Product Management Glossary: Key Terms and Their Definitions
The world of product management encounters an array of technical terms, phrases, and acronyms that can confuse even seasoned professionals in the product management realm. To aid both aspiring product managers and those who want to master their field, we’ve created this comprehensive glossary of fifty essential product management terms and their definitions to help you collaborate better with your colleagues and boost your knowledge.
Why Manufacturers Should Prioritize Cyber Security When Choosing a SaaS Provider
Manufacturing companies benefit from technological advances across their organizations. Technology simplifies tasks and task management from the factory floor to the design and development stages to company-wide correspondence. The prevalence of technology makes security one of their top concerns, and for good reason. Large manufacturing companies are a target for their intellectual property, sensitive customer and employee data, and money. Cyber threats are a real concern, from phishing scams that can target any employee, ransomware or data breaches resulting from vulnerable networks to supply chain disruptions.
How to Use Your Product Roadmap to Make Product Line Projections & Stay Aligned With Product Goals
It’s rare for a company to grow with a product that doesn’t change or innovate. There may be success and significant market share following a release date, but over time, that share and popularity will decrease as the competition continues to introduce new features, software upgrades, or improvements in design. The reality is that companies must continuously improve their products to keep and grow their market share.
What Characteristics Make An Effective Product Roadmap?
Product roadmaps are crucial for communicating the product vision, guiding product development, aligning development teams, and communicating with various stakeholders. The failure to use a product roadmap effectively will often lead to confusion, misalignment, and possible failure of the product. This article focuses on what makes a good product roadmap and how to use it to ensure success.
Navigating Product Initiative Approval: Agile vs. Stage-Gate
Developing a new product is a complex process that demands the cooperation of various product teams, the collection of resources, and a significant budget. But before development can begin, there needs to be a product plan and approval from senior executives.
How to Use Product Segmentation to Enter New Markets
Every product manager knows they must meet their target audience's needs to succeed. However, they also know that while consumers may ask for a laptop computer, not all their needs will be the same. For example, a customer who loves to play online games will value a powerful CPU and pay more for a smooth experience, while a college student majoring in the arts will value a lightweight model that doesn't add bulk to their stuffed bag. They only need their laptop for general use, and they will not pay more for additional speed or memory.
5 Mindset Shifts to Make When Adapting to Lean-Agile Approaches
With the increasing number of products introducing software components and the constant appetite for new customer features, many companies are looking to adopt Lean-Agile approaches for product development to stay competitive. Many resources out there help lead companies towards Lean-Agile approaches, such as the SAFe Framework, which helps companies of all sizes make Lean-Agile methods work for them, no matter the scale of production. But adopting any new method also requires a shift in mindset. Here are five mindset shifts to help product managers confidently make the switch.
Is a Product Roadmap Contrary to Agile Philosophy?
In the product development world, there are various opinions on Agile Philosophy. Should organizations use it? Does it work for manufacturing complex products? Is it scalable for large companies?
What Is Systems Engineering and Why Product Managers Need To Care
In today's technology-driven world, the products we use every day are an increasingly complex mix of software and hardware components. Developing these modern products requires multiple resources, including personnel and components, to build them; systems engineering is the process that brings these different resources together to create a finished product. Product managers must be in tune with systems engineering so they can navigate the many challenges of modern product development.
How Frequently Should You Update Your Product Roadmap?
One of the biggest lessons that product managers learn is that their roadmaps are not set in stone. You can create a product roadmap with the relevant phases and plans, set the milestone timelines, and share access with all stakeholders. However, roadmaps still require continuous management and regular updates. These updates must also be shared with the relevant teams working on each product to inform everyone of the product strategy and prevent operational silos.
Why It’s Important to Track the Phasing In and Out of Features on Your Roadmap
Very few products stay the same year to year, let alone decade to decade. The components, materials, and designs change and evolve. Sometimes, this is due to consumer demand or innovation; other times, it results from resource shortages or supply changes. When a product team knows in advance that a certain component will no longer be available, this is called phasing out.
How the Role of the Product Manager in Hardware Is Evolving
Product managers have traditionally been viewed as intermediaries tasked with understanding customer requirements and translating them into products and features that engineers and product teams understand. However, the rapidly evolving landscape of hardware development has resulted in a significant transformation of the product manager's role, requiring them to step into more prominent positions of leadership and innovation to build successful products.