AIPMM CPM Certification Questions and Answers Rated A+ Product lifecycle stages - Answer ✔️✔️-1. Introduction 2. Growth 3. Maturity 4. Decline Product manager - Answer ✔️✔️-Produc t Managers investigate, select, and drive the development of products for an organization, performing the activities or product mgmt. Product Marketing Manager - Answer ✔️✔️-Act as the voice of customer to the rest of the product team and company. Busines s Model - Answer ✔️✔️-Framework that describes the rationale of how an org. creates, delivers, and captures value Reasons for business model - Answer ✔️✔️-Describe & classify businesses Explore opportunities Public reporting purposes Allows managers to f ocus on value creation Business Case - Answer ✔️✔️-Supports planning & decision making - whether to buy, which product to bring to market, which vendor to choose, when to implement Captures reasoning for creating/enhancing Business cases are evaluated to ensure - Answer ✔️✔️-1. Investment has value and importance 2. Project will be properly managed 3. Organization has capability to deliver the benefits 4. Resources are working on highest value opportunities 5. Projects with inter-dependencies are started in optimum sequence Levels of a product - Answer ✔️✔️-1. Core - benefit 2. Actual - Product appearance - design, brand, packaging, quality, functionality 3. Extended product - Payment terms, delivery, warranty, Maintenance & care, on site service, education/training Characteristics of a service - Answer ✔️✔️-intangible, perishable, variable, inseparable Product lifecycle phases - Answer ✔️✔️-Conceive, plan, develop, qualify, launch, deliver, retire Name 5 key deliverables during product lifecycle and the phases they are important - Answer ✔️✔️-Strategic plan, competitive analysis, market trends, MRD, business case, PRD, product roadmaps, marketing strategic plan, Beta program plan, launch plan, marketing plan, end of life plan Product lifecycle knowledge areas - Answer ✔️✔️-Business, market, organization, product, customer Marketing objective for commercialization strategies - Answer ✔️✔️-Introduction - Gain awareness Growth - Stress differentiation Maturity - Maintain br and loyaly Decline - Harvest and deletion Product - Answer ✔️✔️-A good or service offered by an organization which affords a bundle of benefits both objective (physical) and subjective (image) to a user Goods - Answer ✔️✔️-Goods marketing relates to sell ing physical products - durable and nondurable Service Goods - Answer ✔️✔️-Rented goods services, owned -goods services, non -goods services; shared services (consolidated and shared services by different units within an organization - finance, HR, security ) Types of consumer products - Answer ✔️✔️-convenience product, shopping product, specialty product, unsought product, consumer product Service - Answer ✔️✔️-Product that is not embodied in a physical good and that typically effects some change in anothe r product, person, or institution (example: painted nails) 4 P's of Marketing - Answer ✔️✔️-Product, Price, Place, Promotion 3 P's of Service - Answer ✔️✔️-People, Process, Physical proof Product line - Answer ✔️✔️-a group of closely related product ite ms with similar attributes or target markets (iPhones) Fill considerations - Answer ✔️✔️-Product attributes - fuel type, engine size, capacity, size Stretch considerations - Answer ✔️✔️-Buying power, target customer Product line extension - Answer ✔️✔️-the use of an established product brand name for a new item in the same product category.
