15 Product Management Terms and Concepts Everyone In Tech Should Know

Q: What is the Product Requirements Document (PRD) in product management?

A: The PRD is a document that outlines the features, functionality, and behavior required for a product. It serves as a guideline for the development team.

Q: What is acceptance criteria and why is it significant in product development?

A: Acceptance criteria are the conditions that a product must meet to be accepted by the stakeholders. They help ensure clarity and alignment on project goals.

Q: What is A/B testing and how does it help in product development?

A: A/B testing is a method used to compare two versions of a product to determine which one performs better. It helps in making data-driven decisions for product improvements.

Q: What is a backlog in product management?

A: A backlog is a prioritized list of products, features, and tasks that a team plans to work on. It helps in organizing and managing the development process.

Q: What is disruptive innovation and how does it impact existing markets?

A: Disruptive innovation refers to the introduction of new products or technologies that significantly alter the market dynamics, often displacing existing solutions.

Q: What are feature flags and how are they used in product development?

A: Feature flags are toggles that allow developers to turn on or off specific features in a product. They are used for testing, customization, and gradual rollouts.

Q: What is the Jobs to be Done framework and how does it help in understanding customer needs?

A: The Jobs to be Done framework focuses on understanding the specific goals or tasks that customers are trying to accomplish with a product. It helps in designing products that meet user needs.

Q: What is a Minimum Viable Product (MVP) and what is its role in product development?

A: An MVP is a basic version of a product with essential features to test the market. It helps in collecting feedback and validating hypotheses before investing in full-scale development.

Q: Why is achieving Product Market Fit (PMF) important for successful product launches?

A: Product Market Fit refers to the point where a product satisfies market demand. It is crucial for successful launches as it indicates strong customer validation and adoption.

Q: Why is having a roadmap significant in product management?

A: A roadmap helps in planning, communicating, and prioritizing product development initiatives. It provides a strategic vision and alignment for the team.

Q: What is technical debt and what are the risks of accumulating it in product development?

A: Technical debt refers to the cost of short-term solutions that create long-term issues. Accumulating technical debt can lead to increased complexity, delays, and decreased product quality.

Q: What are user stories and how do they help in understanding product features?

A: User stories are short descriptions of a feature from a user's perspective. They help in understanding user needs, defining requirements, and guiding the development process.

Q: What is the role of User Experience (UX) in product design and customer satisfaction?

A: User Experience (UX) focuses on creating products that are intuitive, easy to use, and enjoyable for customers. It plays a critical role in driving customer satisfaction and loyalty.

Q: What are wireframes and how are they used in visualizing product design?

A: Wireframes are skeletal outlines of a product's interface, focusing on layout and functionality. They help in visualizing design concepts, gathering feedback, and iterating on the user interface.

Q: Why is pivoting important in product management?

A: Pivoting involves making significant changes to a product strategy based on market feedback and trends. It is crucial for adapting to evolving market conditions and customer needs.