Product Management Terms & Definitions

Here is a growing list of Product Management terms.

Product Management Strategy

There are four important elements that play a role in creating a product strategy: personas, key benefits, performance indicators, and company goals. 

A product’s persona is an accurate representation of the main target market, as well as those subsidiary to it. 

Key benefits describe exactly how a product will benefit users. 

Performance indicators establish standards of maximum performance for the product’s lifecycle. 

Business goals support all aspects of the product strategy.

An effective product strategy is a high-level plan describing what a business hopes to accomplish with its product. It should answer key questions, such as how the product benefits personas and what the company’s goals are for the product throughout its lifecycle.

Product Management Principles

Detect and investigate, and Establish the core issue you want to solve.

What went wrong? How did it go wrong? How will you fix it and make sure it never happens again? What caused the issue? Which problems involved physical processes, people, and organizations?

Figure out what happened.

Don’t just jump in and fix it.

When you’re solving a problem, it’s essential to be able to understand it thoroughly. The better you understand the problem, the more likely you’ll find a solution. That’s why it’s a good idea to use a variety of approaches to solving problems. Choosing different problem-solving approaches will give you the best possible chance of finding a solution.

Before implementing any sort of implementation strategy, always make sure your technique is appropriate. 

Build the smallest solution first. 

 When you’re working on a new product or feature for your startup, it’s easy to get carried away and lose sight of the simple, logical first step. But that’s not the best way to go about it. Instead, try this approach: first build the smallest solution that could possibly work.

By testing the smallest solution first, you will know with a high degree of certainty whether your idea is viable. It is much easier to test your product when it is small. 

Keep the big picture in mind.

Keeping Track of Competitors.

 When you’re selling a popular product, you have tons of competitors who want to taste your market share. It’s vital to study what your competitors are doing well and integrate their best practices into how you do business. Just don’t forget that you need to keep your own organization identity in check!

Stay Metrics-Focused.

 Companies must collect data regarding their products. However, the amount of collected data means nothing if you are unable to do anything with it. 

You’ve got to look at the facts and figures and see how those digits fit into the grand scheme of things. Using this information, companies should be able to forge a new plan for moving forward.

Of course, the amount of data surrounding any product is astounding but you can benefit from wealth of important numbers at your fingertips. However, you must know how to analyze these data you collect. It will lead to potential product improvement discoveries, new market findings, and even foresee pitfalls that could be lying in wait.

Always keep your customer’s needs in mind.

When it comes right down to it, customers are the ones who make or break your project. 

How do you keep that in mind? You need to think about how they’re going to use and interact with your products, and design accordingly. 

Their needs are at the forefront of every new product you design, and any investment you make in them will pay off later on.

Never compromise on quality.

 A lot of people think that you cannot have quality products today without having a lot of money to invest in it. But that is not true. If you are willing to dedicate yourself to creating quality products, then you can have quality products regardless if you have money to invest or not.

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