2023 AIPMM- CPM EXAM WITH COMPLETE SOLUTIONS

2023 AIPMM- CPM EXAM WITH COMPLETE SOLUTIONS Product Management - ANSWER- process of conceiving, planning, developing, testing, launching, delivery and withdrawing products in the market. PMF - Product Management Framework - ANSWER- Product lifecycle (ProductDevelopment + Commercialization) stages plus their phases and gates. PMF Benefits (5) - ANSWER- 1. definecommon language 2. provides standardsfor launching a productsin each phase 3. allows product teams to develop and communicate mutual product plan commitments4. empowers product team to execute based upon agreed upon objectives and schedules 5. facilitatescontinuous improvements to products and processes. Prodbok (body of knowledge) - ANSWER- strategies, methodologies, concepts, terms and activities that make up the product mgmt. and marketing domains as defined by AIPMM. Applies to any productor portfolio, across industries, throughouteach phaseofthe product lifecycle. X-Axis PLC Stages (6) - ANSWER- 1. New product dev/acquisition2. introduction 3. growth/maturity/decline 4. withdrawal 5. commercialization 6. manufacturing operations X-Axis phases of PLC (7) - ANSWER- *go/no-go gates between each phases1. conceive 2. plan 3. develop 4. qualify (test) 5. launch 6. delivery 7. retire Phases- ANSWER- prescribed, concurrent activities in PLCcross-functional gate precedeseach phase successive phasesrequire moreresourcecommitment Gates - ANSWER- decision points (go, no go, Hold, Recycle) QC checkpoints Investmentcontrolcheckpoints *Facilitatescreening -evaluating new product ideasto reduce them into a smaller set. Y-Axis Key players on a product team (8) - ANSWER- 1. Product Manager2. Product Mktg. Manager 3. Project Manager 4. Business Analyst 5. Dev Manager 6. QA MAnager 7. Customer Support Mgr.8. Sales Manager X/Y - ANSWER-X=time Y=your focus XY cell = details ofyour focus at that time Y-Axis Knowledge Areas (5) - ANSWER- 1. Business2. Market 3. Customer 4. Product 5. Organization Product Life Cycle - PLC - ANSWER- Manages stages that products go through from development to withdrawal from market. Helps you taketheright action at theright time.Integrates people, data, processes and business system New Product Development + Commercialization Product Life Cycle Characteristics - ANSWER- 1. Determines if each product has adifferent life cycle 2. Determinesrevenueearned 3. Contributesto strategic marketing plan ProductLife Cycle Benefits - ANSWER- 1. helps forecast and manage cash flow 2. helps identify when a product needs support, redesign, reinvigorated, or withdrawn.3. helps in new product development and planning