Business Buzzword Flashcards
(28 cards)
Agile
the ability to create and respond to change in order to succeed in an uncertain and turbulent environment.” That responsiveness is matured over time through the incorporation of customer-focused, cost-effective Agile practices
AIDA – Attention, Interest, Desire, Action
basic tenets of the AIDA model for marketing and advertising
hierarchy of effects model of the marketing funnel
Business Cases
provides justification for undertaking a project, programme or portfolio. It evaluates the benefit, cost and risk of alternative options and provides a rationale for the preferred solution.
Consensus
a decision-making approach that seeks to secure the support of the whole group for the decision at hand. Many people believe that consensus is the same thing as unanimous agreement, but this is not necessarily the case. Unanimity is when everyone agrees. Consensus is when no one disagrees.
Customer Behaviors
an individual’s buying habits, including social trends, frequency patterns, and background factors influencing their decision to buy something. Businesses study customer behavior to understand their target audience and create more-enticing products and service offers.
Customer Discovery Interviews
conducted with potential customers to gain insight into their perspective, pain points, purchasing habits, and so forth. Interviews also generate empathy between the customer and the entrepreneur to aid the design and ideation process.
Customer Feedback
the verbal or written communication from your customers expressing how they feel about your brand, your products, and/or the service they received from your team.
Delivery
the act of transferring a commodity, currency, security, cash or another instrument that is the subject of a contract. It is often used in relation to derivative contracts such as futures and options.
End User Understanding
An end user is the person a product development team has in mind when they design a product. They differ from customers because they can’t resell the product or service they purchase. If you work in product development, it can be beneficial to understand your end users.
The person or entity who purchases the services may not always be the end user.
End users are consumers who use goods and services.
5C Analysis -
Five Cs (Company, Competitors, Customers, Collaborators, Climate)
5C Analysis is a marketing framework to analyze the environment in which a company operates. It can provide insight into the key drivers of success, as well as the risk exposure to various environmental factors. The 5Cs are Company, Collaborators, Customers, Competitors, and Context.
Go to Market Activities (GTM strategy)
an action plan that specifies how a company will reach target customers…
Internal / External Stakeholders
Internal stakeholders are people whose interest in a company comes through a direct relationship, such as employment, ownership, or investment.
External stakeholders are those who do not directly work with a company but are affected somehow by the actions and outcomes of the business.
KPIs (Key Performance Indicators)
KPIs refer to a set of quantifiable measurements used to gauge a company’s overall long-term performance.
OKRs (Objectives and Key Results)
a goal-setting framework used by individuals, teams, and organizations to define measurable goals and track their outcomes.
Prioritize features
the process by which potential development items are ranked in order of importance. In terms of product management, this means determining which themes, initiatives, or features should get slotted into the product roadmap and the next set of upcoming product releases.
Product development Instructions
The product development process describes the six steps needed to take a product from the initial concept to the final market launch.
- Identifying a market need
- Researching the competition
- Ideating a solution
- Developing a product roadmap
- Building a minimum viable product (MVP)
Product Enhancements
modifications or improvements made to the Products which improve performance of such Products.
Product Lifecycle (PLC)
the process of a product’s growth, maturity, and decline over time.
4 stages: introduction, growth, maturity, and decline.
During each stage, the product experiences different levels of sales and profits
Product Owner
A member of the Agile Team who is responsible for maximizing the value delivered by the team and ensuring that the Team Backlog is aligned with customer and stakeholder needs.
Product Requirements Document (PRD)
an artifact used in the product development process to communicate what capabilities must be included in a product release to the development and testing teams.
typically used more in waterfall than agile
Product Roadmap
a high-level visual summary that maps out the vision and direction of your product offering over time. A product roadmap communicates the why and what behind what you’re building. A roadmap is a guiding strategic document as well as a plan for executing the product strategy.
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.
REAN – Reach, Engage, Activate, Nurture
a four-factor framework for mapping and analyzing marketing activities, and goal setting
Release Map
highlights new improvements, features and bug fixes that are launching in your upcoming release cycles. Release roadmaps typically span between 3 to 6 months, but can also be organized into shorter sprints.
