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Invoice terms and conditions example for Product Management

[Music] product managers the new must hire four companies and with a base median salary of four hundred and fifteen thousand dollars it's a pretty good opportunity so what do you do if you want to get a foot in the door of this lucrative career learn to speak the lingo of course product management is so closely linked with project management that they're often seen as one in the same thing this isn't true and we'll some aspects of product management do cross over they need to be treated separately I'm gonna award deputy to everything officer at Sodor in this video I'm going to cover ten key terms that I think all product managers need to know but before we begin don't forget to subscribe to our Channel and hit the bell to get new to fight product manager this is probably the most fundamental one to get right and should it be confused with a project manager the product manager is the person who owns a particular product or group of products within the business they are responsible for the overarching strategy or direction of the product defining its features and functional requirements and eventually some setting of the product product strategy a product strategy is the wood map it covers the end-to-end vision of the product and gives a big-picture context of what it will become it should cover the following topics target market positioning features design usability technology quality and brand ad market requirements document this is a document that a product manager produces to shore specific markets demand or requirements for a particular product it's not highly detailed analysis but it will contain information about the competitive landscape product vision requirements potential market size and high-level product features go to market plan or strategy the go to market plan is a name to a map of how an organization will deliver their product it's not to be confused with a market requirements document or a product strategy allured those documents well feed into this plan it should cover the product release promotion sales strategies and channels pricing and marketing campaigns it should be a living document that's updated regularly as more information becomes available Minimum Viable Product a Minimum Viable Product is the absolute minimum set of features that the product needs to contain to attract early adopters relevant aerials this is a complete list of raw materials components parts and the quantities of each that will be needed to build a particular product cannibalization this is the reduction in sales or market share of a particular product that's a direct result of the organization introducing a new product organizations usually have a product manager be responsible for a suite of products to keep this to a minimum police notes these are the documents that have provided alongside a newer updated product it tells the users what has changed and if there's any new functionality they may also contain any known issues product marketing this is the team that's responsible for marketing the product in the world this includes launching the product providing the sales team with the marketing collateral and leading the various marketing campaigns finally we've got Sun setting this is a controlled way of taking a product out of circulation it usually happens when a product has been superseded by a newer version or it's no longer profitable in the case of software it means that the version is no longer supported one last thing these terms apply equally to internal and external facing product managers I hope you found this list useful if you have please give us a thumbs up there are obviously loads more product management terms or let us know in the comments below what other terms you think are key if you're looking for a great tool to help you manage your products that will also seamlessly align with other parts of your organization sign up for a free trial of soda at dub dub dub you