Product Management Glossary

Detailed explanations for all product terms and abbreviations, including illustrations and examples.

Alpha Testing
Alpha testing validates a product before a feature freeze to assess features, detect major bugs, and prepare it for beta testing.
Acceptance Criteria
Acceptance criteria are the requirements that a product must meet in order for it to complete its user stories.
Agile Framework
Agile is a software development philosophy that emphasizes adaptability to changing product requirements, rapid iteration, and continuous planning.
Backlog Grooming
Backlog grooming is the regular process of reviewing the product backlog to ensure that it’s up-to-date and ready for future sprints to use.
Beta Testing
Beta testing lets you put your product in front of end-users before release to gauge sentiment and gather relevant feedback.
Churn refers to the loss of value-adding assets, but churn rate metrics give you actionable insights to improve retention and profits.
Chief Product Officer
The chief product officer is in charge of all the product-related affairs in which a business engages, and plays a crucial role in ensuring successful product development.
Impact Map
An impact map is a visual depiction of your product’s goals, along with the tasks, stakeholders and features involved in achieving these goals.
Kano Model
The Kano model is a framework for guiding product development that identifies which features will most likely lead to customer satisfaction.
MoSCoW Method
The MoSCoW Method is a prioritization framework that groups product features into four categories based on how critical they are to the next release.
Minimum Viable Product (MVP)
A minimum viable product (MVP) is basically that initial version of a product that has just enough features or functionality for customers to use it and give valuable feedback to the developers.
Product Positioning
Product positioning is the practice of creating an identity for your product that outlines its benefits to your target audience and sets it apart from the competition.
Prioritization is the practice of ranking tasks, features, and other product requirements in order of their importance.
Product Features
Product features are the components, attributes, and capabilities of a product that provide value for its users.
Program Manager
A program manager coordinates groups of initiatives and projects that have similar strategic objectives, collectively known as “programs.”
Product Design
Product design is the process of identifying a market’s needs and creating a solution that addresses them, in the form of a product that is valuable to users and sustainable for the business.
Product Designer
A product designer is in charge of translating the needs of your target market into a quality user experience. Read about the role and its responsibilities here.
Product Differentiation
Product differentiation is a marketing strategy that distinguishes a product or service from others to make it more desirable to target audiences.
Product Specification
A product specification describes all the requirements for building a product and guides your team throughout the product design and development process.
Product Development Process
The product development process represents all the tasks and steps that a company takes in order to build a product from start to finish.
Product Strategy
A product strategy is a high-level plan explaining the business objectives for a product, the target market, and big-picture ideas of the product’s influence.
PERT Chart
A pert chart is used in project management as a tool to define and coordinate tasks and timelines. PERT stands for Program/Project Evaluation and Review Technique.
Quality Function Deployment
Quality function deployment is a model for deriving quantitative technical requirements for product design from qualitative user sentiment.
Retention Rate
Retention rate is a performance metric that indicates what proportion of your customers come back to do repeat business with you.
Stakeholder Analysis
Stakeholder analysis is the process of identifying anyone involved in a software development project and assigning them relevant duties based on their role and core competencies.
Scrumban is an Agile management framework that combines the advantages of two other popular frameworks: Scrum and Kanban.
Scrum Meeting
A scrum meeting is designed to support product development by helping teams plan the work ahead, identify obstacles, and improve existing processes.
Story Mapping
Story mapping is a method to visualize user stories and gain insights into your customers needs.
Technical Debt
Technical debt is the accumulation of the need to refactor code in the future, caused by actions that accelerate delivery at the expense of code quality and efficiency.
Technical Product Manager
A Technical Product Manager brings together technical and theoretical knowledge of product management and requires an in-depth understanding of the company’s technology to drive the product’s development strategy efficiently.
User Story
A user story is a plain-language description of product feature from the perspective of the end-user.