An A/B test is essentially an experiment for developing, launching, and comparing two versions of the same product.

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Bugs are error or faults in a computer program that can force it to behave erroneously in ways which are neither expected by the user nor intended by the developer.

Beta testing is a type of user acceptance testing performed by a selected group of end-users before the general availability of a software product to validate its features, usability, performance, and identification of issues.

Buyer persona is a descriptive profile of a representation of buyers made by the company that includes specific data of the buyer that can be used to enhance the marketing strategies.

A Bill of Materials (BOM) is the complete list of raw materials, components, and parts and their respective quantities required for the development of the product.

As the name suggests B2C is the type of selling or business transaction that happens between a business and the end-user.

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Business-to-Business, also called B2B, is a form of transaction between two businesses, such as a manufacturer and a wholesaler, rather than between a business and a consumer (B2C).

Customer empathy refers to the ability to view and understand the world from the perspective of the customers.

A cross-functional team is a team formed within an organization consisting of different people from different departments. A cross-functional team helps provide a better user experience and prevents knowledge gaps.

The customer advisory board is a group of selected individuals among the existing consumers who are responsible for providing detailed market insights.

Cannibalization is a term used to describe the instance when the products of the same company compete with each other in the same market.

Change Management is the process of carrying out a change in an organization’s methods, approaches, workforce, and ideas at internal and external levels so as to achieve success at the desired fronts.

A concept review is a discussion where you analyze different or competing concepts and take a call on the ones you are going to invest in and follow until completion.

Critical Path Method estimates the time a particular project will take and ensures that the concerned task is delivered on time.

DACI is an acronym for driver, accountable, contributor or consulted, and informed, these are the specialized roles assigned to project team members. DACI is a decision-making framework helpful for team projects, in terms of speeding up the pace of the project and eases complex group decision-making processes by the smart distribution of roles and responsibilities among the team members.

In product management, a dependency describes a relationship between two tasks that must be executed in a certain order. The predecessor task must be performed first before the dependent task can start.

Decision making is the technique of creating alternatives with the aid of figuring out a decision and accumulating information.

A design concept is defined as a collection of mood boards, rough sketches, ideas, images, or even text that can help to keep track of the creative process.

DesignOps or design operations is the range of methods or a mindset of assimilating workflow of the design team with the broader backdrop of product development. The operations involve design team expansion, workflow design, design and design team’s impact analysis, and enhancement.

DevOps plays a crucial role in enhancing the delivery rate by focusing the the philosophy, culture, and practices of the company. Learn more!

Divergent thinking is a thought process of gathering free-flowing, non-restricted, and nonlinear ideas that help to explore all the possibilities in order to tackle a problem.

Evidence-based management is the management approach that advocates using multiple evidence sources to make business decisions.

The purpose of end to end testing is to ensure that users can utilize your program without encountering any issues.

End-to-end is the process of building a product from scratch till the day it is launched. In simple words, it is the development process from beginning to end.

Feature Factory is a negative term in the product management language that is attributed to a company that produces a lot of features without prioritizing quality over quantity.

Features are the new and improved technologies in a product that make it stand out when compared to other same kinds of products in the market.

Five whys is an interrogative technique developed by Sakichi Toyoda. It is used to identify the root cause of any problem. As the name suggests, it investigates the cause and effect relationship underlying any given problem. It consists of five why-questions to find a solution and resolve the issue.

Hard skills refer to the skills that can be learned and taught, which are very specific to a given field or profession.

From the top executive level down to front-line administration, hierarchical organizational systems have multiple layers of administration.

Hook model is a cyclic 4 point process. The aim is to get your customers hooked on the product. That means to make them use the product habitually or frequently.

Idea management is the process of capturing, developing, and managing new ideas. It is a key factor in sustaining innovation within an organization.

Ideation refers to the process when ideas are generated on one or more topics in a creative and open environment and it is often a non-judgemental process to put forward ideas for new product concepts.

An intuitive design means that as soon as the user sees a product, they understand exactly how to operate it. It is user-friendly and makes the product accessible to variety of users.

Jobs to be Done framework developed by Tony Ulwick in 1993, prioritizes the customers’ needs. It aims to understand the user’s motivation and problems in order to come up with good solutions to their issues.

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A key performance indicator (KPI) is a measurable figure that shows how well a company is meeting important business objectives.

A Mockup is a representation of a product, showing the consumers and the stakeholders how it would look and how it can be used.

Market requirements document (MRD) contains information about the potential customers, their needs, problems related to the product and competition in the market. MRD helps in outlining, and planning the market strategy. It is basically a document that states the market requirements.

A mission statement is a short statement used by companies to explain the core aspects of their business, purpose, products, services, or any other impact it plans to make.

Mixpanel is an analytics tool used for SaaS products to get insights into user engagement metrics.

The maturity model represents an organization’s ability to improve quality. It indicates where you can grow to greater maturity in a given area.

Needfinding is a qualitative approach of research that is aimed at finding out unknown or unacknowledged needs of the users.

A procedure of legally binding documents between a licensor and its licensees on branded products is known as product licensing.

Product architecture is a layout of the product that establishes or represents the relationship between the product features and functions with the help of drawn-up lines and schematics. It is beneficial for the product development process.

A Product Brief is a set of guidelines and information on the product provided to all the teams working on product development for proper alignment, coordination among the teams, and to ensure that the process is on the right track, following the right plan as envisioned by the stakeholders and executives.

Product Description Sheets, commonly used by product managers, significantly aids the development process by purpose and capabilities of the product.

A Product management audit is a procedure a company conducts for analysis of its performance, status and to figure out the problems and hindrances in the company’s better performance. At the end of an audit, the stakeholders and executives receive feedback on the company’s performance.

A Product Owner is a member of the Agile team responsible for defining stories and prioritizing the Backlogs to streamline the product development process.

You need to have a product portfolio if you’re a company. And if you haven’t put yours together yet, now’s the time!

Product Requirements Document is a detailed outline of the product, its purpose, requirements, features, functionalities, etc. A PRD can be useful as a reference for all the future documents in the release.

A Prototype is an unfinished version of any product used for user testing purposes. A prototype must incorporate all the features and functions of the final product, but without the final design elements.

Personas play a crucial part in the Product manager’s understanding of a typical customer. Here is why you should definitely consider using them.

Personalization focuses on an individual person rather than a group. It refers to the act of designing a product in accordance with an individual’s needs. Personalization is done by the company in contrast with customization which is done by the user themself.

Pivot in product management refers to a change in the strategic direction of a business owing to competition or new findings about the market.

Product design is the process that combines the company’s goals with the client’s needs to make a successful product.

Product diversification is a strategy businesses use to broaden the scope of a product’s target market.

Product Enablement is a program conducted by a company for its employees to learn about its product. It is designed to provide relevant and department-specific knowledge to all the employees.

A product line is a group of products typically sold by the same business and promoted under the same brand label

Product modification is changing a current product to increase its competition or cater to new niche markets.

Product Ops, or Product Operations, is a role designed to help cross-functional team enhance its efficiency and effectiveness.

Product planning is choosing the best things to work on to maximize the use of available resources while meeting the product strategy’s stated goals.

Product spec is a short form for product specifications. It is like a blueprint that contains vital information on product designing and development.

The collection of resources like software apps, technologies, and toolkits that are used by the product manager to launch the most user-friendly product in the market is called Product Stack.

Program Increment (PI) Planning is a face-to-face, cadence-based event that acts as the heartbeat of the Agile Release Train (ART), uniting all of the ART’s teams around a common objective and vision.

The quality function deployment is a quantitative framework that prioritizes consumer needs and aligns them with the product development process.

A Release Note can be defined as technical documentation published alongside the launch of a new product or an update to a product.

Refactoring is the process in which the development team restructures the body of an underlying code or makes some changes in the internal structure of the software.

Release plan is a way to communicate the details of the features in a product’s upcoming release or series of releases.

R&D is the first step towards fostering ideas for the product or service development by a company. It is one of the quality factors that promote the growth of the company.

A stakeholder management plan is a formal document that outlines each stakeholder in order of priority, their level of involvement, and how your team will engage with them.

The six thinking hats are a technique of creative thinking where each hat stands for objectivity, intuition, caution, positivity, creativity, and organization.

Stage Gate Model is an approach for product management where you divide your project into smaller achievable milestones guarded by gates for thought and evaluation.

Soft skills are those attributes that enable you to fit into any workplace. They allow an individual to interact well and respectfully with their colleagues.

A stakeholder is a person or group of persons who hold shares in a company or a product. They have the capacity to impact the value of the product.

Scope creep is the unconscious tendency to extend the project goals or requirements until they become undefined over a period of time.

A ship product is not the final product of general availability; instead, they are unfinished versions that are released to gather feedback at various levels of product development.

Stakeholder management is the process of recognizing, organizing, prioritizing, and collaborating with stakeholders throughout the product development process.

Strategic marketing management executes your company’s mission through strategic processes to optimize your current marketing strategy.

SWOT analysis stands for Strengths, Weaknesses analysis, Opportunities, and Threats. How is it useful to an organization? What things you should be careful about while writing a SWOT analysis?

Issue tracking is a process of examining the issues faced by the users in case of a software product. Issue tracking adds a structured process to the decision making. The objective of this tracking is to find a bug or some other kind of obstacle that is hindering the workflow of a software program.

Total Addressable Market (TAM), also called Total Available Market, refers to the overall revenue opportunity available for any product or service if it obtains a 100% market share.

User experience or UX, as the term explicitly states, is the experience of the user with a product (software).

When the user uses the product or interacts with the system, it is called a Use Case. It helps to improve the user interaction and user experience because it maps out the journey a particular user undertakes in order to carry out a function.

User flow is defined as the path taken by a prototypical user to perform any action on a website or an app beginning with an entry point and ending with a final action.

User Persona is a partly fictional profile that is created by a company to demonstrate the different kinds of customers or target audience that will use their product or services.

Voice of Customer defines the way in which a company receives and caters to user feedback, complaints, and expectations regarding their product or service.

A wireframe represents what a product layout will be like visually. It incorporates several interface elements which appear on the web pages or the application.