Product Mgmt Certification (AIPMM) Revised Questions and Answers /2024

What is the #1 reason for new product failure? - Weak value proposition and/or differentiation What are other reasons for new product failure? - 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? - Product, Price, Place, Promotion What is Promotion? - How to market the product What is Place? - Channel we sell product to customers on What is Price? - Pricing strategy i.e. chargebacks What does a product lifecycle management include? - 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? - 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? - Best to market, on time What drives on-time launch? - Cross-functional teams What drives profitability? - Unique, superior product quality What are the 7 keys to successful product management? - 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? - Marketing-focused and externally-facing What is a product owner typically more focused on? - Engineering-focused and internally-facing How do a Project Manager and Product Manager role differ? - A project manager should manage work. A product manager should manage assets. What is the best measure of progress for software products? - Working software What is one important thing sprint retros can be used for? - Coming back to story point estimates and looking at how to improve forecasting for future sprints What are the responsibilities of a Product Manager? - 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? - 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? - 1) Introduction 2) Growth 3) Maturity 4) Decline What is market share? - The portion of a market controlled by a particular c