Common Product Terms

MVP - Minimum Viable Product 
A minimum viable product, or MVP, is a product with enough features to attract early-adopter customers and validate a product idea early in the product development cycle. 

MRR - Monthly Recurring Revenue
Monthly recurring revenue (MRR) is a calculation of revenue generation by month.

TAM - Total Addressable Market 
Total Addressable Market (TAM) refers to the maximum size of the opportunity for a particular product or solution.

LTV - Life Time Value
Lifetime value (LTV) estimates how much revenue a customer represents a business over the life of that relationship.

PMF - Product Market Fit
PMF was developed by the popular American investor, Marc Andreesen. It describes a scenario in which a company’s target customers are buying, using, and telling others about the company’s product in numbers large enough to sustain that product’s growth and profitability.

CAC - Customer Acquisition Cost
Customer Acquisition Cost, or CAC, measures how much an organization spends to acquire new customers.

KPI - Key Performance Indicator 
Key performance indicators, or KPIs, are quantitative metrics that organizations use to track and analyze performance or progress toward business objectives.

PRD - Product Requirements Document
A product requirements document (PRD) is an artifact used in the product development process to communicate what capabilities must be included in a product release to the development and testing teams. 

PLG - Product Led Growth
Product-led growth is a business strategy in which a company uses its product as the main tool to acquire customers. With this model, a business offers users free access to its product with the expectation that the product itself will persuade them to become paying customers.


Of all these terms, PLG is the only one I've never heard. Think it's one of those things that you just assume/take for granted when you hear about a particular business model. It almost doesn't seem like something that needs its own abbrev. 
2021-08-07 23:02:20
Is there a chance that the literature snob Gabriel is actually super well-versed in the business/product world and he just doesn't write about it? But actually he might LOVE writing about it?

I know that I would love reading it.

BTW been learning a lot of accounting/finance terms because i've been doing crytpo dev for my new gig. i'll write them up as a post too.
2021-08-08 13:04:01
I'll do 'a day in the life of' style write-up just for you Abe. Actually I should probably do it for me, might make my job easier :)
2021-08-08 20:05:08
Can't wait to read that too Gabriel.

Excited to read about your new gig 
abrahamKim
, Crypto dev with Laravel... that's interesting
2021-08-08 20:38:25
One thing I wanna caveat is that the current crypto project isn't Laravel. Unfortunately! lol. Just javascript
2021-08-08 22:49:39

Product Thinking