In this section you’ll find frequently-used terms and definitions that will help you better understand product strategy.
What Is Annual Recurring Revenue (ARR)? Annual recurring revenue (ARR) refers to all ongoing revenue for a product or business,...
Business Intelligence (BI), is a method of compiling, analyzing and interpreting business data to make better-informed decisions. BI data is typically compiled through extensive research across a wide range of sources — including industry reports, customer feedback, actual usage data of the company’s products, and competitive research.
A business model canvas is a one-page summary describing the high-level strategic details needed to get a business (or product) successfully to market. The typical use case for this tool is to outline the fundamental building blocks of a business, but it can be used effectively for individual products as well.
What Is Customer Experience? Customer experience refers to the totality of a customer’s encounters with a business and how those...
What is a Go-to-Market Strategy? A go-to-market strategy is a tactical plan detailing how a company plans to execute a...
What is Market Validation? Market validation is the process of presenting a concept for a product to its target market...
Pivot in a product management context may refer to a shift in the strategic direction of the business. Usually the decision to pivot a product is the result of competitive changes, new findings about the market, or shortcomings in the original strategy.
What is Product Discovery? The product discovery process has two distinct parts. It includes developing a profound understanding of customers,...
What is a Product Disruptor? A product disruptor is an innovation that represents a change in a product’s direction, business...
What is Product Excellence? Product excellence is a customer-focused framework for developing a significant or impactful product or feature and...
What is a Product Launch? A product launch refers to a business’s planned and coordinated effort to debut a new...
Product-market fit describes a scenario in which a company's target customers are buying, using, and telling others about the company's product in numbers large enough to sustain that product's growth and profitability.
What Is a Product Mission Statement? A product’s mission is a clear, concise statement that explains the product’s highest-level purpose....
What Is Product Positioning? Product positioning is the process of deciding and communicating how you want your market to think...
A Product Strategist identifies new opportunities, assesses the company’s product performance, and helps develop its long-term strategic plans for future...
What is a Product Strategy? A product strategy is a high-level plan describing what a business hopes to accomplish with...
What Is a Product Strategy Framework? A product strategy is a high-level plan describing what a business hopes to accomplish...
What is the Product Tree? The Product Tree is a fun, visual, and useful tool that gamifies product management. It...
A product vision, or product vision statement, describes the overarching long-term mission of your product. Vision statements are aspirational and communicate concisely where the product hopes to go and what it hopes to achieve in the long term.
What Is a Theme? In product management, a theme is a high-level goal or plan for the product. The theme...
What is a Top-Down Product Strategy? Definition: A top-down product strategy is one where high-level objectives and a long-term vision...
A product’s unique selling proposition (USP), is its unique competitive advantage, or the reason a customer would select the product over any other option. Generally, USPs are communicated as benefits to the customer or user.
What is a Value Proposition? A value proposition is a statement that identifies measurable benefits prospective customers can expect when...
