Product glossary

A list of helpful product terms and definitions

FAB analysis

Features, Advantages, and Benefits Analysis. It is used to understand the features, advantages, and benefits of a product or service to assess why customers purchase your product (or service) and ensure that you are fulfilling customer needs.

FDD: Feature-Driven Development

An Agile methodology for developing software that focuses on customers, is iterative, and incremental. The goal of FDD is to continuously deliver tangible software results frequently and efficiently.


Functionality within a product that delivers value to users and allows them to accomplish their goals.

Feature audit

A tool that is used to map the features of your product and analyze its usage. The goal of a feature audit is to discover which features should be developed or improved and focus on the ones that matter.

Feature factory

A business that focuses on simply building features rather than building features that solve real problems. This is not a praiseworthy term.

Feature flag

A software development process that is used to enable or disable features without the need to deploy code. Product managers can use this to manage their feature releases.


Used in Agile software development, this refers to using the fibonacci sequence when estimating the effort of tasks to complete. The sequence is made up of numbers that add up to the two numbers before it. The standard Fibonacci sequence is 0, 1, 2, 3, 5, 8, 13, 21, 34, 55, snd 89. The higher the number assigned to the story point the larger the size, complexity, and effort needed to see the user story through to completion.


This word literally means “accuracy in details.” It refers to how exact and complete something is. For product design it is broken down into two types: low fidelity and high fidelity.

First mover advantage

The ability of a business to establish a strong foothold in a market simply by being first in that market.

Five whys

An interview technique used to get to the underlying reason of a stated problem. Product managers can utilize this interview technique to really understand why something is a problem for customers.


Rules, ideas, beliefs, or processes that are used to find solutions to problems so that you can define next steps.


A popular business model where a business decides to offer features for free. It allows users to explore and experience the product, and if they need more functionality they can pay for a premium tier.


A software development term that refers to everything a user sees and interacts with when using a digital product. For web development it consists of HTML, CSS and JavaScript. This is also known as "client-side" development.

Fundamentally new product

A unique released product. It offers features and functionality that no existing product on the market has. These products are often seen as inventions and sometimes create new industries.

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