Product managementProduct management is the business process of planning, developing, launching, and managing a product or service. It includes the entire lifecycle of a product, from ideation to development to go to market. Product managers are responsible for ensuring that a product meets the needs of its target market and contributes to the business strategy, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products.
Product life-cycle management (marketing)Product life-cycle management (PLM) is the succession of strategies by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages. The goals of product life cycle management (PLM) are to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life.
Software product managementSoftware product management (sometimes also referred to as digital product management or, in the right context just product management) is the discipline of building, implementing and managing software or digital products, taking into account life cycle considerations and an audience. It is the discipline and business process which governs a product from its inception to the market or customer delivery and service in order to maximize revenue. This is in contrast to software that is delivered in an ad hoc manner, typically to a limited clientele, e.
Startup companyA startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship includes all new businesses, including self-employment and businesses that do not intend to go public, startups are new businesses that intend to grow large beyond the solo founder. At the beginning, startups face high uncertainty and have high rates of failure, but a minority of them do go on to become successful and influential.
User-centered designUser-centered design (UCD) or user-driven development (UDD) is a framework of process (not restricted to interfaces or technologies) in which usability goals, user characteristics, environment, tasks and workflow of a product, service or process are given extensive attention at each stage of the design process. These tests are conducted with/without actual users during each stage of the process from requirements, pre-production models and post production, completing a circle of proof back to and ensuring that "development proceeds with the user as the center of focus.
Product lifecycleIn industry, product lifecycle management (PLM) is the process of managing the entire lifecycle of a product from its inception through the engineering, design and manufacture, as well as the service and disposal of manufactured products. PLM integrates people, data, processes, and business systems and provides a product information backbone for companies and their extended enterprises. The inspiration for the burgeoning business process now known as PLM came from American Motors Corporation (AMC).
Product data managementProduct data management (PDM) should not be confused with product information management (PIM). PDM is the name of a business function within product lifecycle management (PLM) that denotes the management and publication of product data. In software engineering, this is known as version control. The goals of product data management include ensuring all stakeholders share a common understanding, that confusion during the execution of the processes is minimized, and that the highest standards of quality controls are maintained.
User experience designUser experience design (UX design, UXD, UED, or XD) is the process of defining the experience a user would go through when interacting with a company, its services, and its products. Design decisions in UX design are often driven by research, data analysis, and test results rather than aesthetic preferences and opinions. Unlike user interface design, which focuses solely on the design of a computer interface, UX design encompasses all aspects of a user's perceived experience with a product or website, such as its usability, usefulness, desirability, brand perception, and overall performance.
User researchUser research focuses on understanding user behaviors, needs and motivations through interviews, surveys, usability evaluations and other forms of feedback methodologies. It is used to understand how people interact with products and evaluate whether design solutions meet their needs. This field of research aims at improving the user experience (UX) of products, services, or processes by incorporating experimental and observational research methods to guide the design, development, and refinement of a product.
User experienceThe user experience (UX) is how a user interacts with and experiences a product, system or service. It includes a person's perceptions of utility, ease of use, and efficiency. Improving user experience is important to most companies, designers, and creators when creating and refining products because negative user experience can diminish the use of the product and, therefore, any desired positive impacts; conversely, designing toward profitability often conflicts with ethical user experience objectives and even causes harm.
Business planA business plan is a formal written document containing the goals of a business, the methods for attaining those goals, and the time-frame for the achievement of the goals. It also describes the nature of the business, background information on the organization, the organization's financial projections, and the strategies it intends to implement to achieve the stated targets. In its entirety, this document serves as a road-map (a plan) that provides direction to the business.
Business incubatorA business incubator is an organization that helps startup companies and individual entrepreneurs to develop their businesses by providing a fullscale range of services starting with management training and office space and ending with venture capital financing. The National Business Incubation Association (NBIA) defines business incubators as a catalyst tool for either regional or national economic development.
InnovationInnovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
Venture capitalVenture capital (commonly abbreviated as VC) is a form of private equity financing that is provided by venture capital firms or funds to startups, early-stage, and emerging companies that have been deemed to have high growth potential or which have demonstrated high growth (in terms of number of employees, annual revenue, scale of operations, etc). Venture capital firms or funds invest in these early-stage companies in exchange for equity, or an ownership stake.
User storyIn software development and product management, a user story is an informal, natural language description of features of a software system. They are written from the perspective of an end user or user of a system, and may be recorded on index cards, Post-it notes, or digitally in project management software. Depending on the project, user stories may be written by different stakeholders like client, user, manager, or development team. User stories are a type of boundary object.
CollaborationCollaboration (from Latin com- "with" + laborare "to labor", "to work") is the process of two or more people, entities or organizations working together to complete a task or achieve a goal. Collaboration is similar to cooperation. Most collaboration requires leadership, although the form of leadership can be social within a decentralized and egalitarian group. Teams that work collaboratively often access greater resources, recognition and rewards when facing competition for finite resources.
Decision-makingIn psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action.
Persona (user experience)A persona (also user persona, customer persona, buyer persona) in user-centered design and marketing is a fictional character created to represent a user type that might use a site, brand, or product in a similar way. Personas represent the similarities of consumer groups or segments. They are based on demographic and behavioural information collected from users, qualitative interviews, and participant observation.
Mass collaborationMass collaboration is a form of collective action that occurs when large numbers of people work independently on a single project, often modular in its nature. Such projects typically take place on the internet using social software and computer-supported collaboration tools such as wiki technologies, which provide a potentially infinite hypertextual substrate within which the collaboration may be situated. Open source software such as Linux was developed via mass collaboration.
Group decision-makingGroup decision-making (also known as collaborative decision-making or collective decision-making) is a situation faced when individuals collectively make a choice from the alternatives before them. The decision is then no longer attributable to any single individual who is a member of the group. This is because all the individuals and social group processes such as social influence contribute to the outcome. The decisions made by groups are often different from those made by individuals.
