IBM - Product Management: An Introduction Flashcards
Business acumen
The ability, skill, and capability to understand business practices and the variables that impact it.
Lifecycle
Applies to the entire life of a product, from conception to withdrawal from the market.
Persona
A tool used by product managers to develop a vivid description of a typical user of their product. It should give the product manager some key characteristics of the customer, their personality, and their goals.
Product
A goods or service provided to a customer.
Product management
The activities include involving the strategic work required to develop ideas, plan, produce, test, implement, and withdraw products from the market.
Product manager
Role within an organization responsible for the strategy and delivery of a product to a customer and managing the activities throughout the lifecycle.
Return on investment (RoI)
A financial metric used to evaluate the profitability or efficiency of an investment, which calculates a percentage based on the total net profit and the initial cost of the investment.
Internal rate of return (IRR)
A financial metric used to evaluate the profitability of an investment. It is a discount rate that makes the net present value (NPV) of an investment equal to zero.
Net present value (NPV)
A financial metric used to evaluate the profitability of an investment by comparing the present value of its expected cash inflows with the present value of its expected cash outflows.
Payback
A financial metric used to evaluate the time it takes for an investment to generate cash flows sufficient to recover its initial cost.
Functional Area
A specific department or area of expertise in an organization. Typically, functional areas follow a traditional vertical hierarchy with a manager dedicated to that area.
Product Lifecycle
The product life cycle consists of four phases: Introduction, Growth, Maturity, and Decline.
Product Management Lifecycle
The product management lifecycle includes seven phases – Conceive, Plan, Develop, Qualify, Launch, Deliver, and Retire.
RACI Concept
Idea of assigning roles for specific deliverables. R = responsible, A = Accountable, C = Consulted, I = Informed.
Research
Collecting data about the customer, market, competition, and internal capability. It can also include data collection in other areas as well.
Stakeholders
Anyone interested in the product can influence product decisions or is affected by the outcome and deliverables of your work.
Vision
The idea for a product for which the Product Manager is responsible.
Entrepreneurial Spirit
Using entrepreneurship as a driver to manage products through innovation and being able to identify customer needs.
Incremental Process
An approach that delivers a product to a customer in cycles.
Iterative Process
The use of a process where the needs are not static but develop over time.
Key Performance Indicators (KPIs)
Metrics used to measure success and progress.
Portfolio
The highest level of a collection of products, projects, or programs.
Value Creation
The process of identifying what the customer needs and the effort to fill that gap.
Value
Something the customer considers important and is willing to pay for.
AIPMM
Association of International Product Marketing and Management. Professional society for Product Management professionals.
Product Management and Marketing Body of Knowledge (ProdBOK®)
The body of knowledge published by the Association of International Product Marketing and Management that encompasses industry standards.
Program Management
Strategic management of projects.
