Product Management Glossary

Machine Learning is a type of artificial intelligence that allows software applications to learn from the data and become more accurate in predicting outcomes without human intervention.

Marginal Gains is a product management strategy that focuses on making small, incremental improvements in various areas of a product or process, with the goal of achieving significant overall improvement.

Market Requirements Document (MRD) is a document that outlines the needs, expectations, and demands of customers in the target market. It serves as a vital planning tool for product management teams to ensure products meet customer needs and are successful in the market.

Market research is the process of gathering, analyzing, and interpreting information about a market, product, or service to be offered for sale in that market. It involves identifying customer needs and preferences, evaluating competitors, and assessing market trends to inform product development and marketing strategies.

Market segmentation is the process of dividing a market into smaller groups of consumers with similar needs or characteristics, who are likely to exhibit similar purchase behavior.

Market sizing is the process of estimating the potential demand for a product or service in a particular market. It involves analyzing market data and trends to determine the size of the target market and the potential revenue that can be generated.

A market sizing model is a tool used by product managers to estimate the potential market size for a new product or service. It involves analyzing market data, such as demographics and consumer behavior, to determine the size of the target market and the potential revenue that can be generated.

Market Validation is a process of testing a new product or service idea with potential customers to ensure that there is a demand for it and that it fits with their needs and preferences.

Marketing in Product Management refers to the process of identifying, anticipating, and satisfying customer needs and wants through the creation, promotion, and distribution of a product or service.

The marketing funnel is a model that represents the journey of a potential customer from initial awareness of a product or service to the eventual conversion into a paying customer. It is typically divided into stages such as awareness, consideration, and decision, with the goal of guiding the customer through each stage with targeted marketing efforts.

The marketing mix refers to the set of tactics and tools that a product manager uses to promote their product, including the four Ps: product, price, promotion, and place.

A marketing plan is a comprehensive document or blueprint that outlines a company's advertising and marketing efforts for the coming year. It describes business activities involved in accomplishing specific marketing objectives within a set time frame.

Marketing strategy refers to a company's overall game plan for reaching potential customers and turning them into loyal customers of the product or service being offered. It involves identifying the target audience, understanding their needs and preferences, and developing a plan to promote the product or service in a way that resonates with the target audience.

A marketing tactic is a specific action or strategy used to promote a product or service. It is designed to influence consumer behavior and increase sales or brand awareness. Examples of marketing tactics include advertising, social media campaigns, email marketing, and promotional events.

Metadata is data that provides information about other data. It includes information such as the title, author, date created, and keywords of a document or file. Metadata is used to help organize and manage large amounts of data.

Method of Procedure (MOP) is a structured approach used by product managers to describe the detailed steps and procedures required to complete a specific task or project.

Metrics are quantifiable measurements used to track and assess the performance of a product or feature. They provide insights into user behavior, product usage, and overall business impact, helping product managers make data-driven decisions.

Microservices are a software development technique where applications are built as a collection of small, independent services that communicate with each other through APIs. Each service is designed to perform a specific task and can be deployed and scaled independently.

Milestones are specific points in a product's development that are used to measure progress and success. They are often used to track key events or deliverables and help ensure that a product is meeting its goals and objectives.

Mind Mapping is a visual brainstorming technique used to organize and structure ideas. It involves creating a diagram that connects different concepts and ideas together, allowing for a more comprehensive understanding of a particular topic or problem.

A Minimal Viable Product (MVP) is a version of a product with just enough features to satisfy early customers and provide feedback for future product development iterations.

Minimum Desirable Product (MDP) is a product management strategy that focuses on creating a product with the minimum set of features that still delivers a desirable user experience. It aims to validate the product idea and gather feedback from early adopters before investing in further development.

Minimum Marketable Feature (MMF) is the smallest set of functionality in a product that can be released to the market and provide value to the customer.

Minimum Viable Experience (MVE) is a product management approach that focuses on creating the minimum viable version of an experience for a user or customer.

Minimum Viable Feature (MVF) is the smallest set of features that can be developed to validate a product idea or test user feedback.

Minimum Viable Product (MVP) is a product development strategy in which a new product is developed with sufficient features to satisfy early adopters. It allows the product team to test the market with a basic version of the product before investing more time and resources into a fully-featured product.

A mission statement is a concise statement that defines the purpose and objectives of a product or company. It outlines the company's overall strategy and provides a framework for decision-making and goal-setting.

Mobile Optimization refers to the process of designing and adapting a website or application to ensure optimal performance and user experience on mobile devices, such as smartphones and tablets.

A mockup is a visual representation of a product or feature that is used to test and validate design ideas before development begins. It can be a rough sketch or a detailed digital model, and is often used in the early stages of product development to gather feedback and make improvements.

Model-View-Controller (MVC) is a software design pattern that separates an application into three interconnected components: the model, the view, and the controller. The model represents the data and business logic of the application, the view displays the data to the user, and the controller handles user input and updates the model and view accordingly.

Monetization refers to the process of generating revenue from a product or service, typically through the implementation of pricing strategies, advertising, or other revenue-generating models.

Monthly Recurring Revenue (MRR) is the predictable and recurring revenue generated by a subscription-based business model, calculated by multiplying the number of subscribers by the monthly subscription fee.

Monthly Recurring Revenue (MRR) is a metric used in product management to calculate the total revenue earned on a monthly basis from customers that are on subscription or recurring billing. It's a key performance indicator used to monitor the growth of a SaaS business.

The MoSCoW Method is a prioritization technique used in product management to categorize features or requirements into four groups: Must have, Should have, Could have, and Won't have. This helps teams focus on delivering the most important features first.

MoSCoW Prioritization is a technique used in product management to prioritize tasks based on their importance. It stands for Must have, Should have, Could have, and Won't have. This method helps teams focus on the most critical tasks and allocate resources accordingly.

A multi-sided platform is a type of business model that facilitates interactions between two or more distinct groups of customers. These platforms create value by enabling direct interactions between these groups, which can include buyers and sellers, producers and consumers, or service providers and users.

Multivariate Testing is a technique used in product management to test multiple variations of a product or feature simultaneously in order to determine which combination of elements will yield the best results.

The MVP canvas is a tool used by product managers to define the minimum viable product (MVP) by identifying the key features, target users, and value proposition of the product. It helps in prioritizing the features and validating the product idea before investing resources in development.

MVP Testing stands for Minimum Viable Product Testing. It is a process of testing the basic version of a product with a limited set of features to gather feedback from early adopters and make improvements before launching the final product.

An MVP Workshop is a collaborative session where product managers, designers, developers, and stakeholders come together to define the Minimum Viable Product (MVP) for a new product or feature. The workshop aims to identify the core features and functionalities that will deliver the most value to users and the business, while minimizing development time and cost.