Product Management Terms


A/B Testing

A technique for testing two different versions of a product or feature to determine which performs better with users.


The process of users adopting and using a new product or feature. Adoption is critical for the success of a product.

Agile Methodology

A methodology for product development that emphasizes collaboration and flexibility, with a focus on responding quickly to changing requirements and customer needs.

Agile Product Development

A flexible and iterative approach to product development that involves frequent releases, continuous testing, and feedback from users.

Alpha testing

Early-stage user testing conducted to identify bugs, usability issues, and other problems with a product before it is released.


The collection, measurement, analysis, and interpretation of data to inform product decisions and improve performance.


An Application Programming Interface, which allows different software applications to communicate with each other and share data.

Attribution – The process of determining which marketing efforts contribute to customer acquisition and retention.


Backlog: The list of all features, enhancements, and fixes that a product team has identified as potential work items, typically prioritized by importance and urgency.

Beta Testing

The process of releasing a product to a limited number of users for testing and feedback before the official launch.

Brand: A name, design, or symbol that identifies and differentiates a product from its competitors, and represents the values and reputation of the company behind the product.

Business Model: A plan for how a company will generate revenue and make a profit from its product, including pricing, distribution, and sales strategy.

Buyer Persona: A fictional representation of a target customer or user of a product, based on research and analysis of their demographic, psychographic, and behavioral characteristics.


Competitive advantage

An advantage in the marketplace that distinguishes a product from its competitors and allows it to attract and retain customers.

Competitive Analysis

A process of researching and analyzing competitors in the market to identify strengths and weaknesses and find opportunities for differentiation.

Conjoint analysis

A market research technique that assesses consumer preferences and trade-offs between different product attributes and features.

Consumer insights

The understanding of customer behavior, preferences, and motivations that drive their product choices and buying decisions.

Cost-benefit analysis

An evaluation of the potential gains and losses of a product or feature based on its development, manufacturing, and marketing costs.

Conversion rate

The percentage of users who take a desired action (such as making a purchase or signing up for a subscription) after engaging with the product or service.


The strategy of promoting complementary products or services to existing customers to increase revenue and customer loyalty.

Customer Discovery

A process of understanding the customer’s problems and needs before building a product to ensure the product addresses the right pain points.

Customer feedback.

Information gathered from customers about their satisfaction with a product, its features, and its overall value.

Customer journey.

The end-to-end experience that a customer has with a product, including awareness, consideration, purchase, and post-purchase support.

Customer segmentation.

The process of dividing a customer base into groups based on their characteristics, behaviors, and needs to better target marketing efforts and product customization.


Design Sprint

A five-day process that helps teams ideate, prototype, and test a new product idea.

Design Thinking

A human-centered approach to problem-solving that involves empathy, ideation, prototyping, and testing.

Data-driven decision-making

A process of making decisions based on analysis and interpretation of relevant data.

Divergent thinking

A creative thinking process that involves generating multiple solutions or ideas in response to a problem or challenge.

Design thinking

An iterative approach to solving problems that starts with empathy for users and involves prototyping and testing solutions.

Discovery phase

The initial stage of product development where research is conducted to identify customer needs and market opportunities.


An imperfection in a product that negatively impacts its functionality or quality.

Democratization of data

The process of making data accessible to all stakeholders in an organization.

Development cycle

The process of creating a product, from initial planning to release to customers.


A visual representation of key performance indicators (KPIs) and metrics used to monitor and analyze product performance.


The process of identifying and promoting unique features or benefits that set a product apart from its competitors.

Direct-to-consumer (DTC)

A business model where a company sells its products directly to customers, bypassing traditional retail channels.


Early Adopter

An individual or organization that is among the first to adopt a new product.


The collection of products, services, and technologies that surround a product or service.


The point in a product’s life cycle when it is no longer profitable to manufacture, sell, or support.


Someone who champions a product, service, or company, typically through public speaking, social media, or other forms of advocacy.


To carry out a plan or strategy, often involving the coordination of various teams and stakeholders.


A controlled test or trial designed to evaluate a hypothesis or validate an assumption.

External Stakeholders

Individuals or organizations outside of the company who have an interest in the product, such as customers, partners, or investors.


Feature Set

The complete list of features and functionalities that a product offers.


A distinctive characteristic or attribute of a product or service that provides a benefit to the customer.


A set of features or operations that a product or service performs to accomplish a specific task or solve a problem.


Information provided by customers, stakeholders, or team members about a product or service, used to improve its quality or enhance its value.


The process of predicting future demand for a product or service based on historical data, market trends, and other factors.

FMEA (Failure Modes and Effects Analysis)

A structured approach used to identify and mitigate potential failure modes in a product or process, and their potential impact on product performance and customer satisfaction.


A structured approach or methodology that provides guidance and direction for product development, management, and improvement.

Feature prioritization

The process of ranking product features or requirements in order of importance or value to the customer or business.

First-mover advantage.

The advantage gained by being the first to introduce a new product, service, or technology to the market.


A business model that offers a basic product or service for free, with premium features or services available at a cost.


A visualization of the customer journey through the different stages of a product or service, from initial awareness to post-purchase loyalty.


Gap Analysis

A process of comparing the current state of a product/service with its desired state to identify gaps and determine necessary actions to close them.

Growth Hacking

A set of strategies designed to quickly and efficiently grow a product or service, often involving the use of creative and unconventional methods.

Go-to-Market Strategy

A plan that outlines how a product/service will be launched, marketed, and sold to its target customers.

Gross Margin

The difference between revenue and cost of goods sold, expressed as a percentage.


The use of game design elements and principles in non-game contexts to engage users and create more enjoyable and effective user experiences.


The process of categorizing similar products or customers into manageable groups for marketing, analysis, or other purposes.

Google Analytics

A popular free analytics tool that provides data on website traffic, user behavior, and other metrics to help product managers make data-driven decisions.


The identification and tracking of an object’s location through GPS or other technologies, used to personalize experiences and improve customer engagement.

Growth Potential

The estimated potential for a product or market to grow in the future, based on factors such as market size, customer demand, and competition.


An intangible asset that represents the value of a company’s brand, reputation, and customer relationships. It is a key factor in valuing a company or its products.


Hypothesis testing

The process of conducting experiments to validate or invalidate the assumptions associated with a product or feature.

Heuristic evaluation

A usability testing method where experts evaluate a product’s user interface and identify potential issues or areas of improvement.

High-level requirements

The broad and overarching goals that a product must achieve in order to provide value to users.

Horizon planning

The process of developing a long-term product roadmap that spans several years and provides a high-level view of the product’s future direction.

Human factors engineering

The practice of designing products and interfaces that are optimized for human use and behavior


KPI (Key Performance Indicator)

A measurable metric that tracks the performance of a product or business over time. Examples include user retention rate, revenue, and customer satisfaction.


Lean Startup

An approach to building and launching products that emphasizes rapid experimentation, customer feedback, and continuous iteration.


Market Research

The process of gathering and analyzing information about the target market, including demographics, behaviors, and needs.

Minimum Marketable Feature (MMF)

The smallest feature or set of features that can be released to the market to provide value to customers and generate revenue.

Minimum Viable Product (MVP)

The most basic version of a product that can be released to the market to test its viability and gather feedback from users.


Product Analytics

The collection and analysis of data related to how users interact with a product, including usage patterns, user feedback, and performance metrics.

Product Backlog

A prioritized list of features and tasks that need to be completed in order to bring a product to market.

Product Differentiation

The process of creating unique features or benefits that distinguish a product from its competitors in the market.

Product Launch

The process of releasing a new product to the market, including planning, execution, and evaluation.

Product Lifecycle

The stages that a product goes through from development to retirement, including introduction, growth, maturity, and decline.

Product Manager

The person responsible for guiding the development and success of a product, including setting the vision, defining requirements, and prioritizing features.

Product-Market Fit

The degree to which a product satisfies the needs and wants of a specific target market.

Product-Market Fit Canvas

A tool that helps product teams evaluate how well their product fits with the target market and identify areas for improvement.

Product-Market Gap

The difference between the product’s features and the market’s needs, resulting in a product that does not meet the needs of the target market.

Product-Market Strategy

A plan that outlines how a product will be marketed and sold to the target market.

Product Metrics

Key performance indicators (KPIs) used to measure the success of a product, such as conversion rate, engagement rate, and customer satisfaction.

Product Owner

The person responsible for managing the product backlog, prioritizing features, and ensuring the product meets the needs of the target market.

Product Roadmap

A high-level plan that outlines the vision, goals, and timeline for the development of a product.


A preliminary version of a product that is created to test and validate assumptions before building a full-scale product.


Roadmap Planning

The process of creating a product roadmap, including defining the vision and goals, prioritizing features, and setting timelines.



A short, fixed period of time (usually two weeks to a month) during which a development team works on a specific set of tasks and goals.


Anyone who has an interest in the product, such as customers, users, investors, and employees.


User Persona

A fictional representation of the target user for a product, including their demographics, behaviors, and needs.

User Story

A description of a specific user’s experience with a product, typically written in the format of “As a [user], I want [action], so that [benefit].”

User Experience (UX)

The overall experience a user has when interacting with a product, including how easy it is to use, how enjoyable it is, and how useful it is.

User Interface (UI)

The visual and interactive elements of a product that allow users to interact with it, including buttons, icons, and menus.


Value Proposition

A statement that outlines the unique benefit a product offers to the customer and how it addresses the customer’s needs or problems.

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