Product Management Certification
Questions And Answers.
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.
,Product Management Certification
Questions And Answers.
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
, Product Management Certification
Questions And Answers.
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
Questions And Answers.
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.
,Product Management Certification
Questions And Answers.
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
, Product Management Certification
Questions And Answers.
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
