Kettle’s Post

20 Terms Used in Product Management Product Roadmap High-level visual summary that maps out the vision & direction of your product over time. Helps communicate the strategy & align the team on goals MVP-Minimum Viable Product The version of a new product that includes just enough features to satisfy customers & provide feedback for future development Backlog Prioritized list of tasks, user stories, or features that the team plans to work on in the future User Story Short, simple description of a feature from the perspective of the user. It usually follows the format: [type of user], [goal], [benefit] Sprint Time-boxed period during which specific work is completed & made ready for review in Agile methodology KPIs-Key Performance Indicators Metrics that help track & measure the success of a product or feature, such as user engagement, revenue or churn rate Product-Market Fit The point at which a product satisfies a strong market demand. Achieving product-market fit means the product has successfully addressed customer needs & has a sustainable user base Stakeholders Individuals or groups who are affected by or have an interest in the outcome of a product. Customers, team members, executives, or investors User Personas Fictional characters that represent different types of users who might use your product based on research Wireframe Visual guide that represents the layout of a products interface without the use of design or content elements OKRs-Objectives & Key Results Goal-setting framework that helps teams define measurable goals & track their outcomes. Objectives define the WHAT & Key Results define the HOW Agile Methodology used for product development that emphasizes flexibility, collaboration, & iterative progress. Agile promotes adaptive planning & continuous improvement Sprint Retrospective Meeting held at the end of a sprint to review what went well, what didn’t, & how the team can improve in the next sprint Release Management Process of managing, planning, scheduling, & controlling a product update or a new version’s release Customer Journey The complete sum of experiences that customers go through when interacting with a product or company, from first becoming aware of the product to post-purchase support Churn Rate Percentage of users who stop using a product over a given period. It's a critical metric for understanding customer retention A/B Testing Method of comparing two versions of a product or feature to see which one performs better based on specific metrics Product Life Cycle Stages a product goes through from introduction to growth, maturity, & eventual decline Go-to-Market Strategy (GTM) Plan that outlines how a product will be launched and sold to customers, including marketing, distribution, pricing, and customer acquisition SaaS-Software as a Service Product delivery model where software is accessed via the cloud & sold on a subscription basis #ProductManagement #product #Leadership #innovation #agile

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