The process of looking at what else is happening in the market in which your product lives or will live. This might include your product’s competitive landscape, the landscape of alternatives that the user works with, or the landscape of products that can serve as inspiration.
Here's an analogy.
Using landscaping for inspiration is like using Pinterest or Houzz to look at what others have done with home design, or even to help you determine what you do not like, so you can determine your direction.
Why does it matter?
While you should limit how much you look “sideways” at what others are doing, it’s vital to have a pulse on the market or environment that you are entering or working in.
How does it apply?
The buyers and users of digital products are living and working in a world that you need to understand intimately if you’re going to differentiate yourself, solve problems, and market effectively. Landscaping is how you learn about that world. Landscaping can be done for many aspects of your product, whether that’s product strategy, design, marketing, or brand.