Product Mgmt Certification (AIPMM) Already Passed

Product Mgmt Certification (AIPMM) Already Passed What is the #1 reason for new product failure? - Answer ️️ -Weak value proposition and/or differentiation What are other reasons for new product failure? - Answer ️️ -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? - Answer ️️ -Product, Price, Place, Promotion What is Promotion? - Answer ️️ -How to market the product What is Place? - Answer ️️ -Channel we sell product to customers on What is Price? - Answer ️️ -Pricing strategy i.e. chargebacks What does a product lifecycle management include? - Answer ️️ -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? - Answer ️️ -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? - Answer ️️ -Best to market, on time What drives on-time launch? - Answer ️️ -Cross-functional teams What drives profitability? - Answer ️️ -Unique, superior product quality What are the 7 keys to successful product management? - Answer ️️ -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? - Answer ️️ -Marketing-focused and externally-facing What is a product owner typically more focused on? - Answer ️️ -Engineering-focused and internally-facing How do a Project Manager and Product Manager role differ? - Answer ️️ -A project manager should manage work. A product manager should manage assets. What is the best measure of progress for software products? - Answer ️️ -Working software What is one important thing sprint retros can be used for? - Answer ️️ -Coming back to story point estimates and looking at how to improve forecasting for future sprints What are the responsibilities of a Product Manager? - Answer ️️ -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? - Answer ️️ -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? - Answer ️️ -1) Introduction 2) Growth 3) Maturity 4) Decline What is market share? - Answer ️️ -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? - Answer ️️ -How fast new customers are coming into a particular market. X-axis What is an example of a question mark product? (Google product line) - Answer ️️ -Google Play What is an example of a star product? (Google product line) - Answer ️️ -Youtube What is an example of a cash cow product? (Google product line) - Answer ️️ -Google Search What is an example of an out to pasture/dog product? (Google product line) - Answer ️️ - Orkut (Google Social Network) What is a Star product? - Answer ️️ -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? - Answer ️️ -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? - Answer ️️ -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) - Answer ️️ -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? - Answer ️️ -The mindset of people you want to adopt the product. Innovators - Answer ️️ -Tech enthusiasts exploring new technology. Customer who wants technology and performance. Early adopters - Answer ️️ -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 - Answer ️️ -Can't absorb same level of risk as EAs but want same benefits. Customer who wants solutions and convenience. Late majority conservatives - Answer ️️ -Price sensitive and can only tolerate low risk. Customer who wants solutions and convenience Laggards, skeptics - Answer ️️ -The status quo. Customer who wants solutions and convenience. As you move forward in the TALC model, the market growth is... - Answer ️️ -higher What is needed in a product/initiative/epic charter? - Answer ️️ -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? - Answer ️️ -1) Competitive landscape 2) Market size/potential 3) Needs/pain points 3) Expected revenue 4) Customer reaction to proposed product 5) Customer price sensitivity What is an alternate? - Answer ️️ -An alternate is not your product or solution, but another way that the customer or market'