Revo's Product Management Glossary

The simplest version of a product with core features to satisfy early customers and gather feedback for future development.

The percentage of a target market that has purchased or adopted a specific product or service.

Combining features, products, or teams to create a unified offering or streamline operations.

A visual display of key performance indicators (KPIs) and data points that provide a quick overview of a product's or project's performance, allowing product managers to monitor progress, identify trends, and make data-driven decisions.

An architectural approach where a software application is composed of small, independent services that communicate via APIs, enabling easier scalability, maintenance, and deployment of individual components.

A prioritization technique used to categorize product features or requirements into four groups: Must-have, Should-have, Could-have, and Won't-have (for now).

A customer loyalty metric that measures the likelihood of customers recommending a product or service to others, calculated by subtracting the percentage of detractors from the percentage of promoters.

A scaled Scrum approach for multiple teams working on a single product, emphasizing cross-team collaboration and integration.

A key performance indicator that best captures a product's core value and aligns with long-term company success.

A goal-setting framework that defines objectives and measurable key results to track progress and align teams towards common organizational goals.

The process of ensuring that Objectives and Key Results (OKRs) at different levels of an organization are consistent and support each other, promoting cohesive goal-setting and execution across teams and departments.

The ability to monitor, measure, and understand the internal state of a system through its external outputs, enabling better troubleshooting and performance optimization.

The value of the best alternative foregone when making a decision or choosing a course of action.

A method to prioritize product features or opportunities based on their potential value and feasibility, helping product managers make data-driven decisions about resource allocation and development priorities.

A visual tool used to align product opportunities with potential solutions and experiments, helping teams explore and prioritize ideas to achieve desired outcomes.

A framework for analyzing external macro-environmental factors (Political, Economic, Social, Technological, Environmental, Legal) that can impact a product or business strategy.

Personally Identifiable Information: Data that can be used to identify or locate an individual, such as name, address, or social security number.

The process of creating detailed, fictional user profiles to represent target customer segments, helping product teams better understand and empathize with user needs, behaviors, and motivations when making product decisions.

A strategic shift in a product's direction, features, or target market based on new insights or market conditions.

A collaborative estimation technique used by agile teams to determine the relative effort of user stories or tasks, typically using numbered cards to represent story points.

The alignment between a product's positioning strategy and its target market's needs, preferences, and perceptions, ensuring effective differentiation and resonance with intended customers.

A tool used to evaluate and rank tasks, features, or initiatives based on predefined criteria, helping product managers make informed decisions about resource allocation and project priorities.

The alignment between a specific problem experienced by customers and the proposed solution offered by a product or service, validating that the solution effectively addresses the identified problem.

The process of collecting, analyzing, and interpreting data about how users interact with a product to gain insights, measure performance, and inform decision-making for product improvements and strategy.

Software applications that collect, analyze, and visualize data about user behavior, engagement, and performance metrics to help product teams make data-driven decisions and improve their products.