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Product Management Glossary

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Product Management Glossary

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25 Questions

1. Want

A user that is comfortable using the product to perform job tasks (average user)A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixCharging different market segments different prices for same product. There are several levels of discrimination: First Level— price discrimination that is based on the ability to pay (charge per income). Second level—price discrimination that is based on arti- ficial obstacles (same price yet coupons, advance purchase, restricted use). Third level—price discrimination that is based on external factors (gender, age, geography, or profession)A request for specific objects that might satisfy the need

2. Skilled User

Charging different market segments different prices for same product. There are several levels of discrimination: First Level— price discrimination that is based on the ability to pay (charge per income). Second level—price discrimination that is based on arti- ficial obstacles (same price yet coupons, advance purchase, restricted use). Third level—price discrimination that is based on external factors (gender, age, geography, or profession)A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA user that is comfortable using the product to perform job tasks (average user)A request for specific objects that might satisfy the need

3. MVP Model

A user that is comfortable using the product to perform job tasks (average user)A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA request for specific objects that might satisfy the needCharging different market segments different prices for same product. There are several levels of discrimination: First Level— price discrimination that is based on the ability to pay (charge per income). Second level—price discrimination that is based on arti- ficial obstacles (same price yet coupons, advance purchase, restricted use). Third level—price discrimination that is based on external factors (gender, age, geography, or profession)

4. Discrimination (Pricing Tactic)

Charging different market segments different prices for same product. There are several levels of discrimination: First Level— price discrimination that is based on the ability to pay (charge per income). Second level—price discrimination that is based on arti- ficial obstacles (same price yet coupons, advance purchase, restricted use). Third level—price discrimination that is based on external factors (gender, age, geography, or profession)A request for specific objects that might satisfy the needA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA user that is comfortable using the product to perform job tasks (average user)

5. Product Family

A request for specific objects that might satisfy the needA user that is comfortable using the product to perform job tasks (average user)A set of derived products that share the same technological foun- dation. Members of a product family are called product variantsA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mix

6. Base Price

The initial price of a product before any alterationA request for specific objects that might satisfy the needA user that is comfortable using the product to perform job tasks (average user)A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mix

7. Quality (Marketing)

The market’s perception of the degree to which the company or product can consistently meet or exceed customers’ expectationsA user that is comfortable using the product to perform job tasks (average user)A request for specific objects that might satisfy the needA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mix

8. Dynamic Pricing (Pricing Tactic)

A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA request for specific objects that might satisfy the needA user that is comfortable using the product to perform job tasks (average user)Rapidly adjusting prices per customer according to customer characteristics

9. Technology-driven

A request for specific objects that might satisfy the needA user that is comfortable using the product to perform job tasks (average user)A product delivery strategy that is based on producing and delivering products that we conceiveA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mix

10. Disclaimer

A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA user that is comfortable using the product to perform job tasks (average user)A request for specific objects that might satisfy the needDenial of responsibility to events occurring during product own- ership to discourage current or future legal action

11. Client

The entity that is the receiver of goods or servicesA request for specific objects that might satisfy the needA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA user that is comfortable using the product to perform job tasks (average user)

12. Novice User

A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA user that is new to the product (newbie)A request for specific objects that might satisfy the needA user that is comfortable using the product to perform job tasks (average user)

13. Conditional License

A user that is comfortable using the product to perform job tasks (average user)A request for specific objects that might satisfy the needA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixExpiring ownership and usage rights to a product. Can be renew- able and non-renewable

14. Overall Market

15. High-tech Company

A request for specific objects that might satisfy the needA user that is comfortable using the product to perform job tasks (average user)A business entity that either develops technology that is incorporated in a product or is used in the assembly or manufacturing of a product, or manufactures a product that contains technology and that same product relies on that technology to perform its core functionA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mix

16. Customer

The entity (consumer or company) that takes (financial) responsi- bility for purchasing the product. Often the realm to which the buyer and user belongA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA user that is comfortable using the product to perform job tasks (average user)A request for specific objects that might satisfy the need

17. Product Problem

A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixAn industry situation in which product requirements are unmet (B2B). The solution is a product componentA user that is comfortable using the product to perform job tasks (average user)A request for specific objects that might satisfy the need

18. Market Opportunity

A lucrative, lasting, and sizable market problem. Market opportu- nity ¼ market problem + volume + duration + earning potentialA user that is comfortable using the product to perform job tasks (average user)A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA request for specific objects that might satisfy the need

19. Pricing Scheme

A user that is comfortable using the product to perform job tasks (average user)An outline of the overall pricing approach which encompasses the principles for pricing the specific productA request for specific objects that might satisfy the needA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mix

20. Price

A request for specific objects that might satisfy the needA specification of what a seller wants in exchange for granting right of ownership or use to a product. The price formula is Price ¼ costs + marginsA user that is comfortable using the product to perform job tasks (average user)A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mix

21. Social Competence

The set of human interaction skills which relate directly to communicating and managing relationships with others in a professional environment’s social structureA request for specific objects that might satisfy the needA user that is comfortable using the product to perform job tasks (average user)A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mix

22. Skimming (Pricing Tactic)

A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixBriefly charging a relatively high price upon product launchA user that is comfortable using the product to perform job tasks (average user)A request for specific objects that might satisfy the need

23. Unique Selling Proposition (USP)

A request for specific objects that might satisfy the needA key statement that describes the distinct and compelling value of the product, which sets the product apart from other competing productsA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA user that is comfortable using the product to perform job tasks (average user)

24. Market Plan

A market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA user that is comfortable using the product to perform job tasks (average user)A request for specific objects that might satisfy the needA description of the long-term goals and messages delivered to the target market relative to a particular company or product

25. Actual Value

A request for specific objects that might satisfy the needA market-value centric pricing process which guides sets of mana- gerial decisions that help determine a product’s price. The Model is comprised of three distinct components that effectively act as sequential stages in the pricing process: pricing scheme, pricing formula, and price mixA user that is comfortable using the product to perform job tasks (average user)The measured and validated worth that the customer or similar customers factually obtain from owning and using the product

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25 Questions

❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

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All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.

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