CERTIFIED PRODUCT MANAGER - ONLINE COURSE AND EXAM - 280 PRODUCT GROUP / AIPMM ALREADY PASSED 2024

CERTIFIED PRODUCT MANAGER - ONLINE COURSE AND EXAM - 280 PRODUCT GROUP / AIPMM ALREADY PASSED 2024 "Write down 3 functions of a Product Manager that a Product Marketing Manager typically would not do: - CORRECT ANSWER Business case, VoC, develop product, portfolio management, PLC" "Write down 3 functions of a Product Marketing Manager that a Product Manager typically would not do: - CORRECT ANSWER On-going marketing, pricing, MarCom, Sales tools, messagings" "What are three types of Roadmap organizing possibilities? - CORRECT ANSWER Themes, golden feature, time relase/ train schedule" "What are Kotler's 4 Market Strategies? - CORRECT ANSWER Product, place, price, promotion" "What is a product? - CORRECT ANSWER A good or service offered by an organizaiton which affords a bundle of benefits both objective (physical) and subjective (image) to a user." "The seven (7) phases of complete product life cycle (AIPMM version) - CORRECT ANSWER 1) Conceive 2) Plan 3) Develop 4) Quality 5) Launch 6) Deliver 7) Retire" "What are the steps of the New Product Development/Acquisition Process? - CORRECT ANSWER 1) New Product Development/ Acquisition Commercialization & Manufacturing Operations ------------------------------------------------------ 2) Introduction 3) Growth, Maturity, Decline 4) Withdrawal" "Product/Market Expansion grid (aka: Ansoff Matrix) - CORRECT ANSWER " "Write a positioning statement - CORRECT ANSWER For [target customer] who [statement of the need or opportunity] the [product name] is a [product category] that [statement of key benefit - that is, compelling reason to buy] Unlike [primary competitive alternative] our product [statement of primary differentiation]" "Define a service product and list a couple of examples - CORRECT ANSWER 1) Rented goods - auto 2) Owned goods - auto repair 3) Non-goods - legal 4) Shared services - shared services by departments in an organization" "Fill in the Product Life Cycle for Introduction Marketing objective: Competition: Product: Price: Promotion: Place: - CORRECT ANSWER Marketing objective: Gain awareness Competition: None Product: One Price: Skimming or penetration Promotion: Inform, educate Place: Limited" "Fill in the Product Life Cycle for Growth Marketing objective: Competition: Product: Price: Promotion: Place: - CORRECT ANSWER Marketing objective: Stress Differentiation Competition: Growing Product: More version Price: Gain share, deal Promotion: Stress competitive Place: More outlets" "Fill in the Product Life Cycle for Maturity Marketing objective: Competition: Product: Price: Promotion: Place: - CORRECT ANSWER Marketing objective: Maintain Brand Loyalty Competition: Many Product: Full product line Price: Defend share, profit Promotion: Remind orient difference Place: Max outlets" "Fill in the Product Life Cycle for Decline Marketing objective: Competition: Product: Price: Promotion: Place: - CORRECT ANSWER Marketing objective: Harvest and Deletion Competition: Reduced Product: Best Seller Price: Stay profitable Promotion: Minimal promotion Place: Fewer outlets" "Technology Adoption Life Cycle - CORRECT ANSWER Innovators (2%) - Technologist, Creators Early Adopters (15%) - Visionaries, Creators Chasm - 16% Early Majority (34%) - Pragmatists, Critics & Collectors Late Majority (34%) - Conservatives, Joiners & Spectators Laggards (15%) - Skeptics, In-actives" "What are the 7 elements of a Marketing Mix? Give examples for each. - CORRECT ANSWER Product - Technology, design, packaging Price - Skimming, value based, cost leadership Place - Retail, internet, peer-to-peer Promotion - Advertising, user trials, campaigns People - Employees, management, organizational culture Process - Uniformity of offering, service delivery service consumption Physical Evidence - Facility, infrastructure, service delivery" "List the three different types of goods - CORRECT ANSWER Durable goods - physical goods used over an extended time Non-durable goods - perishable goods that can be destroyed easily or do not have long shelf lives. Finished goods - goods ready for immediate sale (do not require further processing)" "Consumer products - CORRECT ANSWER Goods and services bought by final consumers for personal consumption (Tide)" "Convenience products - CORRECT ANSWER Purchased frequently and immediately. Low priced mass advertising, many purchased locations. (7-11 products)" "Shopping products - CORRECT ANSWER Purchased less frequently. Higher price, fewer locations, comparison shopping. (car)" "Specialty products - CORRECT ANSWER Specialty purchased effort (high price, unique characteristics, brand identify, few locations)" "Unsought products - CORRECT ANSWER New innovations, consumers don't want to think about, require much advertising & personal selling. (Coffin)" "Industrial products - CORRECT ANSWER Products purchased for further processing or for use in conduction business. 1) Material and parts - raw material, manufactured parts 2) Capital items - products that aid in buyer's production or operations 3) Supplies and services - operating supplies, repair, and maintenance items" "Other product offerings - CORRECT ANSWER organizations (school), person (doctor), places (tourism), idea (environmental campaign)" "Define a product along the goods to service continuum. - CORRECT ANSWER Coffee shop (Coffee [good] ---- barista [service])" "Describe a product decision where you are filling in the product line - CORRECT ANSWER BMW - 335i series (coup, convertible, sport)" "Describe a product addition decision where you are stretching the product line - CORRECT ANSWER BMW - low to high i-series" "Give a real world example of a product line extension. - CORRECT ANSWER Ranch - Bottle to package | ranch for salad to dip" "Making Product Mix decisions involves which 4 parameters. Give a real world example for each. - CORRECT ANSWER Width - The number of product categories Length - Number of products offered for each product line Depth - The number of product categories Consistency - how closely related the lines are" "What are Porter's 5 forces? - CORRECT ANSWER Bargaining power of suppliers Bargaining power of customers Threat of new entrants Threat of substitute products = Competitive Rivalry" "What are three special life cycles? Give at least one example of each. - CORRECT ANSWER Style: Basic and distinct mode of expression. Once accepted, popularity will vary. Fad: - Gain rapid acceptance, peak early, and decline quickly. - Tend to attract limited market. Products that are novel and may not address basic needs. Fashion: - A currently accepted or popular style. Gains acceptance quickly, peaks, and declines. - Tend to go in cycles with generations" "What are the three aspects of the whole product? Please give an example of each of these aspects. - CORRECT ANSWER Core product (customer benefits of goods and services) Actual product (product appearance) - Design, packaging, brand, quality, functionality Augmented product (product related services) - Payment terms, delivery, installation, maintenance, guarantee, training" “Characteristics of a service and example for each - CORRECT ANSWER Inseparability - Bank visit Intangibility - University Course Variability - Customer Service Perishability - Airline flight"