15 Product Management Terms and Concepts Everyone In Tech Should Know

Aakash Mehta | Product Leader

14 Mar 202312:11

Summary

TLDRIn this informative video, Akash, a seasoned product manager and Harvard MBA, introduces 15 key terms essential for product management. He covers concepts from defining product requirements with a PRD to utilizing A/B testing and understanding disruptive innovation. Akash also explains the significance of MVPs, product-market fit, and the importance of adapting through pivots. The goal is to equip viewers with the language and foundational knowledge to excel in product management, encouraging further learning through a dedicated playlist.

Takeaways

📝 The importance of a Product Requirements Document (PRD) as a collaborative tool to communicate product specifications and the 'why' behind the product.
📋 Acceptance Criteria as a subset of the PRD, defining the minimum requirements for product launch, crucial for developers and QA testers.
🔄 A/B Testing as a method to determine which product version performs better by subjecting users to variations in features or design.
🧾 The Backlog as a comprehensive list of planned products and features, serving as a central repository for ideas and ensuring nothing is overlooked.
💥 Disruptive Innovation as a framework by Professor Clayton Christensen, describing how new market entrants can disrupt existing markets with simpler, cheaper, and easier-to-use products.
🏷 Feature Flags as a technique to hide or reveal parts of the code to specific users, allowing for testing and feature control without deploying new code.
🛠 Jobs to be Done (JTBD) as a framework to understand customer needs, emphasizing that people hire products to solve specific problems in their lives.
🏁 MVP or Minimum Viable Product as the basic version of a product with just enough features to address a customer's pain point and gather feedback for further development.
🔗 Product-Market Fit (PMF) as the stage where a product fully meets the needs of its target audience, indicating readiness for scaled growth and a key factor for investment.
🗺 Roadmap as a prioritized plan outlining the product team's direction, including key initiatives for each quarter and year, aligning all stakeholders.
💔 Technical Debt as the cost of maintaining a product hastily developed, which if neglected can lead to significant issues and bugs in the future.
👥 User Stories as a customer-centric way to articulate product features within the PRD, helping to understand the purpose and goal of each feature.
🎨 UX or User Experience as the overall experience a user has with a product, focusing on ease of use, visual appeal, and intuitiveness, typically designed in collaboration with product managers.
📐 Wireframe as a simplified representation of the UX design, a low-fidelity sketch used for initial stakeholder feedback and storytelling.
🔄 Pivot as a strategic change in product direction based on new information or market trends, allowing for adaptation and alignment with customer demands.

Q & A

What is the purpose of a Product Requirements Document (PRD)?
-A PRD is a document that defines the requirements and specifications for how a product should be built. It's written by the product manager in collaboration with engineers, designers, and other team members, serving as a key tool for communication with the development team, stakeholders, and others involved in the product development process.
Can you explain the role of acceptance criteria in product management?
-Acceptance criteria are usually written in the PRD and define the minimum requirements that need to be met by the product for it to be launched. They are crucial for developers and QA testers as they specify what must be built into the product to ensure it meets the necessary standards for launch.
What is A/B testing and how is it used in product management?
-A/B testing is a method of launching two versions of a product to determine which performs better. It involves showing small variations of a product to different subsets of users to see if a change improves the user experience. Successful variations are then rolled out to all customers and incorporated into the final product.
How does a product backlog differ from a PRD?
-A product backlog is a comprehensive list of features and products that a team plans to work on. It serves as a repository for all ideas coming from various stakeholders and ensures that nothing is overlooked. Unlike a PRD, which is more detailed and specific, a backlog is a high-level overview of potential work items.
What is disruptive innovation and how does it relate to product management?
-Disruptive innovation is a framework that describes how new products or services can disrupt existing markets. It involves introducing a product that meets the needs of a customer segment that is underserved by existing offerings. These products often start with lower performance but improve rapidly, eventually outperforming established products in the market.
What are feature flags and how do they benefit product development?
-Feature flags are a mechanism that allows product managers and development teams to hide parts of the code while in public. They enable the control of which features are visible to which customers, facilitating the testing of new features and the mapping of features to different product versions or customer segments.
Can you describe the Jobs To Be Done (JTBD) framework and its significance?
-Jobs To Be Done is a framework that focuses on understanding the needs of customers when they purchase a product. According to this framework, people hire products to solve specific needs or problems in their lives. This perspective is a profound mindset shift that influences product design and development to better meet customer needs.
What is the significance of a Minimum Viable Product (MVP) in product management?
-An MVP is a version of the product with the minimum features required to address a customer's pain point. Its purpose is to quickly gather customer feedback and determine what to continue building. MVPs are essential for startups and companies to avoid investing in full-fledged products that may not meet actual customer needs.
What does Product-Market Fit (PMF) mean and why is it important?
-Product-Market Fit (PMF) is the point at which a product has been built to fully address the needs and requirements of its target audience. Achieving PMF is crucial for a product's success and is an ongoing process of iteration and testing. It is often a prerequisite for venture capital investment in startups.
What is a roadmap in the context of product management?
-A roadmap is a prioritized backlog that outlines what a product team and product manager plan to work on. It provides a high-level plan of what is coming in the pipeline, covering key products and initiatives for each quarter and year. A roadmap helps align the entire team and ensures everyone is working towards the same goals.
What is technical debt and how can it impact a product?
-Technical debt is the cost of maintaining and supporting a product over time, often due to shortcuts taken during development to quickly release a product. If left unaddressed, technical debt can lead to significant problems, as the underlying infrastructure may become unstable, causing many things to stop working and bugs to emerge.
What are user stories and how do they contribute to product development?
-User stories are a way of viewing product features from the customer's perspective. They are written from the customer's point of view, such as 'As a user, I want to see X because why.' This approach helps the team understand the purpose of each feature and ensures that the product is designed to meet the actual needs of the users.
What is the role of user experience (UX) in product management?
-User experience (UX) refers to the overall experience a user has when interacting with a product, including ease of use, visual appeal, and intuitiveness of the flow. It is typically designed by product designers in collaboration with product managers to ensure the product effectively addresses the key customer problems or jobs to be done.
What is a wireframe and how does it aid in product development?
-A wireframe is a simplified representation of the UX and visual design of a product. It is a low-fidelity design that provides a quick sketch of what the product will look like. Wireframes are used for storytelling, allowing product managers and designers to pitch the product and gain insights from stakeholders.
What does a pivot in product management entail and why is it important?
-A pivot in product management is a change in direction for a product based on new information or market trends. It can involve shifting focus from certain products or features to others in response to customer feedback or competitive activity. Pivots are crucial for startups and product managers to adapt to changing market demands and ensure they are addressing real customer needs.

Outlines

00:00

📚 Introduction to Product Management Key Terms

Akash, a Harvard MBA graduate with a decade of product experience, introduces a video aimed at teaching 15 essential terms and concepts for product managers. He outlines the structure of the video, which will cover terms related to problem selection, defining success, and team collaboration for product execution. The video is designed to enhance viewers' understanding of product management language and skills.

05:02

📝 Understanding Product Requirements and Acceptance Criteria

The first key term discussed is the Product Requirements Document (PRD), a crucial document outlining product specifications and requirements, created in collaboration with various team members. The PRD includes the 'why' behind the product, user and market research. Acceptance criteria, defined within the PRD, sets the minimum requirements for product launch, guiding developers and QA testers in ensuring the product meets its must-have features before release.

10:04

🔬 A/B Testing and the Importance of Experimentation

A/B testing is introduced as a method to compare two product versions to determine which performs better, a common practice on platforms like Netflix, Amazon, and Google. It involves variations in user interfaces or algorithms to measure their impact on user experience. Successful changes are then implemented for all users, highlighting the iterative nature of product improvement.

🗓 The Role of the Product Backlog in Feature Planning

The product backlog is described as a comprehensive list of features and products planned by the team. It serves as a repository for ideas from various stakeholders, ensuring nothing is overlooked. The backlog is the first reference for product managers when deciding which feature to tackle next, maintaining a clear vision of the product's development trajectory.

💥 Disruptive Innovation and its Impact on Markets

Disruptive innovation, a concept by Professor Clayton Christensen, is explored as a framework explaining how new market entrants can disrupt established markets. It involves introducing simpler, cheaper, and easier-to-use products that, despite initial lower performance, improve rapidly to challenge existing products. Akash shares his experience learning from Christensen and provides a video on how Airbnb disrupted the hotel industry.

🏁 Feature Flags for Controlled Feature Release

Feature flags are discussed as a tool for selectively enabling or disabling features for different customers without deploying new code. This method allows for testing new features and managing SKU-based feature mapping, providing flexibility in product development and customer experience management.

🛠 Jobs-to-be-Done Framework for Customer Needs

The Jobs-to-be-Done framework by Professor Christensen is introduced, emphasizing that customers 'hire' products to solve specific needs or problems in their lives. This framework encourages a shift in mindset from selling products to addressing customer jobs, with an example given about the purchase of headphones to listen to music.

🚀 MVP and the Path to Product Market Fit

The Minimum Viable Product (MVP) is defined as a product version with the minimum features necessary to address a customer's pain point. Its purpose is to quickly gather customer feedback and inform further development. The concept of Product Market Fit (BMF) is also discussed, highlighting the importance of building a product that fully meets the target audience's needs for scalable growth.

🗺 The Strategic Importance of the Product Roadmap

A product roadmap is described as a prioritized plan outlining the product team's initiatives for each quarter and year. It aligns all stakeholders on the product's direction, aids in planning, and supports sales efforts by providing a clear vision of the product's future.

💔 The Risks of Technical Debt in Product Development

Technical debt is discussed as the cost of maintaining and supporting a product over time, often due to shortcuts taken during development. If left unaddressed, it can lead to significant problems, including system failures and bugs, as the underlying infrastructure may be unstable.

📜 User Stories and their Role in Feature Development

User stories are explained as a method of viewing product features from the customer's perspective, helping to understand why each feature is being built and its purpose. They are part of the PRD and are written in a format that reflects the customer's needs and goals.

🎨 The Role of UX Design in Product Development

User experience (UX) design is highlighted as the overall experience a user has with a product, including ease of use, visual appeal, and intuitiveness. It is typically developed by product designers in collaboration with product managers to ensure it addresses the key customer problems or jobs to be done.

📝 Wireframing for Product Design Visualization

Wireframing is introduced as a simplified representation of the UX and visual design of a product, serving as a low-fidelity design tool. It can be created by product managers to provide stakeholders with a preliminary sense of the product's look and feel, facilitating storytelling and gaining insights.

🔄 Pivoting for Adaptability in Product Management

Pivoting is described as a strategic change in product direction based on new information or market trends. It allows product managers to adapt to customer needs and changing market behaviors, ensuring continued focus on solving real customer problems. Successful companies like Spotify, Airbnb, Uber, and Amazon are cited as examples of businesses that pivoted early to address customer needs.

🛡 Building the Skills for Successful Product Management

The video concludes by emphasizing that knowing product management terms is not enough; it's crucial to build the necessary skills and mindset. Akash provides a playlist covering essential product management skills to further equip viewers for success in the field.

Mindmap

Keywords

💡Product Management

Product Management is the process of guiding a product from its conception to its launch and beyond, ensuring that it meets the needs of the market and the company. In the video, it is the overarching theme, as it discusses the language and skills necessary for someone to excel in this field.

💡PRD (Product Requirements Document)

A PRD is a critical document in product management that outlines the features and specifications of a product. It serves as a blueprint for the development team and communicates the 'why' behind the product, as mentioned in the script, and includes user and market research.

💡Acceptance Criteria

Acceptance Criteria are the minimum requirements that a product must meet before it can be launched. They are usually part of the PRD and are essential for developers and QA testers to know what they need to achieve, as illustrated in the script.

💡A/B Testing

A/B testing is a method used to compare two versions of a product to determine which performs better. It is a common practice in digital platforms like Netflix and Amazon, as referenced in the script, and helps in making data-driven decisions to improve user experience.

💡Backlog

A backlog in product management is a comprehensive list of features and products that a team plans to work on. It is a tool for tracking ideas and ensuring that all necessary tasks are accounted for, as explained in the video.

💡Disruptive Innovation

Disruptive Innovation refers to a new product or service that disrupts an existing market by offering a simpler, cheaper, and more accessible alternative. The script cites the book 'The Innovator's Dilemma' by Clayton Christensen and gives the example of Airbnb disrupting the hotel industry.

💡Feature Flags

Feature flags are used to hide or reveal parts of the codebase to different users without deploying new code. They allow for testing new features and managing different product versions, as described in the script.

💡Jobs-to-be-Done (JTBD)

Jobs-to-be-Done is a framework that suggests customers 'hire' products to get a job done. It emphasizes understanding customer needs deeply, as mentioned in the script, and is a shift from traditional product feature focus to customer problem-solving.

💡MVP (Minimum Viable Product)

An MVP is a version of the product with just enough features to satisfy early customers and provide feedback for future development. The script explains that building MVPs is essential for startups to test their product ideas in the market efficiently.

💡Product-Market Fit (PMF)

Product-Market Fit is the stage where a product fully addresses the needs of its target audience and is ready for scaled growth. The script highlights its importance for any product and mentions that it is an ongoing process of iteration and testing.

💡Roadmap

A roadmap is a high-level plan that outlines the direction of a product, including what initiatives will be addressed in the upcoming quarters and years. It helps align the entire team, as explained in the script, and provides a clear vision for the product's future.

💡Tech Debt

Tech debt refers to the cost of maintaining and supporting a product that has been hastily developed. It's like borrowing from the future to meet present deadlines, as mentioned in the script, and if ignored, can lead to significant problems down the line.

💡User Stories

User stories are a way of describing product features from the customer's perspective. They are part of the PRD and help the team understand why a feature is being built and its purpose, as explained in the script.

💡User Experience (UX)

User Experience encompasses all aspects of how a user interacts with a product, including its usability, aesthetics, and intuitiveness. The script discusses how UX is designed in collaboration with product managers to ensure it addresses the customer's needs.

💡Wireframe

A wireframe is a basic visual representation of a product's design. It's a simplified sketch that helps stakeholders understand the product's look and feel before it's fully developed, as described in the script.

💡Pivot

A pivot in product management is a strategic change in direction based on new information or market trends. The script mentions that pivots are crucial for startups to adapt to customer demands and behaviors, with examples of successful companies like Spotify and Airbnb.

Highlights

Introduction to 15 key terms and concepts for product management.

Explanation of the Product Requirements Document (PRD) as a collaborative tool for defining product specifications.

Importance of acceptance criteria in the PRD for defining minimum requirements for product launch.

A/B testing as a method to determine which product version performs better, with examples from Netflix, Amazon, and Google.

The concept of a backlog as a comprehensive list of planned product features and ideas.

Disruptive innovation framework by Professor Clayton Christensen, including its application in business and product management.

Feature flags as a technique to hide and test new features in a live product environment.

Jobs-to-be-Done (JTBD) framework by Professor Christensen explaining customer needs when purchasing a product.

Definition and purpose of a Minimum Viable Product (MVP) in product development.

Product-Market Fit (PMF) as a critical milestone for product readiness and scaling.

The role of a roadmap in aligning product team efforts and planning for future product development.

The concept of technical debt and its impact on product maintenance and support over time.

User stories as a customer-centric approach to feature development within a PRD.

User Experience (UX) as the overall experience a user has while using a product, including design and usability.

Figma as a popular tool for UX design, including its features for flowcharts and UI elements.

Wireframe as a simplified representation of UX design for initial stakeholder feedback and storytelling.

Pivot as a strategic change in product direction based on new information or market trends.

The necessity of understanding product management jargon for effective communication and skill building.