PRODUCT
30 essential product terms every founder should know
Building a great product starts with speaking the language of it. Whether you’re a seasoned founder or just starting out, these 30 must-know terms will set you up for success.
In the fast-paced world of product development, founders must be familiar with a variety of concepts, methodologies, and tools to successfully launch and grow their products.
Whether you’re building new or refining an existing product, understanding these key terms will help you navigate the process with confidence. From product strategy to user experience and growth tactics, here’s a curated list of 30 essential terms that every founder should know, along with definitions and examples to make them actionable.
Product strategy & frameworks
1. Product-market fit
The point where your product solves a real market need, and users are eager to adopt it.
2. Minimum viable product (MVP)
The simplest version of a product, with core features to test user interest.
3. Value proposition
The unique value your product promises to deliver, setting it apart from competitors.
4. Unique selling proposition (USP)
The defining feature or benefit that makes your product distinct.
5. Product vision
The long-term goal guiding product development, aligning with user needs and company objectives.
6. Product portfolio
A collection of all the products and services offered by a company.
7. Go-to-market (GTM) strategy
A plan outlining how to introduce a product to the market and attract customers.
8. Product lifecycle
The stages a product goes through, from development to decline.
9. Product roadmap
A strategic plan outlining key milestones, features, and timelines for development.
Development & processes
10. Agile development
An iterative approach to product development that emphasizes flexibility, collaboration, and fast adaptation to change.
11. Scrum
A framework within Agile that divides work into time-boxed sprints and uses specific roles like Scrum Master and Product Owner.
12. Lean development
A methodology focused on delivering value with minimal resources, using early validation to reduce waste.
13. Sprint
A focused, time-limited work period to complete specific tasks or features.
14. Backlog
A prioritized list of tasks and features to be developed, guiding the team’s efforts.
15. Feature
A specific functionality or capability that addresses a user need.
16. Shipping
The process of delivering a product or feature to customers, making it publicly available.
17. Retrospective
A meeting where teams reflect on the previous sprint to identify improvements.
User-centered design
18. UX (User experience)
The overall experience a user has with a product, focusing on usability, design, and satisfaction.
19. UI (User interface)
The visual and interactive components that users engage with in a product.
20. Customer journey map
A visual representation of the steps a customer takes when interacting with a product.
21. User persona
A semi-fictional representation of your ideal user, helping guide design and feature decisions.
22. User flows
A visual guide detailing the steps users take to achieve a goal within the product.
23. Usability testing
A method for testing a product with real users to identify pain points and refine the experience.
24. Prototype
A working model of a product used to test and validate ideas before full development.
25. Wireframe
A basic visual guide that represents the skeletal framework of a product’s interface.
Research & validation
26. User research
The process of gathering insights about users to inform product decisions.
27. Market validation
Testing demand for your product concept before full-scale development.
28. Beta testing
Testing a product with real users to gather feedback and identify bugs before a full release.
Growth & marketing
29. Customer retention
The strategies used to keep customers engaged and reduce churn.
30. Freemium
Offering basic features for free with the option to pay for premium capabilities.
31. Product-led growth (PLG)
A growth strategy where the product itself drives user acquisition and retention.
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