2023 Product Mgmt Certification (AIPMM)With Correct Solutions.

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