30 essential product terms every founder should know

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.

The point where your product solves a real market need, and users are eager to adopt it.

The simplest version of a product, with core features to test user interest.

The unique value your product promises to deliver, setting it apart from competitors.

The defining feature or benefit that makes your product distinct.

The long-term goal guiding product development, aligning with user needs and company objectives.

A collection of all the products and services offered by a company.

A plan outlining how to introduce a product to the market and attract customers.

The stages a product goes through, from development to decline.

A strategic plan outlining key milestones, features, and timelines for development.

An iterative approach to product development that emphasizes flexibility, collaboration, and fast adaptation to change.

A framework within Agile that divides work into time-boxed sprints and uses specific roles like Scrum Master and Product Owner.

A methodology focused on delivering value with minimal resources, using early validation to reduce waste.

A focused, time-limited work period to complete specific tasks or features.

A prioritized list of tasks and features to be developed, guiding the team’s efforts.

A specific functionality or capability that addresses a user need.

The process of delivering a product or feature to customers, making it publicly available.

A meeting where teams reflect on the previous sprint to identify improvements.

The overall experience a user has with a product, focusing on usability, design, and satisfaction.

The visual and interactive components that users engage with in a product.

A visual representation of the steps a customer takes when interacting with a product.

A semi-fictional representation of your ideal user, helping guide design and feature decisions.

A visual guide detailing the steps users take to achieve a goal within the product.

A method for testing a product with real users to identify pain points and refine the experience.

A working model of a product used to test and validate ideas before full development.

A basic visual guide that represents the skeletal framework of a product’s interface.

The process of gathering insights about users to inform product decisions.

Testing demand for your product concept before full-scale development.

Testing a product with real users to gather feedback and identify bugs before a full release.

The strategies used to keep customers engaged and reduce churn.

Offering basic features for free with the option to pay for premium capabilities.

A growth strategy where the product itself drives user acquisition and retention.