Rise Career Glossary | Product Management Terms and Definitions
List of Frequently Used Terms/Jargon in Product Management
Agile: A project management approach that emphasizes iterative development, collaboration, and cross-functional teams to deliver frequent, incremental product enhancements. It allows for flexibility and adaptive planning throughout the development process.
Backlog: A prioritized list of features, bug fixes, and enhancements that need to be developed for a product. The backlog serves as a central repository for all the work that needs to be done and guides the team on what to focus on next.
Business Model Canvas: A strategic tool that helps product managers visualize and communicate the key aspects of a business model. It includes elements such as customer segments, value propositions, channels, and revenue streams.
Competitor Analysis: The process of evaluating and understanding the strengths, weaknesses, strategies, and market position of competitors. It helps product managers identify opportunities and make informed decisions on product differentiation and positioning.
Customer Journey: The end-to-end experience of a customer with a product or service, from initial awareness to post-purchase support. Understanding the customer journey helps product managers identify pain points and create better user experiences.
Feature Prioritization: The process of determining the importance and order in which product features or enhancements should be developed. Different prioritization frameworks, such as MoSCoW (Must have, Should have, Could have, Won't have), can be used to make informed decisions.
Minimum Viable Product (MVP): The most basic version of a product that contains only essential features. It is developed and released to gather feedback from early users, validate assumptions, and iterate on subsequent versions.
Persona: A fictional representation of a target customer segment. Personas help product managers empathize with users, understand their needs, and design products that meet their specific requirements.
Product-Market Fit: The state where a product satisfies a significant market demand and effectively meets the needs of a target market. Achieving product-market fit is crucial for sustainable growth and market success.
Roadmap: A visual representation of a product's strategic direction and planned features or enhancements over a defined timeframe. The roadmap communicates the product vision, milestones, and helps align stakeholders on the product strategy.
Sprint: A timeboxed period (typically 1-4 weeks) in Agile development where a cross-functional team works on a set of prioritized product backlog items. Sprints enable iterative development and facilitate regular feedback and adaptation.
User Acceptance Testing (UAT): The process of testing a product or feature by end-users in a real-world environment before it is released. UAT helps ensure that the product meets user expectations and works as intended before reaching a wider audience.
Value Proposition: The unique combination of benefits and value that a product offers to its target customers. A clear value proposition helps differentiate the product from competitors and attract customers.
