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Product Mgmt Certification (AIPMM) – 239 Q’s and A’s
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Product Mgmt Certification (AIPMM)– 239 Q’s and A’s
What is the #1 reason for new product failure? - -Weak value proposition
and/or differentiation
-What are other reasons for new product failure? - -Insufficient up-front
homework, lack of customer input, scope creep, functional silos, lack of
focus, lack of competency
-What are the four "Ps" of Marketing? - -Product, Price, Place, Promotion
-What is Promotion? - -How to market the product
-What is Place? - -Channel we sell product to customers on
-What is Price? - -Pricing strategy i.e. chargebacks
-What does a product lifecycle management include? - -1) Determining
likely models for each product (understanding potential revenue and cash
flow patterns) 2) Identifying when product needs support, redesign, renewal,
withdrawal
-What are the benefits of product life cycle management? - -1) Provides
input to strategic marketing planning and portfolio management 2) Provides
insight into tactical requirements
-Best to what and on what drives product success? - -Best to market, on
time
-What drives on-time launch? - -Cross-functional teams
-What drives profitability? - -Unique, superior product quality
-What are the 7 keys to successful product management? - -1) Customer
focus 2) Front-end loaded 3) Positioning 4) Product strategy and roadmap 5)
CFT 6) Investment mind-set 7) Metrics, accountability, and continuous
improvement
-What is a product manager typically more focused on? - -Marketing-
focused and externally-facing
-What is a product owner typically more focused on? - -Engineering-focused
and internally-facing
,-How do a Project Manager and Product Manager role differ? - -A project
manager should manage work. A product manager should manage assets.
-What is the best measure of progress for software products? - -Working
software
-What is one important thing sprint retros can be used for? - -Coming back
to story point estimates and looking at how to improve forecasting for future
sprints
-What are the responsibilities of a Product Manager? - -1) To be
market/customer-facing 2) To be collocated and typically reports to
marketing/business 3) Focuses on market segments, portfolio, positioning
and ROI 4) Collaborates with POs 4) Owns the vision 5) Drives the release
-What are the responsibilities of the Product Owner? - -1) To be
product/technology-facing 2) To be collocated & typically reports to
development/technology 4) Focuses on product and implementation
technology 5) Collaborates with PdMs 4) Owns the implementation 5) Drives
the iteration
-What are the basic product lifecycle stages? - -1) Introduction 2) Growth 3)
Maturity 4) Decline
-What is market share? - -The portion of a market controlled by a particular
company or product (how much of the market you own). Y-axis
-What is market growth? - -How fast new customers are coming into a
particular market. X-axis
-What is an example of a question mark product? (Google product line) - -
Google Play
-What is an example of a star product? (Google product line) - -Youtube
-What is an example of a cash cow product? (Google product line) - -Google
Search
-What is an example of an out to pasture/dog product? (Google product line)
- -Orkut (Google Social Network)
-What is a Star product? - -Product that is a "star" in its market because it
holds market share and there is potential for growth in its market. Still
continuously innovating to meet market demands and to differentiate
, -What is a Question Mark product? - -Product that has low market share but
has a high potential for market growth. We aren't certain yet about its
customer segmentation because we are still listening to the market. Still in
investment phase.
BUILD strategy.
-What is a Cash Cow product? - -Product that holds share & margins in its
market, but there is little potential for growth there. Important to reduce
investment/costs here and invest in Star products.
HOLD strategy.
-What is a product that is Out to Pasture (Dog) - -Product that has low
market share or potential for market growth. Needs to be carefully
considered for viability.
-What does the Technology Adoption Life Cycle help us to see? - -The
mindset of people you want to adopt the product.
-Innovators - -Tech enthusiasts exploring new technology. Customer who
wants technology and performance.
-Early adopters - -See potential use/value of a new product. Willing to
accept risk to find value (i.e. super users). Customer who wants solutions
and convenience.
-Early majority pragmatist - -Can't absorb same level of risk as EAs but want
same benefits. Customer who wants solutions and convenience.
-Late majority conservatives - -Price sensitive and can only tolerate low risk.
Customer who wants solutions and convenience
-Laggards, skeptics - -The status quo. Customer who wants solutions and
convenience.
-As you move forward in the TALC model, the market growth is... - -higher
-What is needed in a product/initiative/epic charter? - -1) Assessment of
market landscape 2) Positioning, strategy, roadmap 3) Initial hypothesis with
objectives and KPIs
-What do you need to know to do effective product planning? - -1)
Competitive landscape 2) Market size/potential 3) Needs/pain points 3)
Expected revenue 4) Customer reaction to proposed product 5) Customer
price sensitivity
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