This is a list of common terms and acronyms related to digital product management that are used universally – they are industry and technology agnostic.
We welcome feedback and suggestions – please let us know if there is a term or acronym that should be added or changed.
| Term | Acronym and Other Names | Description |
|---|---|---|
| A/B Testing | A/B, Split Testing | A method for comparing two versions of a product feature to determine which performs better. |
| Annual Recurring Revenue | ARR | The predictable yearly revenue from subscription‑based services. |
| Application Programming Interface | API | A set of protocols that allows different software applications, systems or platforms to be integrated. |
| Business Intelligence | BI | Technologies and strategies for analyzing business data to inform decisions. |
| Business Requirements Document | BRD | A document outlining customer needs and proposed solutions for a project. Similar to a products requirements document. |
| Business‑to‑Business | B2B | Commercial transactions conducted between businesses. |
| Business‑to‑Consumer | B2C | Transactions between businesses and individual consumers. |
| Customer Acquisition Cost | CAC | The cost associated with acquiring a new customer. |
| Customer Effort Score | CES | A metric measuring how much effort a customer must expend to use a product or resolve an issue. |
| Customer Experience Management | CEM | Practices and tools for managing customer interactions and overall experience. |
| Customer Lifetime Value | CLTV or LTV | The predicted net profit attributed to the entire future relationship with a customer. |
| Cost Per Click | CPC | The price paid for each click in a digital advertising campaign. |
| Cost Per Mille | CPM | The cost incurred for every 1,000 ad impressions. |
| Customer Relationship Management | CRM | Systems and strategies for managing interactions with current and potential customers. |
| Data Management Platform | DMP | A platform for collecting and managing large volumes of data for analysis and activation. |
| Demand‑Side Platform | DSP | Software that enables advertisers to purchase digital ad inventory programmatically. |
| End‑User License Agreement | EULA | A legal contract between a software developer and the user outlining usage rights. |
| Enterprise Resource Planning | ERP | Integrated software systems that manage core business processes across an organization. |
| Functional Requirements Document | FRD | A document specifying the functions and capabilities a product or system must have. |
| General Data Protection Regulation | GDPR | An EU regulation governing data protection and privacy. |
| Go‑To‑Market | GTM | A strategy detailing how a company will launch a product and reach its target market. |
| Impact, Confidence, Ease | ICE | A prioritization framework for evaluating features based on impact, confidence, and ease of implementation. |
| Individual Contributor Product Manager | ICPM | A role that does not have any people management responsibilities – used to differentiate similar roles such group product managers, which does include those responsibilities. |
| Key Performance Indicator | KPI | A measurable value that indicates how effectively a company is achieving its key objectives. |
| Month‑over‑Month | MoM | A metric comparing performance between consecutive months. |
| Minimum Viable Product | MVP | The simplest version of a product that can be released to test a concept or gather feedback. |
| Monthly Recurring Revenue | MRR | The predictable monthly revenue generated from subscription‑based services. |
| Net Promoter Score | NPS | A metric measuring customer loyalty based on the likelihood to recommend a product. |
| Objectives and Key Results | OKR | A framework for setting and tracking measurable goals. |
| Platform as a Service | PaaS | A cloud computing model delivering hardware and software tools over the internet. |
| Plan‑Do‑Check‑Act | PDCA | An iterative process for continuous improvement. |
| Product Development Process | PDP | The process used to develop a product from concept to launch. |
| Product Manager | PM | The role responsible for guiding a product’s development and strategy. PM is often confused with a project manager. |
| Project Manager | PM, Delivery Manager | The role for managing projects. PM is often confused with a product manager. |
| Product Management Office | PMO | A centralized function that supports product management practices and processes. |
| Proof of Concept | POC | A demonstration to validate the feasibility of a concept or feature. |
| Product Requirements Document | PRD | A document detailing the requirements and specifications for a product. |
| Product‑Led Growth | PLG | A business strategy where the product drives user acquisition and retention. |
| Quality Assurance | QA | The process of ensuring a product meets defined quality standards. |
| Quarterly Business Review | QBR | A meeting held quarterly to review business performance and strategy. |
| Quality Function Deployment | QFD | A method for translating customer needs into technical requirements. |
| Responsible, Accountable, Consulted, Informed | RACI | A matrix that defines roles and responsibilities in projects. |
| Request for Proposal | RFP | A document issued to solicit proposals from potential vendors. |
| Reach, Impact, Confidence, Effort | RICE | A framework for prioritizing features based on potential value and required effort. |
| Return on Investment | ROI | A measure used to evaluate the profitability or efficiency of an investment. |
| Software as a Service | SaaS | A software licensing model where access is provided on a subscription basis. |
| Search Engine Optimization | SEO | The practice of optimizing a website to improve its ranking in search engine results. |
| Search Engine Results Page | SERP | The page displayed by a search engine in response to a query. |
| Suppliers, Inputs, Process, Outputs, Customers | SIPOC | A high‑level process mapping tool used to identify key elements of a process. |
| Service Level Agreement | SLA | A contract that defines the expected level of service between a provider and a client. |
| Specific, Measurable, Achievable, Relevant, Time‑bound | SMART | A framework for setting clear and attainable objectives. |
| Subject Matter Expert | SME | An individual with deep expertise in a specific area. |
| Social Media Optimization | SMO | The process of enhancing a brand’s presence and engagement on social media platforms. |
| Statement of Work | SOW | A document outlining project‑specific tasks, deliverables, and timelines. |
| Software Requirements Specification | SRS | A document that describes the intended functionality of a software system. |
| Total Addressable Market | TAM | The overall revenue opportunity available if a product achieved full market share. |
| Total Cost of Ownership | TCO | The complete cost of acquiring, operating, and maintaining a product over its lifecycle. |
| Time to Market | TTM | The time it takes to develop a product from conception to launch. |
| Time to Value | TTV | The time required for a customer to realize the benefits of a product. |
| User Acceptance Testing | UAT | A phase where end users test a product to ensure it meets their requirements. |
| User Interface | UI | The space where users interact with a product. |
| User Experience | UX | The overall experience and satisfaction a user has when using a product. |
| Voice of the Customer | VOC | The process of capturing and analyzing customer feedback to drive improvements. |
| Work In Progress | WIP | Tasks or features that are currently under development. |
| Year over Year | YoY | A method for comparing annual performance metrics between different periods. |