to product management as well.
Product managers can use Kaizen practices to identify and fix problems with their products early on before they become bigger issues. This helps them keep their products functioning properly and meets the customer’s needs more efficiently.
37. Kanban Board
Kanban Board is a board used to organize and manage work in product management. It was developed by Toyota in the 1990s and has since been adopted by many other companies.
The basic idea behind Kanban Board is that it helps teams track and manage their work in a way that allows them to move products from concept to completion as quickly as possible.
This enables them to get more done in less time, which ultimately leads to better product quality and increased profits.
38. Kano Model
The Kano Model is a model that helps product managers to prioritize their products and develop an effective roadmap.
Each type of product manager has different strengths and weaknesses, which should be taken into account when planning a product or project.
The main goal of the model is to help product managers find the right balance between what they do and how they do it so that their products are successful and meet the needs of their target audience.
39. KPIs: Key Performance Indicators
KPIs (key performance indicators) are a set of metrics that measure the success of a product or service. They can be used to track and assess the progress of your product or service against specific goals.
There are many different types of KPIs, but some common examples include:
- Conversion rate: This measures how many people who visit your website or download your whitepaper convert into paying customers.
- Customer satisfaction rate: This is a measure of how happy customers are with your product or service, based on the feedback they provide.
- Net promoter score: This is a metric that gauges customer loyalty and engagement by asking them how likely they are to recommend your product to their friends or colleagues.
40. Lean Product Development
Lean product development is a process that helps product managers improve the speed, quality, and efficiency of their product development processes.
It was originally developed in the manufacturing industry but has since been adapted for use in the software and internet industries.
The goal of lean product development is to eliminate waste and unnecessary variation in the products that are produced by a company.
This can be done by transforming traditional product development processes into techniques that are efficient, effective, and reliable.
41. Lifetime Value
Lifetime value ( LV) is a financial metric that measures how much money a customer will spend on a product or service over its lifetime.
It’s calculated by multiplying the price of the product or service by the number of units that the customer purchases over the course of that period.
Product managers use lifetime value to determine which products to launch and how much money they should spend on them. They also use it to decide which customers to target and how aggressively to market to them.
42. MRD: Market Requirements Document
Market Requirements Document (MRD) is a document that product managers use to gather customer feedback and requirements in order to develop products that meet that customer’s needs.
The market requirements document should be written in clear, concise, and easy-to-understand language. It should also be well organized and include a summary of key points, along with specific information about the product or service being developed.
43. MVP: Minimum Viable Product
A Minimum Viable Product (MVP) is a product that is designed to test a new idea or solution without investing too much money or time. It’s meant to be the smallest and simplest version of a product that can still achieve its objectives.
The goal of an MVP is to quickly get feedback from your target market about how well your concept works and whether they want to see more of it.
By doing this, you can quickly determine whether you need to continue developing the product or pivot in a different direction.
44. MRR: Monthly Recurring Revenue
MRR is a key performance indicator (KPI) that measures the effectiveness of a product management system. It’s calculated by dividing a company’s revenue from its recurring products by the number of months in which those products were sold.
MRR is an important metric because it shows how well a product management system is able to generate revenues from its recurring products.
A high MRR indicates that the system is able to generate enough revenue each month to cover its costs and continue operating.
45. NPS: Net Promoter Score
NPS is a scoring system used to measure customer loyalty to a product or service. It was developed by Fred Reichheld, who is currently the Chief Operating Officer at Bain & Company.
The NPS score ranges from 0 (poor) to 4 (excellent). A product with a score of 3 or 4 indicates that customers are very satisfied with it, and would recommend it to others.
A score of 2 indicates that customers are satisfied with the product, but would not recommend it to others. A score of 1 indicates that customers are dissatisfied with the product and would not recommend it to others.
46. OKRs: Objectives and Key Results
Objectives and key results (OKRs) are a framework for setting goals and measuring progress. They’re popular in product management because they help clarify what’s needed to achieve the company’s goals, as well as provide a way to track progress.
Objectives can be anything that you want them to be, but typically they would focus on one or more specific aspects of the product or project.
For example, an objective might be to increase website traffic by 20% by the end of the month. Key results are then related to objectives that need to be achieved in order for the overall objective to be met.
For example, if the objective is to increase website traffic, key results could include increased visits from unique visitors, increased page views per visitor, or increased conversion rates.
47. Product-Led Growth
Product-Led Growth is a framework that helps companies achieve sustainable, long-term growth by focusing on their product.
It is a mechanism for taking products from good to great by systematically working on every aspect of the product — from conception to delivery.
The key results of Product-Lead Growth in product management are as follows:
- Increased customer satisfaction and loyalty
- Higher revenue and profitability
- More successful launches and increased market share
48. PRD: Product Requirements Document
A product requirements document (PRD) is a document that specifies the essential features, functions, and requirements of a proposed product.
A PRD can also help in defining the scope of work required to develop the product and determining how much effort will be needed to complete it.
PRD is also known as a product requirement specification or product requirement document.
A key result of creating a PRD is that it helps to avoid misunderstandings and disputes between team members during the product development process.
It helps to ensure that everyone understands what is needed in order to create a successful product. Furthermore, it ensures that all relevant stakeholders are aware of the features and functionality that should be included in the final product.
49. Product Roadmap
A product roadmap is a plan for the release and evolution of a product. It helps managers understand where their product is heading and how it will be delivered to customers.
It also tells them what features to add and which ones to remove, as well as when new versions of the product should be released.
The key element of any good product roadmap is predictability. It needs to be clear enough so that everyone involved in its creation can understand it, but flexible enough so that it can be adapted as needed along the way.
This means that it should be regularly updated as new information becomes available, and changes made to the original plan should be documented accordingly.
Prototype is a term used in product management to describe a low-fidelity version of a product or service that is used to test the feasibility, viability, and usability of a proposed product or service.
It allows team members to quickly and easily test the assumptions they made about the product or service before investing time and resources into developing it further.
There are several reasons why prototypes are important in product management. For one, they help you to identify possible problems with your proposed product or service early on.
This allows you to fix them before they cause any real damage to your company’s reputation or bottom line.
It also helps you determine whether people will actually use your proposed product or service, which is essential if you want to achieve market success.
Online Product management course to boost your knowledge
Online product management courses can help you to become a better product manager. These courses teach you the basics of product management, such as how to set goals, develop budgets and timelines, test and launch products, and measure your success.
By taking an online product management course, you’ll learn how to:
- Understand what it takes to be a successful product manager.
- Gain skills in project planning, design Thinking/user centered design principles, user experience research methodologies (including prototyping), customer segmentation & targeting methodologies etc.
- Build strong relationships with stakeholders across different departments by collaborating effectively on projects.
- Greater understanding of customer needs and wants. An online product management course will teach you how to understand your customer’s needs and wants before they even know they have them.
- Increased confidence when making decisions about products or features. A good product manager understands both technical aspects of developing products as well as business considerations such as financial viability and potential market competition
How product management tools are simplifying work
There are several excellent online product management courses available today. Choosing the right one is important – make sure that the course provider has extensive industry experience and offers real-world certification or other forms of validation that their course is effective.
Product management has always been a challenging task, but recent advances in technology have made it much easier. Tools like nTask, Google Sheets etc. make data analysis and communication between team members much faster and easier. These tools allow product managers to easily track progress, identify problems early on, and develop plans for solving them. They also help product managers stay organized so they can make informed decisions quickly.
However, these tools are not the only benefits of using product management software. Product Management Software often comes with other features that are helpful for businesses of all sizes. For example, some products manage customer relationships along with developing new products or services; others provide forecasts or growth estimates; still others integrate with enterprise systems to automate tedious tasks or connect with customers through social media channels.
There is no one perfect tool for every business – what works best depends on the specific needs of your organization. But by using a tool that offers several advantages over traditional methods, you can streamline work processes and improve overall effectiveness in your role as a product manager.
1. Do I need product management certification to be a product manager?
2. How important is it to know product management terms to use product management software?
Therefore, it is beneficial to become familiar with key product management terms so you can better utilize product management software. Some common terms include features, benefits, users, customers, marketability/segmentation considerations, selling points/advantages/, user interface design (UI), pricing decisions/.
By becoming familiar with these concepts and terminology in order to use product management software effectively, you will be able to ensure that your products are well-coordinated and meet customer needs while minimizing wastefulness or duplication of effort.
Now that you know these common terms, you are on your way to becoming an expert in product management.
Some of the terms may be new to you, but we assure you that most of them have been part and parcel of product management from time immemorial.
By knowing these simple yet powerful words, you can understand the problems and challenges faced by PMs at every step. In addition, getting through a few quizzes will also make sure you remember this information easily! Have fun!