Glossary of Product Management Terms

A list of tasks you need to complete to support the main objective. Fun fact: the term “backlog” comes from a pile of wood logs prepped to throw into the fire.

An early stage of your project wherein you strategize the features/structure of the end result. If you are building a house, the design stage begins when you draw the blueprints.

Essential facts that separate a product from others on the market. May also refer to separating aspects of your product design or project management processes for better organization.

A new launch that results in producing something completely new to the market. For example, the first Apple iPhone was a fundamentally new product that essentially launched a new industry.

The minimum rate of return management needs to see on your project. If a product fails to get over the “hurdle,” it means managers may believe it’s no longer worth the initial investment.

The transport of data from one department to another to make a project possible. For project managers, getting information in the right hands keeps things moving. Understanding the way information flows also aids in process mapping.

When product/service interaction is easy for new users to learn. “Intuitive” often means working with peoples’ natural design assumptions, such as left-to-right information flow. Good intuitive design means minimizing the friction of working with the product.

A “lean” method of product and manufacturing development. Its goal is to prevent your company from releasing low-quality products. In Jidoka, you will stop the entire process once you discover a problem and not begin again until solving the problem’s underlying cause.

A specific, numerical variable used to measure the success of your product(s). Ideally, a KPI isn’t any variable you choose but a “linchpin” variable that cuts to the heart of how well your product is performing.

A schedule and to-do list essential for getting your product out to the public. The goal of any launch plan isn’t just to unveil the product but to perform final checks for quality and ensure maximum impact on the customers when the product hits the market.

The application of “lean thinking” to designing your product. What is “lean thinking”? This is the process of maximizing value for the customer and minimizing waste. If you can handle product management while using minimal resources and still drive maximum value for the customer, you’ve exercised lean product management. Principles include delivering a minimum viable product quickly, ongoing optimization, and the process of continual improvement.

The entire process of events from a product’s initial conceptions to its maturity in the market. The main steps here include 1) product development, 2) introduction to the market, 3) growth, 4) maturity, and 5) decline. In the world of biology, an organism’s life cycle starts at its first taste of life until its decline and death. The definition works as well in product management.

A research piece that assembles basic information about the audience for a particular product, including present opportunities, market size, and demographics. This document serves as a lay of the land: Who is in the market for the product in question, and what do they need or want from that product that will compel them to purchase it?

The bare-bones version of a product that will at least garner enthusiasm and support from its audience. As opposed to the minimum viable product (below), the emphasis is on delivering quality from the outset, delaying less optimization to the future. The basic question: What is the least you would have to achieve with your product management to put something out that your market will love?

Putting out a product with the bare-bones requirements to at least work, even if not optimized. The product should be something people can purchase and use, even if it still has certain qualities users may find wanting. A key concept in lean product management because the minimum viable product lets you begin the process of optimization with minimal waste from the start.

A full-size version of the designed plan for a product, even if it’s not functioning as of yet. Different from a design or a blueprint because a mock-up gives the appearance of a product while still functioning short of a prototype. Mock-ups are essential for visualizing the end result of a product.

A framework for setting project goals that emphasize measurable variables. These are often key for the team because the specificity of these key results helps keep team members on the same page. Using measurable results is also important so team members can track their progress against a project calendar.

The key player in the product management life cycle who carries the responsibility for the product being implemented. They “own” the results because of this accountability. Not the traditional “owner” in that this person might not possess the underlying business. However, the owner essentially gets the credit — or the blame — if a project team has been able or unable to meet its objectives.

A profile of the typical target customer who will end up using the product in question. A persona can be a demographic profile and contain important information like the typical customer’s wants and needs. A product management team keeps the persona in mind when they tailor a product’s features.

Also known as the “product portfolio manager.” This is the manager overseeing an entire slate of products — the portfolio — without actually being directly responsible for each one. The product manager is the team leader responsible for the success of a given product and typically answers to a portfolio manager.

A table or software tool aiding decision-making insights for product managers, especially for determining which set of actions should be next on the agenda. One popular form of this kind of matrix is the Eisenhower matrix, in which a manager chooses from four options in any given task: 1) do immediately, 2) decide on a schedule, 3) delegate the task, 4) do the task later.

The deliverable material that ends up in the hands of the customers. A product can be a system of features and benefits, or it can be a simple deliverable. A product may be in constant flux throughout the product management life cycle. When releasing a Minimum Viable Product, the goal may be to release a product that is far from its own final version but requires ongoing optimization for lean improvements.

The overseeing of every stage of product development, from initial concepts to post-launch optimization and the eventual phasing out of the product, if applicable. Typically, management-level executives will oversee product life cycle management since it requires overseeing several teams who impact different stages of a product’s life cycle.

The party, usually an individual, responsible for overseeing the development and launch of a particular offering. A product manager is the head of the team creating the product and is often the “owner” of that product’s ultimate success or failure. This person may be under the supervision of a portfolio manager who oversees the development of several products at once.

The launch of the product. This may happen in several stages, such as a limited release or a beta release, to test the product’s viability before going to a larger market.

A list of everything a product needs to attain full viability once released to the market. This document may include the product’s purpose, design features, functionality, and interaction with customers. The goal here is to assemble the technical requirements that will serve as the foundation for designing and developing the product.

A key dashboard or document, usually serving as a single source of truth for every team member, displaying the next actions in a project. This will include everything from the overarching vision behind the product to the individual steps needed to complete the design and launch. Think of this as the GPS behind the project that keeps team members in the loop.

Key points in the roadmap to help a product manager get a sense of how far along the project is. One key roadmap milestone, for example, is the product release date. A manager may choose to split these milestones up into smaller, more digestible chunks to give greater clarity to every team member along the way.

Just as a revolution of the Earth around the sun is a complete redo on a new year, a roadmap revolution takes the previous roadmap and turns it on its head for a fresh start. Consider this a reevaluation of the previous roadmap, complete with new milestones and definitions for getting the product back on track.

Rather than referring to the software itself, a software product may refer to everything the customer needs to deploy the software. This can include the documentation for installing and running the software. The software product is more than the software itself; it’s the complete package a customer receives to get them started.

The complete list of tools, strategies, resources, and technologies you have at your disposal to bring a product to market. In the development world, everything a developer has at their fingertips is known as their stack. The same is true in product management, where your available assets constitute the stack that helps you get business done.

Your chosen approach for accomplishing every item on your to-do list, particularly in the context of a product’s lifecycle. In the context of product strategy, this will refer to your overall approach to building and launching the product to maximize its chances of success in resonating with a strong customer base.

Short for Strength, Weakness, Opportunity, Threats analysis. This is a framework for examining the position of your product when it hits the market. What are its unique selling points? What are the weaknesses of the product that the competition may outdo? Running a SWOT analysis is all about getting a crystal clear picture of what your product needs to accomplish.

A person/party in the leadership position with a strong background in the nitty-gritty details of developing the product. Typically, a technical product manager will work more closely with designers and engineers than sales and marketing teams. The emphasis of a technical product manager is delivering top quality with less emphasis on a product’s position in the marketplace.

A framework for making a product so easy to use that users could understand it even under the influence of alcohol. The simplest way to put it is that the “User is Drunk” mindset emphasizes simplicity to the point where users could theoretically figure out your product after they’ve had one too many cocktails.

A specific scenario or example that helps define how and why a customer will use your product.

A specific scenario or example, much like a use case, in which the design team imagines how a user will employ the product and in which context.

A diagram that lets you imagine how a user’s story might unfold as they use your product. The purpose of user story mapping is to get a sense of which features a user might need. What questions will they have? What tasks will they perform in order? This is a key process because it puts you in the user’s chair and helps you imagine what they’ll want out of your product, helping you find inspiration to improve its quality.