The most common “I know what it means, but in reality I don’t” in product management is the product vision. The power of this tool is unrealized by most. A product vision paints the future where you fulfill your mission. Most PMs (and even product leaders) unconsciously de-prioritize designing a vision because they’re either focused on the operational and tactical part of managing the product, or they expect “someone above” (ie. CPO or founders) to take care of it. Often “those above” don’t do it either because they think they have “an empowered organization, of course the vision comes from the PMs”. Funny loop.