Product Vision and Strategy
Expert-defined terms from the Certified Professional in Product Management in SaaS (United Kingdom) course at London School of Business and Administration. Free to read, free to share, paired with a globally recognised certification pathway.
A/B Testing refers to a method of comparing two versions of a product, web pa… #
In the context of Product Vision and Strategy, A/B testing is used to validate assumptions about customer behavior and preferences. For example, a company might use A/B testing to determine whether a red or green button is more effective at encouraging users to click on it. Related terms include multivariate testing, split testing, and experimentation.
Acceptance Criteria are the conditions that a product or feature must meet in or… #
In Product Vision and Strategy, acceptance criteria are used to define the requirements for a product or feature and to ensure that it meets the needs of customers and stakeholders. For example, the acceptance criteria for a new login feature might include the ability to authenticate users quickly and securely. Related terms include requirements, specifications, and definition of done.
Account Management refers to the process of managing and maintaining relationshi… #
In Product Vision and Strategy, account management is important for understanding customer needs and preferences and for identifying opportunities to upsell and cross-sell products. For example, an account manager might work with a key customer to understand their business goals and to identify opportunities to provide value-added services. Related terms include customer success, sales, and account planning.
Agile Development is an iterative and incremental approach to soft… #
In Product Vision and Strategy, agile development is used to respond quickly to changing customer needs and market conditions. For example, a company might use agile development to release a minimum viable product and then iterate on it based on customer feedback. Related terms include scrum, kanban, and lean.
API (Application Programming Interface) is a set of rules and protocol… #
In Product Vision and Strategy, APIs are used to enable integration with other products and services and to provide access to data and functionality. For example, a company might use an API to integrate its product with a third-party service or to provide data to customers. Related terms include microservices, web services, and integration.
Backlog refers to a list of features, bugs , and other items … #
In Product Vision and Strategy, the backlog is used to prioritize and manage the work that needs to be done to achieve the product vision. For example, a product manager might use the backlog to prioritize high-value features and to deprioritize low-value features. Related terms include product roadmap, requirements, and user stories.
Business Model refers to the way in which a company generates revenue and… #
In Product Vision and Strategy, the business model is critical for understanding how the product will generate revenue and create value for customers. For example, a company might use a subscription-based business model to generate recurring revenue from customers. Related terms include revenue streams, cost structure, and value proposition.
Cloud Computing refers to the use of remote servers and infrastructure… #
In Product Vision and Strategy, cloud computing is used to enable scalability and flexibility in product development and deployment. For example, a company might use cloud computing to deploy a scalable and secure product infrastructure. Related terms include infrastructure as a service, platform as a service, and software as a service.
Customer Development is the process of understanding and validating customer<… #
In Product Vision and Strategy, customer development is critical for creating products that meet the needs of customers and create value for them. For example, a company might use customer development to validate assumptions about customer behavior and preferences. Related terms include customer discovery, customer validation, and customer acquisition.
Customer Journey refers to the experience that a customer has when intera… #
In Product Vision and Strategy, the customer journey is used to understand the touchpoints and interactions that a customer has with a product or service. For example, a company might use the customer journey to identify pain points and opportunities to improve the customer experience. Related terms include user experience, customer experience, and touchpoints.
Customer Segmentation refers to the process of dividing customers into di… #
In Product Vision and Strategy, customer segmentation is used to create products that meet the needs of specific customer segments. For example, a company might use customer segmentation to create a product that meets the needs of enterprise customers. Related terms include target market, persona, and customer profiling.
Data Analytics refers to the process of analyzing data to extract insi… #
In Product Vision and Strategy, data analytics is used to inform product decisions and to measure product performance. For example, a company might use data analytics to analyze customer behavior and to identify opportunities to improve the product. Related terms include business intelligence, data science, and metrics.
Design Thinking is a problem #
solving approach that emphasizes empathy, creativity, and experimentation. In Product Vision and Strategy, design thinking is used to create products that meet the needs of customers and create value for them. For example, a company might use design thinking to create a product that addresses a specific customer pain point. Related terms include human-centered design, user-centered design, and service design.
Digital Transformation refers to the process of using digital technologie… #
In Product Vision and Strategy, digital transformation is used to create new business opportunities and to improve product development and deployment. For example, a company might use digital transformation to create a digital version of a physical product. Related terms include digitalization, innovation, and disruption.
Disruption refers to the process of disrupting existing markets an… #
In Product Vision and Strategy, disruption is used to create new business opportunities and to improve product development and deployment. For example, a company might use disruption to create a new market or to disrupt an existing market. Related terms include innovation, entrepreneurship, and revolution.
Entrepreneurship refers to the process of creating and launching new ventures… #
In Product Vision and Strategy, entrepreneurship is used to create new business opportunities and to improve product development and deployment. For example, a company might use entrepreneurship to create a new product or to launch a new business. Related terms include innovation, disruption, and startups.
Feedback refers to the process of gathering input and insights fro… #
In Product Vision and Strategy, feedback is used to inform product decisions and to measure product performance. For example, a company might use feedback to gather input from customers on a new feature or to identify areas for improvement. Related terms include user feedback, customer feedback, and testing.
Go #
to-Market Strategy refers to the plan for launching and marketing a new product or service. In Product Vision and Strategy, the go-to-market strategy is critical for creating a successful product launch and for driving adoption and revenue. For example, a company might use a go-to-market strategy to create a launch plan for a new product or to identify target markets and customer segments. Related terms include launch planning, marketing strategy, and sales strategy.
Innovation refers to the process of creating new ideas and solutions</… #
In Product Vision and Strategy, innovation is used to create new business opportunities and to improve product development and deployment. For example, a company might use innovation to create a new product or to improve an existing product. Related terms include entrepreneurship, disruption, and R&D.
Iterative Development is an approach to software development that emphasi… #
In Product Vision and Strategy, iterative development is used to respond quickly to changing customer needs and market conditions. For example, a company might use iterative development to release a minimum viable product and then iterate on it based on customer feedback. Related terms include agile development, scrum, and kanban.
Key Performance Indicators (KPIs) refer to the metrics used to measure <i… #
In Product Vision and Strategy, KPIs are used to track progress towards goals and to identify areas for improvement. For example, a company might use KPIs to measure customer acquisition and retention or to track revenue and growth. Related terms include metrics, dashboard, and reporting.
Lean Startup is an approach to entrepreneurship that emphasizes iterat… #
In Product Vision and Strategy, lean startup is used to create new business opportunities and to improve product development and deployment. For example, a company might use lean startup to create a minimum viable product and then iterate on it based on customer feedback. Related terms include agile development, iterative development, and customer development.
Market Research refers to the process of gathering information and ins… #
In Product Vision and Strategy, market research is used to inform product decisions and to identify opportunities and threats. For example, a company might use market research to gather information about customer needs and preferences or to identify trends and patterns in the market. Related terms include customer research, competitive analysis, and market analysis.
Minimum Viable Product (MVP) refers to a product or service that h… #
In Product Vision and Strategy, the MVP is used to test assumptions and to gather feedback from customers. For example, a company might use an MVP to test a new product idea or to gather feedback from early customers. Related terms include prototype, pilot, and beta.
OKRs (Objectives and Key Results) refer to a framework for setting and ac… #
In Product Vision and Strategy, OKRs are used to define and track objectives and key results. For example, a company might use OKRs to set objectives for a new product launch or to track progress towards revenue and growth goals. Related terms include goal-setting, metrics, and dashboard.
Product Development refers to the process of creating and improving products<… #
In Product Vision and Strategy, product development is critical for creating products that meet the needs of customers and create value for them. For example, a company might use product development to create a new product or to improve an existing product. Related terms include product management, product engineering, and R&D.
Product Lifecycle refers to the stages that a product goes through from <… #
In Product Vision and Strategy, the product lifecycle is used to understand the stages of a product's life and to make informed decisions about product development and deployment. For example, a company might use the product lifecycle to identify opportunities to improve a product or to determine when to retire a product. Related terms include product development, product launch, and product retirement.
Product Management refers to the process of creating and managing products</i… #
In Product Vision and Strategy, product management is critical for creating products that meet the needs of customers and create value for them. For example, a company might use product management to create a new product or to improve an existing product. Related terms include product development, product engineering, and product marketing.
Product Marketing refers to the process of promoting and selling products … #
In Product Vision and Strategy, product marketing is critical for creating a successful product launch and for driving adoption and revenue. For example, a company might use product marketing to create a launch plan for a new product or to identify target markets and customer segments. Related terms include go-to-market strategy, launch planning, and sales strategy.
Product Owner refers to the person responsible for defining and priori… #
In Product Vision and Strategy, the product owner is critical for ensuring that the product meets the needs of customers and stakeholders. For example, a company might use a product owner to define and prioritize the product backlog or to ensure that the product meets the requirements of customers and stakeholders. Related terms include product manager, product developer, and scrum master.
Product Roadmap refers to a visual representation of the product v… #
In Product Vision and Strategy, the product roadmap is used to communicate the product vision and strategy to stakeholders and to ensure that everyone is aligned and working towards the same goals. For example, a company might use a product roadmap to communicate the product vision and strategy to stakeholders or to identify opportunities and challenges in the market. Related terms include product vision, product strategy, and product plan.
Product Vision refers to a clear and concise statement of the p… #
In Product Vision and Strategy, the product vision is critical for ensuring that the product meets the needs of customers and stakeholders. For example, a company might use a product vision to define the product goals and objectives or to ensure that the product meets the requirements of customers and stakeholders. Related terms include product mission, product strategy, and product plan.
Product/Market Fit refers to the degree to which a product meets the need… #
In Product Vision and Strategy, product/market fit is critical for creating a successful product launch and for driving adoption and revenue. For example, a company might use product/market fit to determine whether a product meets the needs of a market or to identify opportunities to improve the product. Related terms include customer needs, market needs, and product-market fit.
Return on Investment (ROI) refers to the return or profit that an… #
In Product Vision and Strategy, ROI is used to evaluate the success of a product or investment. For example, a company might use ROI to evaluate the success of a new product launch or to determine whether an investment is profitable. Related terms include cost-benefit analysis, break-even analysis, and financial analysis.
Scrum refers to a framework for managing and completing complex pr… #
In Product Vision and Strategy, scrum is used to manage and complete product development projects. For example, a company might use scrum to manage a product development team or to complete a complex product development project. Related terms include agile development, iterative development, and kanban.
Software as a Service (SaaS) refers to a model for delivering software ov… #
In Product Vision and Strategy, SaaS is used to deliver software products to customers. For example, a company might use SaaS to deliver a software product to customers or to provide access to a software product over the internet. Related terms include cloud computing, platform as a service, and infrastructure as a service.
Stakeholder refers to a person or group that has an interest or invest… #
In Product Vision and Strategy, stakeholders are critical for ensuring that the product meets the needs of customers and stakeholders. For example, a company might use stakeholders to gather feedback and input on a product or to ensure that the product meets the requirements of stakeholders. Related terms include customer, user, and partner.
Target Market refers to a specific group of customers that a compa… #
In Product Vision and Strategy, the target market is critical for creating a successful product launch and for driving adoption and revenue. For example, a company might use the target market to identify opportunities to improve a product or to determine the best way to reach and serve customers. Related terms include customer segment, market segment, and persona.
Unique Selling Proposition (USP) refers to a statement that summarizes th… #
In Product Vision and Strategy, the USP is critical for creating a successful product launch and for driving adoption and revenue. For example, a company might use the USP to differentiate a product from competitors or to communicate the value of a product to customers. Related terms include value proposition, unique value proposition, and competitive advantage.
User Experience (UX) refers to the experience that a user has when… #
In Product Vision and Strategy, UX is critical for creating products that meet the needs of customers and create value for them. For example, a company might use UX to design a product that is easy to use and intuitive or to improve the overall user experience. Related terms include customer experience, user interface, and human-centered design.
User Story refers to a narrative that describes a user 's experi… #
In Product Vision and Strategy, user stories are used to capture the requirements and needs of customers and to define the product backlog. For example, a company might use user stories to gather feedback and input from customers or to identify opportunities to improve a product. Related terms include use case, requirement, and product backlog.
Value Proposition refers to the unique benefits and value that a <… #
In Product Vision and Strategy, the value proposition is critical for creating a successful product launch and for driving adoption and revenue. For example, a company might use the value proposition to differentiate a product from competitors or to communicate the value of a product to customers. Related terms include unique selling proposition, competitive advantage, and customer value.
Vision Statement refers to a statement that summarizes the overall … #
In Product Vision and Strategy, the vision statement is critical for ensuring that the product meets the needs of customers and stakeholders. For example, a company might use a vision statement to define the product vision and goals or to ensure that the product meets the requirements of customers and stakeholders. Related terms include mission statement, product mission, and company vision.