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Product Management Vocabulary

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Product Management Vocabulary

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1. Operating expenses

The process undertaken by a customer that helps the customer justify investments in products and services.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.When creating a Business Case, the base case is the starting point and represents the current business-as-usual situation.

2. Customer Business Case

Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.The process undertaken by a customer that helps the customer justify investments in products and services.When creating a Business Case, the base case is the starting point and represents the current business-as-usual situation.

3. Walk-through

The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.The process undertaken by a customer that helps the customer justify investments in products and services.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.When creating a Business Case, the base case is the starting point and represents the current business-as-usual situation.

4. Base case

5. Announcement

The product announcement is the formal notification to the marketplace that a product is available for purchase by customers.The process undertaken by a customer that helps the customer justify investments in products and services.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.

6. Cross-functional project team

Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process undertaken by a customer that helps the customer justify investments in products and services.A cross-functional project team is made up of appointed team members in place for the duration required to carry out the tasks and activities associated with a defined deliverable.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.

7. Vulnerabilities

The process undertaken by a customer that helps the customer justify investments in products and services.With respect to SWOT, the characteristics of a product that make it inherently susceptible to unfavorable comparison to competitive products.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.

8. Revenue

The process undertaken by a customer that helps the customer justify investments in products and services.The amount of money obtained from the sale of products or services.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.

9. Vision

Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.The process undertaken by a customer that helps the customer justify investments in products and services.The envisioned end state or optimal future situation.

10. Vertical markets

Market segments focused on a specific industry, such as pharmaceuticals, telecommunications equipment, or fast food.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.The process undertaken by a customer that helps the customer justify investments in products and services.

11. Market penetration

The process undertaken by a customer that helps the customer justify investments in products and services.The degree to which a product is being sold in a given market area.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.

12. Product project

Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process undertaken by a customer that helps the customer justify investments in products and services.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.This is a term used to describe any project that may be subordinate to, or chartered by, the product team.

13. Promotion

Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.The process undertaken by a customer that helps the customer justify investments in products and services.One of the four Ps of the marketing mix that involves a variety of methods used to communicate to select customer types within desirable market segments.

14. Campaign

The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process undertaken by a customer that helps the customer justify investments in products and services.An outbound marketing activity orchestrated to bring about an explicit business result.

15. Customer segments

In segmentation, many people may be considered the 'customer' and may therefore be involved in a purchasing decision.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.The process undertaken by a customer that helps the customer justify investments in products and services.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.

16. Derivative

The process undertaken by a customer that helps the customer justify investments in products and services.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.A variation of an existing product.

17. Resources

Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The things or people required to carry out a project's tasks.The process undertaken by a customer that helps the customer justify investments in products and services.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.

18. Return on investment

Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.Any method of comparing the amount of money invested in a given initiative with the profitability or financial results of the initiative.The process undertaken by a customer that helps the customer justify investments in products and services.

19. Worst-case scenario

Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process undertaken by a customer that helps the customer justify investments in products and services.The least desirable outcome that might result from pursuing a given set of assumptions related to a product investment, forecast, or similar activity.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.

20. Growth phase

The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.After a product is launched, it usually enters a phase of rapid growth, characterized by an increasing rate of sales, growing profits, and increasing market share.The process undertaken by a customer that helps the customer justify investments in products and services.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.

21. Bottom-up forecast

This type of forecast method begins with the determination of the demand for a product by a single customer and builds the forecast upward based on multiple customers and so on.The process undertaken by a customer that helps the customer justify investments in products and services.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.

22. Sprint

Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.The process undertaken by a customer that helps the customer justify investments in products and services.A scrum-based agile methodology concept that is time boxed to deliver a specific set of user stories and produce working features within a set time period.

23. Assumption

The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.When used in a Business Case, forecast, or other planning document, an assumption is a statement that relates to a potential future state or future situation.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.The process undertaken by a customer that helps the customer justify investments in products and services.

24. Concept phase

In the concept phase, a small group of product team stakeholders evaluate many product ideas or market opportunities so that a smaller number may be selected for further evaluation.The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.The process undertaken by a customer that helps the customer justify investments in products and services.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.

25. Outbound marketing

The process of evaluating product requirements, documentation, performance, operation, test results, or any development-related aspect of a product, generally for the purpose of validating that the product conforms to some level of specifications.Encompasses the work activities carried out to create programs that communicate messages or position products to customers and analysts, using advertising, public relations activities, and other events.The process undertaken by a customer that helps the customer justify investments in products and services.Refers to ongoing, usually variable costs of operating a business; contrasted with capital expenses, which refers to the plant and equipment needed to support operations.

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