Product Management Certification (AIPMM) with Correct Solutions 2023.

What is the #1 reason for new product failure? - Correct Answer Weak value proposition and/or differentiation What are other reasons for new product failure? - Correct 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? - Correct Answer Product, Price, Place, Promotion What is Promotion? - Correct Answer How to market the product What is Place? - Correct Answer Channel we sell product to customers on What is Price? - Correct Answer Pricing strategy i.e. chargebacks What does a product lifecycle management include? - Correct 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? - Correct 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? - Correct Answer Best to market, on time What drives on-time launch? - Correct Answer Cross-functional teams What drives profitability? - Correct Answer Unique, superior product quality What are the 7 keys to successful product management? - Correct 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? - Correct Answer Marketing-focused and externally-facing What is a product owner typically more focused on? - Correct Answer Engineering-focused and internally-facing How do a Project Manager and Product Manager role differ? - Correct Answer A project manager should manage work. A product manager should manage assets.