Certified Product Manager | 42 Questions and Answers with complete solution

Phase - stage in the product lifecycle Gate - critical decision point ending a phase and starting the next Product Life Cycle - The phases from Conceive to Retire Product - a good, idea, method, information, object, or service...which serves a need or satisfies a want. It has combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase Need - a lack of basic requirement Want - specific requirements for products or services to match a need Demand - set of wants plus the desire and aility to pay for the exchange Marketing - identifying, anticipating, and satisfying customer requirements profitably Quality - meeting or exceeding customer's expectations Value - ratio of perceived benefits and their perceived costs Product Management Role - The person who is the market expert (customer and market research, voice of the customer), Owns the Product Development strategy and lifecycle, Develops the Business Case, Presents needs, and other duties.Product Marketing Role - The person who is the marketing expert (competitive analysis, pricing, communications); Supports sales, Guides marketing programs, and owns the strategy for success in the market and launching new products.