Certified Product Manager (CPM) - Online Course and Exam - 280 Product Group / AIPMM | With 100% CORRECT Answers
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CPM Certified Product Manager
Certified Product Manager (CPM) - Online Course and Exam - 280 Product Group / AIPMM | With 100% CORRECT Answers
Notes from The AIPMM's ProdBOK (Product Management and Marketing Body of Knowledge)
Characteristics of a service and example for each - ANSWER - Inseparability - Bank visit
Intang...
Certified Product Manager (CPM) -
Online Course and Exam - 280 Product
Group / AIPMM | With 100% CORRECT
Answers
Information from The AIPMM's ProdBOK (Product Management and
Marketing Body of Knowledge)
Characteristics of a service and example for each - ANSWER - Inseparability - Bank visit
Intangibility - University Course
Variability - Customer Service
Perishability - Airline fl ight
What are Kotler's 4 Market Strategies? - ANSWER - Product, place, price, promotion
What are Porter's 5 forces? - ANSWER - Bargaining power of suppliers
Bargaining power of customers
Threat of new entrants
Threat of substitute products
= Competitive Rivalry
The seven (7) phases of complete product life cycle (AIPMM version) - ANSWER - 1) Conceive
2) Plan
3) Develop
4) Quality
5) Launch
6) Deliver
7) Retire
What are the steps of the New Product Development/Acquisition Process? - ANSWER - 1) New Product Development/ Acquisition
Commercialization & Manufacturing Operations
------------------------------------------------------
2) Introduction
3) Growth, Maturity, Decline
4) Withdrawal
Product/Market Expansion grid (aka: Ansoff Matrix) - ANSWER - Write a positioning statement - ANSWER - For [target customer] who [statement of the need or opportunity] the [product name] is a
[product category] that [statement of key benefit - that is, compelling reason to buy] Unlike [primary competitive alternative] our product [statement of primary differentiation]
Fill in the Product Life Cycle for Introduction
Marketing objective: Competition: Product: Price: Promotion: Place: - ANSWER - Marketing objective: Gain awareness
Competition: None
Product: One
Price: Skimming or penetration
Promotion: Inform, educate
Place: Limited
Fill in the Product Life Cycle for Growth
Marketing objective: Competition: Product: Price: Promotion: Place: - ANSWER - Marketing objective: Stress Differentiation
Competition: Growing
Product: More version
Price: Gain share, deal
Promotion: Stress competitive
Place: More outlets
Fill in the Product Life Cycle for Maturity
Marketing objective: Competition: Product: Price: Promotion: Place: - ANSWER - Marketing objective: Maintain Brand Loyalty
Competition: Many
Product: Full product line
Price: Defend share, profit
Promotion: Remind orient difference
Place: Max outlets
Fill in the Product Life Cycle for Decline
Marketing objective: Competition: Product: Price: Promotion: Place: - ANSWER - Marketing objective: Harvest and Deletion
Competition: Reduced
Product: Best Seller
Price: Stay profitable
Promotion: Minimal promotion
Place: Fewer outlets
Technology Adoption Life Cycle - ANSWER - Innovators (2%) - Technologist, Creators
Early Adopters (15%) - Visionaries, Creators
Chasm - 16%
Early Majority (34%) - Pragmatists, Critics & Collectors
Late Majority (34%) - Conservatives, Joiners & Spectators
Laggards (15%) - Skeptics, In-actives
Write down 3 functions of a Product Manager that a Product Marketing Manager typically would not do: - ANSWER - Business case, VoC, develop product, portfolio management, PLC
Write down 3 functions of a Product Marketing Manager that a Product Manager typically would not do: - ANSWER - On-going marketing, pricing, MarCom, Sales tools, messagings
What are three types of Roadmap organizing possibilities? - ANSWER - Themes, golden feature, time relase/ train schedule
What are the 7 elements of a Marketing Mix? Give examples for each. - ANSWER - Product - Technology, design, packaging
Price - Skimming, value based, cost leadership
Place - Retail, internet, peer-to-peer
Promotion - Advertising, user trials, campaigns
People - Employees, management, organizational culture
Process - Uniformity of offering, service delivery
service consumption
Physical Evidence - Facility, infrastructure, service delivery
What are three special life cycles? Give at least one example of each. - ANSWER - Style: Basic and distinct mode of expression. Once accepted, popularity will vary.
Fad:
- Gain rapid acceptance, peak early, and decline quickly.
- Tend to attract limited market. Products that are novel and may not address basic needs.
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