004/01/365 - Key Terms

Key Term Panda

Before going into the weeds of product management, that sometimes can be messy, I believe it's a good start to create a good understanding of common lingo.

This is not only good advise for a class, but also for any new team. First learn the meaning of the words you use to communicate with each other. So let's do this and create some common ground on which I'm going to run this marathon on. It will be much easier for you to follow. Today, the more obvious terms:

Basics

  • Product: A tangible or intangible offering that provides value to customers and solves their problems.
  • Market: The collection of potential buyers and sellers of a particular product or service.
  • User: An individual who interacts with and utilizes a product to achieve specific goals.
  • Customer: An individual or organization that purchases a product or service.

Value

  • Value Proposition: A statement that clearly articulates the unique benefits and value that a product offers to its target audience.
  • Product Strategy: A high-level plan that outlines the vision, goals, and direction for a product.
  • Product Roadmap: A visual representation of a product's development timeline, outlining key features and milestones.
  • User Needs: The underlying problems, desires, and motivations that drive users to seek out and utilize a product.

Market

  • Market Research: The systematic gathering and analysis of data about a target market, including customer needs, preferences, and behaviors.
  • Competitive Analysis: The assessment of competing products and companies to understand their strengths, weaknesses, and market positioning.
  • Product Differentiation: The process of distinguishing a product from its competitors by highlighting its unique features and benefits.
  • Business Model: A framework that outlines how a company creates, delivers, and captures value through its products or services.

Measuring

  • Metrics: Quantifiable measures used to track and evaluate the performance of a product.
  • Key Performance Indicators (KPIs): Specific metrics that are critical to the success of a product and align with its strategic goals.

One learning in working with developing a product already is, that timelines are an estimate only. Any bug can delay your plans, and so did a wrong handling in a signal handler for automated LinkedIn Publishing delay this one.