Product glossary

A list of helpful product terms and definitions

Market segmentation

Segmenting a large group into smaller more defined segments with similar characteristics. This helps businesses tailor their communication and value propositions to the right groups. The four types of market segmentation are: 1Geographic, Demographic, Psychographic, and Behavioral.

MRD: Market Requirements Document

This document defines a market's requirements and/or demands for a specific product. It is written by a product manager or a product marketing manager.

Market share

The percentage of the total revenue or sales in a particular market that come from a business.

Mission statement

A statement that defines the purpose of a product or company, it defines the purpose the product or business exists.


A popular analytics tool that tracks user activity in web and mobile products (among other features).


A model of a product or feature created to be shared with stakeholders for communication purposes and it not functional. In the design process mockups generally come at the end of the lo-fidelity phase and right before the hi-fidelity phase.


A prioritization technique used to manage requirements for a product. When using MoSCoW each requirement will fit into one of these four labels: Must have / Should have / Could have / Won't have

MRR: Monthly Recurring Revenue

Income that a business expects to receive every single month. Monthly Recurring Revenue = Total # of active customers x Average billed amount

MVP: Minimum Viable Product

A functional version of a product that contains enough features to place into the hands of users and customers, provide them with value, and they can provide feedback to help determine the next steps.

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