AIPMM - CPM CERTIFICATION QUESTIONS WITH DETAILED ANSWERS // 100% GUARANTEED PASS A+ GRADED

Product lifecycle stages - ANS 1. Introduction 2. Growth 3. Maturity 4. Decline Product manager - ANS Product Managers investigate, select, and drive the development of products for an organization, performing the activities or product mgmt. Product Marketing Manager - ANS Act as the voice of customer to the rest of the product team and company. Business Model - ANS Framework that describes the rationale of how an org. creates, delivers, and captures value Reasons for business model - ANS Describe & classify businesses Explore opportunities Public reporting purposes Allows managers to focus on value creation Business Case - ANS 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 - ANS 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 - ANS 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 - ANS intangible, perishable, variable, inseparable Product lifecycle phases - ANS Conceive, plan, develop, qualify, launch, deliver, retire Name 5 key deliverables during product lifecycle and the phases they are important - ANS 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 - ANS Business, market, organization, product, customer Marketing objective for commercialization strategies - ANS Introduction - Gain awareness Growth - Stress differentiation Maturity - Maintain brand loyaly Decline - Harvest and deletion Product - ANS A good or service offered by an organization which affords a bundle of benefits both objective (physical) and subjective (image) to a user Goods - ANS Goods marketing relates to selling physical products - durable and nondurable Service Goods - ANS 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 - ANS convenience product, shopping product, specialty product, unsought product, consumer product Service - ANS Product that is not embodied in a physical good and that typically effects some change in another product, person, or institution (example: painted nails) 4 P's of Marketing - ANS Product, Price, Place, Promotion 3 P's of Service - ANS People, Process, Physical proof Product line - ANS a group of closely related product items with similar attributes or target markets (iPhones) Fill considerations - ANS Product attributes - fuel type, engine size, capacity, size Stretch considerations - ANS Buying power, target customer