Definitions Flashcards
Diffusion of Innovation
The spread of innovation with a market group in stages–innovators (2- 5%),
early adopters (10-15%), early majority (next 35%), late majority (next 35%), and
laggards (final 5-10%.) Fair amount of disagreement about the percentages.
This theory was developed by E.M. Rogers in 1962 and is the basis on which
Geoffrey A. Moore built his Chasm Model
Elasticity
The degree that an economic variable changes in response to a change in
another economic variable. For example, how much library use changes
according to how far an individual must travel for library services. Usually
used in reference to pricing
Embargo
When launching a product, certain parties such as press or analysts
may be briefed prior to launch. A news or press embargo is a
requirement by a source that the information not be published until a
certain date or certain conditions have been met
Minimum Viable
Product (MVP)
According to Wikipedia, a minimum viable product (MVP) is a product with
just enough features to satisfy early customers, and to provide feedback for
future product development. From a Product Management perspective, the
issue is how to strike the balance between the two
Mission
(statement)
A mission statement is a statement of the purpose of a company and
organization. The mission statement should guide the actions of the
organization, spell out its overall goal, provide a sense of direction, and guide
decision-making. It provides “the framework or context within which the
company’s strategies are formulated.”
Product Life
Cycle (PLC)
Four stages products go through from the time it is introduced into a market
until it’s withdrawal from the market. These four stages are introduction,
growth, maturity, and decline.
Product Manager
According to Wikipedia, a product manager is a professional role which is
responsible for the development of products for an organization, known as
the practice of product management. Product managers own the business
strategy behind a product (service, physical and digital products), specify its
functional requirements and generally manage the launch of features. They
coordinate work done by many other functions (like software engineers, data
scientists and product designers) and are ultimately responsible for the
business success of the product.
Product
Marketing
Manager
Product marketing managers manage the process of promoting and selling
a product to a customer. They are the intermediary function between
product developers, product managers (if there is one) and marketing
functions. Product marketing managers take the product features and
package the information so that customers understand why they should buy
the product. They rely on marketing functions to create the actual material or
artifacts that a customer sees – whether in hard copy or online.
Product Owner
According to Wikipedia, the product owner represents the product’s
stakeholders and the voice of the customer. They are responsible for the
product backlog and accountable for maximizing the value that the team
delivers. The product owner defines the product in customer-centric terms
(typically user stories), adds them to the product backlog, and prioritizes
them based on importance and dependencies. This role is either a separate
one from that of product manager, but can also be rolled into the role of
product manager.
VALS
Values and Life Styles; a psychographic model developed by the Stanford
Research Institute International to analyze markets.
What % of products fail?
on average 65%
What are the strategic functions of PM role?
- Central point of communication
- Whole product
- Define product strategy
- Define go-to-market strategy
- Gather requirements
- Guide engineering
- Guide sales and marketing
Product Management vs Product Marketing Roles
Product Management
Delivers valuable
customer-focused
product
Gets product onto shelves
vs
Product Marketing
Ensures market
demand for product
Gets product off of shelves
What does DACI stand for?
- Driver
o 1 person driving decision to closure - Approver
o 1-2 people approving the decision - Contributor
o Provides information or implements the
decision - Informed
o Notified but not part of the decision process
What does RACI stand for?
- Responsible
o Persons that complete the task - Accountable
o 1 person ultimately answerable
for correct completion - Consulted
o Subject matter experts - Informed
o Kept up-to-date on progress
What is the the industry standard
Optimal Product Process?
Conceive > Plan > Develop > Qualify > Launch > Maximize > Retire
PM Triple Constraint or Product-Market Fit Triad
Problem > Business Model > Product centered around Solution
Problem Space
Market opportunity > Screen > Validate Market Problem
Solution Space
Ideate > Develop Product Concept > Validate Product Concept
Personas Definition
Archetype of a group of people
with common behaviors & needs.
Essential context for typical
product use & messaging
What is Market Targeting?
Process to define and subdivide large markets into
clearly identifiable homogenous segments having
similar needs, wants, or demand characteristics
What are 4 Segmentation Criteria
- Needs 2. Goals and Motivation 3. Purchasing triggers 4. Buying behaviors
What are the 3 steps in Segmentation Process?
- Identify needs group 2. Determine which segmentation criteria matter 3. Create Segmentation map
What are the 2 different types of personas?
Users and Buyers
Types of Jobs in the Customer Journey
Core Functional Jobs, Related Jobs, Emotional & Social Jobs, Consumptions Chain Jobs, Financial Outcomes
Activities for Mapping Each Job in Customer Journey
Prepare > Execute > Monitor/Modify > Conclude
What are the 7 phases of product life cycle?
Conceive Plan Develop Qualify Launch Maximize Retire
What does PEST(EL) stand for?
Political, Economic, Social, Technological, Environmental, Legal
What are Porters 5 Forces?
Threat of substitutes, Threat of new entrants, Bargaining power of suppliers, bargaining power of customers, intensity of competitive rivalry
What are the 4 steps in research planning process?
- identify and articulate the decision problem 2. identify questions to be answered to make decision 3. identify best research techniques 4. design research study
What is The Golden Circle?
from the core outwards… WHY, HOW, WHAT. Very few organizations know WHY they do what
they do. WHY is not about making money. That’s
a result. WHY is the purpose, cause of belief. It’s
the very reason your organization exists.
Some organizations know HOW they do it. These
are the things that make them special or set them
apart from their competition.
Every organization on the planet knows WHAT
they do. These are products they sell or services
they offer.
What are the 7 Ps?
Product
Price
Place
Promotion
People
Process
Physical Evidence
