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CPM Flashcards

1
Q

Go To Market is a major decision point in the phase/gate model

A

True

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2
Q

The PEST analysis includes political, economic, social, and technological factors

A

True

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3
Q

A sign, symbol, design or combination of these is known as a ____.
a. Company Identifier
b. Brand
c. Marquee
d. Trademark

A

b. Brand

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4
Q

Product management is the process of all the following except:
a. Conceiving
b. Delivering
c. Servicing
d. Planning

A

c. Servicing

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5
Q

Which one of these is NOT a type of product launch?
a. Soft
b. Full-scale
c. Minimal
d. Web 2.0

A

d. Web 2.0

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6
Q

Printed information that appears on or with the package is ____.
a. Creative Labeling
b. Competitive
c. None of the options are correct
d. Innovative Labeling

A

c. None of the options are correct (product labeling is the answer)

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7
Q

Characteristics of a service: Define variability:

A

Quality depends on who, when, where, and how it’s delivered. Example: customer service

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8
Q

Characteristics of a service: Define inseparability:

A

Services cannot be separated from their providers. Example: bank visit

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9
Q

Conducting research is a guide to action based on reality

A

True

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10
Q

What are the trait(s) of a convenience product

A

Purchased frequently and used immediately

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11
Q

The order of the product lifecycle?

A

Conceive, Plan, develop, qualify, launch, deliver, retire

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12
Q

Conceive Phase activities/deliverables:

A
  1. analyze market trends
  2. develop business models (how much)
  3. develop business case (why)
  4. Perform P&L
  5. Perform oppty analysis
  6. Define Business Plan (who, what, How, where, when)
  7. Define market requirements
  8. Define roadmap
  9. build core team
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13
Q

Plan Phase activities/deliverables:

A
  1. collect business intel
  2. collect competitive intel
  3. develop product positioning
  4. define product requirements
  5. refine roadmap
  6. refine business plan
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14
Q

Develop Phase activities/deliverables:

A
  1. Manage core team
  2. Manage cross-functional plans
  3. Review functional specs
  4. Monitor product dev
  5. Develop Beta plan
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15
Q

Qualify Phase activities/deliverables:

A
  1. Conduct testing to confirm product meets stated specs
  2. Update Product Roadmaps
  3. Refine/implement beta programs
  4. develop launch plan
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16
Q

Launch phase activities/deliverables:

A
  1. refine/implement launch plan
  2. launch product
  3. evaluate product supply and demand
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17
Q

Deliver phase activities/deliverables:

A
  1. maintain steady state operation by monitoring sales, service, support, development and production activities
  2. evaluate results periodically against plans and orchestrate change as necessary
  3. decide when it is time to retire the product and begin retirement planning
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18
Q

Retire Phase activities/deliverables:

A
  1. refine/execute phase down plans
  2. refine/execute end of life plan
  3. implement replacement plan
  4. continue monitoring customer needs
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19
Q

What type of qualitative research answers the question “how is the product used?”

A

Observation

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20
Q

All of the following are characteristics of a specialty product except:
a. High price
b. Special purchase efforts
c. All of the options are characteristics of a specialty product
d. Few purchase locations
e. Brand identification

A

c. All of the options are characteristics of a specialty product

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21
Q

When developing a roadmap a good question to ask is “what level of detail is needed?”

A

True

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22
Q

Roadmap:

A

A plan that applies to a specific product that matches your
company’s short-term and long-term goals with specific options to help meet them.
A detailed set of time-based milestones that aligns your business and product strategy with unmet customer needs and market opptys to guide the work you and your development team actually do.
Visual representation of a series of product development activities that plans and shapes the product vision

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23
Q

Why do we create a roadmap?

A

Sales-driven
reassure customers (tactical)

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24
Q

Types of Roadmaps:

A

Market & Strategy - which markets you are going to be
entering and define strategy to enter them.
Visionary - industry trends mapped against company’s high level vision of the future
Technology - industry technology advances against company’s product plans based on those advances
Technology across Products - which products use which technology
Platform roadmap - software releases, development tools on a platform
Product roadmap - high level plans of getting a product to market. includes internal to help solidify product decisions, resource allocation. External use to convey to customers/analysts where company is headed.

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25
Q

Things you’ll need for roadmap:

A
  1. product master plan or business case
  2. market or product reqs doc
  3. competitive analysis for market report
  4. plan of record
  5. previous roadmap version
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26
Q

Pick which product mix decision answers this question: What is the number of products offered in each product line?
a. Length
b. Depth
c. Consistency
d. Width/Breadth

A

a. Length

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27
Q

What are the five primary activities in Porter’s Value Chain Model?
a. Outbound Logistics
b. Service
c. Market Research
d. Inbound Logistics
e. Operations
f. Marketing and Sales

A

a. Outbound Logistics
b. Service
d. Inbound Logistics
e. Operations
f. Marketing and Sales

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28
Q

A unique selling proposition is memorable and repeatable

A

True

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29
Q

Characteristics of a service: Define perishability:

A

Cannot be stored for later sell or use. Example: airline flight

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30
Q

When conducting qualitative research, should you recruit participants before or after determining overall objectives?

A

After

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31
Q
  1. Pick which product mix decision answers this question: How many product lines are in each category?
    a. Consistency
    b. Length
    c. Width/Breadth
    d. Depth
A

d. Depth

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32
Q

If the product concept survives the business test it moves to ____.

A

Product development

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33
Q

Characteristics of a service: Define intangibility:

A

Cannot be seen, tasted, felt, heard, or smelled before purchase. Example: university course

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34
Q

The ProdBOK is NOT widely accepted set of strategies, methodologies, concepts, terms and activities that make up the product management and marketing domains as defined by AIPMM:

A

False

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35
Q

The creation of international strategies by organizations for overseas expansion and operation on a worldwide level is ____.

A

Globalization

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36
Q

Where is secondary research found?

A

News articles

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37
Q

Pick which product mix decision answers this question: How closely related are the various product lines?
a. Depth
b. Consistency
c. Length
d. Width/Breadth

A

b. Consistency

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38
Q

Place, product, promotion are part of the marketing mix:

A

True

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39
Q

Economic characteristics in the PEST analysis include all of the following except ____.
a. Trade policies and economic trends
b. General and product specific taxation issues
c. Market routes, trade and distribution trends
d. Interest and change rates

A

a. Trade policies and economic trends

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40
Q

Sales tools are a key deliverable in marketing:

A

True

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41
Q

A balanced scoreboard (BSC) includes financial, learning, customer, and business process metrics:

A

True

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42
Q

Interest and exchange rates with funding, grants and initiatives are all part of the Political characteristics in the PEST analysis:

A

False

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43
Q

The cash cow is in what strategy of the Boston consulting Group Matrix (BCGM)?
a. Build strategy
b. Divest strategy
c. Harvest strategy
d. None of the options are correct

A

d. None of the options are correct (Hold is the correct answer)

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44
Q

Compelling messages consist of ____.

A

Your customer pain points and needs

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45
Q

Quality as a product and service attribute is defined as the ____.

A

Ability of a product to perform its function

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46
Q

A good or service offered by an organization which affords a bundle of benefits both objective (physical) and subjective (image) to the user is known as a ____.

A

Product

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47
Q

Porter’s competitive forces include(s) ____.
a. Bargaining power of customers
b. Bargaining power of suppliers
c. Threat of new entrants
d. Threat of substitute products
e. Level of competition in industry

A

a. Bargaining power of customers
b. Bargaining power of suppliers
c. Threat of new entrants
d. Threat of substitute products
e. Level of competition in industry

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48
Q

A business model allows managers to focus on value creation:

A

True

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49
Q

Primary research is NOT ____.
a. Qualitative
b. Conducted to meet an exact research needed
c. Collection of data from competitor web sites
d. Personalized questions

A

c. Collection of data from competitor web sites

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50
Q

What type of qualitative research answers the question “how is the product presented and sold?”:

A

Mystery shopping

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51
Q

Pick which product mix decision answers this question: In how many different product categories does the company have an offering?
a. Width/breadth
b. Length
c. Depth
d. Consistency

A

a. Width/breadth

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52
Q

What type of qualitative research answers the question “what are the beliefs people hold about the product?”:

A

In-depth interviews

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53
Q

The opportunities in SWOT include the following.
a. Unique characteristics, competence, innovation and technology development
b. Import, export, innovation and technology development, strategic alliances, partnerships, and product development
c. Innovation and technology development, strategic alliances, partnerships, product development, and disadvantages

A

b. Import, export, innovation and technology development, strategic alliances, partnerships, and product development

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54
Q

Situational analysis referred to as SWOT includes all the following except.
a. Target market
b. Strengths
c. Opportunities
d. Threats

A

a. Target market

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55
Q

A gate is described as ____.

A

A decision point

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56
Q

The final step of conducting qualitative research is ____.

A

Create action steps

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57
Q

Telephone and online surveys are examples of quantitative research:

A

True

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58
Q

Product Life Cycle Management is the process of managing the entire life cycle of a product including its conception, planning, construction, testing, manufacturing, introduction, delivery, and withdrawal:

A

True

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59
Q

A consumer product is a classification of a product that is bought by final consumers for personal consumption:

A

True

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60
Q

A phase is described as ____.

A

A distinct period or stage in a series of events

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61
Q

The following are attributes of the product-market expansion grid:
a. All of the options are correct
b. Market penetration and market development
c. Diversification
d. New product and product development

A

a. All of the options are correct

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62
Q

Decline is the first stage where the product is profitable:

A

False

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63
Q

Loss of key staff is part of the Risks (Threats) in SWOT:

A

False

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64
Q

A business model is a framework that describes the rationale of how an organization creates, delivers and captures value:

A

True

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65
Q

Business Model Reasons:

A
  1. used to describe and classify businesses
  2. used to explore opportunities
  3. a recipe for creative managers to create new products
  4. used for public reporting purposes
  5. allows managers to focus on value creation
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66
Q

Business Model Canvas:

A
  1. customer segment - different customers aim
    to serve
  2. value proposition - proposed value for customers
  3. channel - distribution channels
  4. customer relationships - type of relationship
  5. key activities - most important activities to make model work
  6. key resources - key assets to make model work
  7. key partners - network of suppliers and partners
  8. cost structure - cost to implement business model
  9. revenue streams - cash company generates for each segment.
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67
Q

Business Case Definition:

A

Support planning and decision making
-whether to buy
-which product to bring to market
-which projects to fund
-which vendor to choose
-when to implement a project

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68
Q

Reasons for a business case:

A

Formal business cases are evaluated to
ensure:
1. investment has value and importance
2. project will be properly managed
3. organization has the capability to deliver the benefits
4. dedicated resources are working on the highest value opportunities
5. projects with interdependencies are started in the optimum sequence
6. answers the question “what happens if we take this course of action?”
7. Answers the question “should we invest in this market?”

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69
Q

Business Case Activity:

A
  1. Assess market
  2. Identify customers
  3. Define value
  4. position product
  5. analyze business
  6. identify impact
  7. estimate P&L
  8. recommend
  9. Obtain approval
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70
Q

Things you need to create Business Case:

A
  1. market or product
    requirements document
  2. business intelligence report
  3. competitive analysis or market report
  4. product roadmap
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71
Q

Business Case Canvas:

A
  1. Product
  2. Financial Analysis
  3. Customer
  4. Market
  5. Business
  6. Organization
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72
Q

Commercialization is the process of withdrawing a new product from the market:

A

False

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73
Q

The company’s mission statement is a public expression of the organization’s purpose:

A

True

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74
Q

What qualitative research answers the question “how do people interact with the product?”:

A

Focus group

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75
Q

Ethical issues are part of the Social aspect in the PEST analysis:

A

True

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76
Q

The following is NOT a con of the BCG Growth-share matrix:
a. Firms can lose money while holding a large market share
b. Growth rate is only one aspect of industry attractiveness
c. High industry growth is not always good
d. Quickly completed matrix

A

d. Quickly completed matrix

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77
Q

Select the correct order for the international product and services process:
a. Address service offering challenges
b. Address packaging challenges
c. Decide how much to standardize or adapt
d. Decide which products and services to introduce

A

d. Decide which products and services to introduce
c. Decide how much to standardize or adapt
b. Address packaging challenges
a. Address service offering challenges

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78
Q

Marketing Mix definition:

A

set of controllable tactical marketing tools that an organization blends to produce the response it wants in the target market:
1. product
2. price
3. place
4. promotion

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79
Q

Market mix includes the following:

A
  1. product
  2. price
  3. place
  4. promotion
  5. people
  6. process
  7. physical proof
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80
Q

Managing the Marketing Mix:

A

-managing the mix allows customer satisfaction
-enables meeting marketing objectives
-elements are interdependent
-elements in extended mix apply to services only

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81
Q

Marketing mix tools:

A
  1. price - what is the customer willing to pay
  2. place - how or where will customers buy (direct sales, use of distribution channels)
  3. product - addresses customer need & delivers benefit
  4. promotion - how and where will you present product to target market extended mix for service oriented industry only
  5. people - who delivers the service, plays most important role in service delivery
  6. process - ensures consistency of service delivery
  7. physical proof - makes service offering feel more tangible and add to perceived value
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82
Q

The following are reasons for a business case include ____.

A

Dedicated resources are working on the highest value opportunities

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83
Q

What are the four support activities in the value chain model?

A

Technology, procurement, firm infrastructure, and human resource management

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84
Q

The McKinsey Seven-S-Framework includes the following ____.

A

Skills, staff, style, systems, structure, strategy, and shared values
a. Hard Factors
i. Strategy - how to shape vision and strategy of the company
ii. Structure - right org chart, right roles and responsibilities identified
iii. Systems - systems and processes in place to support change or strategy
b. Soft Factors
i. Skills - right core competencies to achieve change or strategy put in place. May mean additional training or new resources to help support required skills or competencies needed.
ii. Staff - right staff
iii. Style - rules and standards observed by staff
iv. Shared values

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85
Q

New product development in the product life cycle includes the following phases except:

A

Launch

86
Q

Attributes, packaging, labeling, branding, and support services are part of the individual product decision:

A

True

87
Q

The business position and market attractiveness is part of the GE-McKinsey Matrix:

A

False

88
Q

Innovation potential is part of the Social trait in the PEST analysis:

A

False

89
Q

One of the key deliverables in product marketing includes ____.
a. Whitepapers
b. Product Branding
c. Promotion
d. All of the options are correct
e. Business Intelligence

A

d. All of the options are correct

90
Q

Special life cycles include all of the following except:
a. Fads
b. Growth
c. Style
d. Fashion

A

b. Growth

91
Q

One of the benefits of using the phase-gate process is ____.

A

Faster time to market

92
Q

The Boston Consulting Group (BCG) matrix helps ____. (Select all that apply)
a. As a tool for portfolio management
b. Decide which products will be successful
c. Highlight when products are due for review
d. Predict when to create new products for new markets

A

a. As a tool for portfolio management
c. Highlight when products are due for review

93
Q

What is value chain management?

A

Management of the process to optimize design, production, marketing, sales, deliveries, and product support to capture and deliver value

94
Q

Which of the following is NOT a phase in the product life cycle?

A

Package

95
Q

Which of the following is NOT a type of product process?
a. Waterfall
b. Roadmapping
c. Chaos
d. Agile

A

c. Chaos

96
Q

Stretching the product line lengthens it beyond the current range, and it can be upwards and/or downwards:

A

True

97
Q

Product Management Framework:

A

Product lifecycle stages plus their phases and gates

98
Q

Product Management Framework benefits:

A
  1. define common language
  2. provides standards for launching a products in each phase
  3. allows product teams to develop and communicate mutual product plan commitments
  4. empowers product team to execute based upon agreed upon objectives and schedules
  5. facilitates continuous improvements to products and processes.
99
Q

Key players on a product team:

A
  1. Product Manager
  2. Product Mktg. Manager
  3. Project Manager
  4. Business Analyst
  5. Dev Manager
  6. QA Manager
  7. Customer Support Mgr.
  8. Sales Manager
100
Q

Product portfolio:

A

range of products a company has in development or
available for marketplace at one time

101
Q

Business Portfolio:

A

collection of businesses and products that make up a company

102
Q

Portfolio Analysis:

A

tool which helps mgmt. identify and evaluate the various
businesses which make up the company

103
Q

Strategic Business Unit:

A

unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses

104
Q

New Product Development (NPD):

A

1st half of PMF - complete process of
bringing a new product to market. Includes first 4 steps - conceive, plan, develop, qualify.
For:
1. new product in new markets
2. new product in existing markets not previously targeted
3. enhance current product in existing product line.

105
Q

NPD - Key Deliverables in conceive and plan phase:

A
  1. Strategic Plan
  2. Competitive analysis
  3. Market Trends
  4. Mktg requirements doc
  5. Business Case
  6. Product Requirements
106
Q

NPD - Key deliverables in Develop and test phase:

A
  1. Marketing strategy
  2. Beta program
  3. Launch plan
  4. Marketing plan
  5. Product Retirement plan
107
Q

Organization Structure Types:

A
  1. Product-focused
  2. Market-focused
  3. Functional Process Focused
108
Q

Product-Focused Structure:

A

companies define themselves by their products

109
Q

Market-focused structure:

A

Marketing segment defines authority

110
Q

Functionally-focused organizations:

A

strategy through discussion and
coordination

111
Q

Product Management Critical Skills:

A

presentation
personal
analytical
technical
interpersonal
leadership

112
Q

Key Activities of Product Mgmt:

A

Market trends
business models
business cases
P&L analysis
Oppty analysis
Business Intell
Competitive Intell
Product Positioning
Product Reqs
Functional Specs
Product Roadmaps
Prod Dev Monitoring
Beta Programs
launch plans
end of life plans

113
Q

Key Activities of Product Marketing:

A

Market needs
market reqs
business intel
competitive analysis
product branding
pricing
promotion
channel partner plan
sales tools
customer testimonials
success stories
white papers
reviewer guides
product demos
case studies

114
Q

Key Activities of Marketing:

A

corporate branding
corporate marketing plan
website content
company collateral
PR
brand awareness
customer surveys and feedback
increase web traffic
marketing campaign
advertising
sales presentation templates

115
Q

Types of Products:

A
  1. consumer - for personal consumption
  2. convenience - purchased frequently, used immediately
  3. shopping - bought less frequently, comparison shop, higher price, fewer places to buy
  4. specialty - special purchase effort, high price, brand identification, unique characteristics
  5. unsought - new innovations, products consumers don’t want to think about (casket), require much advertising and personal selling (life ins)
  6. industrial - for further processing or for use in conducting business (materials, parts, supplies, services)
116
Q

Strategic Planning definition:

A

the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities

117
Q

Strategic planning elements:

A
  1. defining clear company mission
  2. setting supporting objectives
  3. designing a sound business portfolio
  4. coordinating functional strategies
118
Q

Ansoff Product-Market Expansion Grid:

A

To identify expansion
identifies company growth opportunities through:
1. penetration
2. market development
3. product development
4. diversification

119
Q

Kotler Model for Competitive Advantage/Market Strategies:

A

analyze and
promote products based on performance models including:
1. market leader - should adopt a defense strategy
2. market challenger - gain market share, become the leader
3. market follower - counterfeiter, cloner, imitator, adapter
4. market niche

120
Q

SWOT Analysis:

A

Strengths
Weaknesses
Opportunities
Threats/Risks

121
Q

SWOT strengths:

A
  1. advantages
  2. experience, knowledge
  3. unique characteristics
  4. resources
  5. geographical advantage, location
  6. competence, capabilities
  7. quality, reputation
122
Q

SWOT weaknesses:

A
  1. disadvantages
  2. gap in experience, knowledge
  3. financial aspects
  4. reliability & trust
  5. loss of key staff
  6. geographical factors
123
Q

SWOT opportunities:

A
  1. strategic alliances, partnerships
  2. product development
  3. import, export
  4. innovation and technology development
124
Q

SWOT risks:

A
  1. Loss of alliances and partners
  2. price inflation/deflation
  3. strong competition
  4. competitors new products and innovation
125
Q

PEST Analysis:

A

Macroenvironment - good for new markets to understand
opptys and threats:
Political
Economic
Social
Technological

126
Q

PEST political:

A
  1. ecological/environmental issues
  2. current/future legislation home and abroad
  3. regulatory bodies and processes
  4. government policies, terms and change
  5. trade policies
  6. funding, grants and initiatives
  7. lobbying home and abroad
  8. wars and conflicts
127
Q

PEST economic:

A
  1. Economic situation, home and abroad
  2. economic trends; home and abroad
  3. general & product specific taxation issues
  4. market routes, trade and distribution trends
  5. interest and exchange rates
128
Q

PEST social:

A
  1. lifestyle, consumer trends
  2. demographics
  3. consumer attitudes and opinions
  4. media views
  5. law changes affecting social factors
  6. brand, company, technology image
  7. buying access and trends
  8. ethnic/religious factors
  9. ethical issues
129
Q

PEST technological:

A
  1. competing, associate and replacement technology development
  2. research funding
  3. technology legislation
  4. innovation potential
  5. technology access, licensing, patents
  6. intellectual property issues
130
Q

Price Definition:

A

The amount of money charged for a good or service. There is fixed pricing and dynamic pricing

131
Q

Internal Factors affecting pricing decisions:

A
  1. marketing objectives -survival, profit maximization
  2. marketing mix strategy - consistent with other mix variables
  3. costs - fixed, variable, total
  4. organizational consideration - who makes the decision
132
Q

External factors affecting pricing decisions:

A
  1. types of markets
    - pure competition
    - monopolistic competition
    -oligopolistic competition
    -pure monopoly
  2. competition
  3. other environmental factors
    -consumer perceptions
    -government/political/legal policies
    -reaction of distribution channel to price changes
133
Q

General Pricing Approaches:

A
  1. cost-based approach - cost plus pricing
  2. value-based approach - consumer perceptions of value
  3. competition-based approach - what competitors are charging
134
Q

Market Segmentation definition:

A

dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes.

135
Q

Market segment definition:

A

a group of consumers who respond in a similar way to a given set of marketing efforts

136
Q

Market targeting definition:

A

the process of evaluating each market’s segment’s attractiveness and selecting one or more segments to enter

137
Q

Market positioning definition:

A

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

138
Q

Positioning strategies:

A
  1. by specific product features
  2. by benefits, needs or problem solutions
  3. for specific usage occasions
  4. for a user category
  5. Against other product(s)
139
Q

Positioning Process steps:

A
  1. Develop product positioning based on key
    differentiators
  2. validate with customers and channels
  3. refine positioning based on research results
140
Q

Positioning Templates:

A
  1. brand positioning
  2. category positioning
  3. target positioning
141
Q

Repositioning Strategies:

A
  1. change product communication to
    communicate the new product to same market
  2. change target market - deliver same product
  3. change both product - attributes and target market
142
Q

Commercialization def:

A

Process of introducing a new product into the market

143
Q

Commercialization phases:

A

2nd half of the PDLC:
1. Launch
2. Deliver
3. Retire

144
Q

Product Life Cycle Stages:

A
  1. Introduction
  2. Growth
  3. Maturity
  4. Decline
145
Q

Introduction:

A
  1. Market Obj: Gain awareness
  2. Competition: none
  3. Price: skimming or penetration
  4. Promotion: inform/educate
  5. Place (distrib): limited
146
Q

Growth:

A
  1. Market obj: Stress differentiation
  2. Competition: growing
  3. Price: gain share, deal
  4. Promotion: stress competitive differences
  5. Place (distrib): More outlets
147
Q

Maturity:

A
  1. Marketing obj: Maintain brand loyalty
  2. Competition: many
  3. Price: defend share, profit
  4. Promotion: reminder
  5. Place (distrib): Maximum outlets
148
Q

Decline:

A
  1. Marketing obj: Harvest & deletion
  2. Competition: reduced
  3. Price: stay profitable
  4. Promotion: minimal
  5. Place (distrib): fewer outlets
149
Q

Launch Types:

A
  1. Soft - Product may not be fully ready, may be deployed to a limited set of customers, capture some revenue and get additional funding.
  2. Minimal - Consider when funding and resources are limited. Good for minor revisions. Can be effective if using resources wisely.
  3. Full Scale - Maximize awareness, generate as many leads and sales as possible. Let industry know who your company is and why it matters.
150
Q

Beta Test Def:

A

Formal, structured, controlled activity to determine market readiness of a new product or feature. External user acceptance testing. Released to a limited audience. Ideally 4 to 6 weeks long.

151
Q

Supply Chain Def:

A

Management of the facilities, functions, and activities involved in producing and delivering a product or service, from suppliers to customers.

152
Q

GE-McKinsey Matrix Def:

A

A visual tool to help portfolio managers to determine resource allocation for multi-business portfolios. It looks at two factors - competitive strength of a BU and the attractiveness of the market in which it operates.

153
Q

Product Line Def:

A

A group of closely related products with similar attributes or target market

154
Q

Product Line Stretching:

A

Expanding the product line so that each line has a unique position the market; can be up or down. (EX - BMW 1 series, 3 series, 5 series)

155
Q

Product Line Fill:

A

Adding variety in each product line to meet unique interest of customers (Ex - BMW Series 1 with coupe, convertible, sedan)

156
Q

Porter’s Competitive Forces:

A
  1. Bargaining power of customers
  2. Bargaining power of suppliers
  3. Threat of new entrants
  4. Threat of substitute products
  5. Level of competition in the industry
157
Q

Product Manager Def:

A

Investigate, select, and drive the development of products for an organization, performing the activities of product management.

158
Q

Product Marketing Manager Def:

A

Act as a voice of the customer to the rest of the product team and company.

159
Q

Business Model Def:

A

Framework that describes the rationale of how an organization creates, delivers, and captures value.

160
Q

Porter’s Value Chain Model primary activities:

A
  1. Inbound logistics
  2. operations
  3. outbound logistics
  4. marketing & sales
  5. service
161
Q

PMF Phases & Gates Count:

A

The PMF consists of 7 phases and 6 gates

162
Q

Levels of a product:

A
  1. Core - Good or service that brings benefit to customer
  2. Actual - Tangible product that includes appearance - design, brand, packaging, quality, functionality
  3. Extended - The tangible product along with the cluster of services that accompany it - payment terms, delivery, warranty, maintenance & care, on site service, education/training
163
Q

What is the #1 reason for new product failure?

A

Weak value proposition and/or differentiation

164
Q

What are other reasons for new product failure?

A
  1. Insufficient up-front homework
  2. lack of customer input
  3. scope creep
  4. functional silos
  5. lack of focus
  6. lack of competency
165
Q

Best to __ and on __ drives product success

A

Best to market, on time

166
Q

What drives on-time launch?

A

Cross-functional teams

167
Q

What drives profitibility?

A

Unique, superior product quality

168
Q

What are the 7 keys to successful product management?

A
  1. Customer focus
  2. Front-end loaded
  3. Positioning
  4. Product strategy & RM
  5. CFT
  6. Investment mind-set
  7. Metrics, accountability, and continuous improvement
169
Q

What is a product manager typically more focused on?

A

Marketing-focused and externally facing

170
Q

What is a product owner typically more focused on?

A

Engineering focused and internally facing

171
Q

How do a Project Manager and Product Manager role differ?

A

A project manager should manage work. A product manager should manage assets.

172
Q

What is the best measure of progress for software products?

A

Working software

173
Q

What is the one important thing sprint retros can be used for?

A

Coming back to story point estimates and looking at how to improve forecasting for future sprints

174
Q

What are the responsibilities of the Product Owner?

A
  1. To be product/technology facing
  2. To be collocated & typically reports to development/technology
  3. Focuses on product and implementation technology
  4. Collaborates with Product Managers
  5. Owns the implementation
  6. Drives the iteration
175
Q

Market Share Def:

A

The portion of a market controlled by a particular company or product.

176
Q

Market Growth Def:

A

How fast new customers are coming into a particular market.

177
Q

Question mark product example:

A

Google Play

178
Q

Star product example:

A

Youtube

179
Q

Cash cow product example:

A

Google Search

180
Q

Dog product example:

A

Orkut (Google Social network)

181
Q

End use segmentation:

A

Segmentation on the basis of the precise way in which the business purchaser is going to use the product

182
Q

One method of practically dealing with the gates and the screening process, and a method applied at P&G is to develop ___.

A

Specific success criteria relevant to each gate

183
Q

What does the Technology Adoption Lifecycle help us to see?

A

The mindset of people you want to adopt the product.

184
Q

What is an alternate?

A

An alternate is not your product or solution, but another way that the customer or market’s pain points are resolved (ex: you don’t buy a drill, you buy a way to make a hole)

185
Q

What questions does Voice of Customer answer?

A
  1. What are the customers using this product for?
  2. What problem is it solving for them?
186
Q

The problem definition leads to the ___

A

value proposition

187
Q

Define a market:

A

A set of actual or potential customers for a given set of products or services who have a common set of needs or wants.

188
Q

What is vision?

A

How the world will be a better place when your product is in use, change you want to make in the world

189
Q

What is strategy?

A

Integrated set of choices that uniquely positions the firm in its industry so as to create sustainable advantage and superior value relative to the competition

190
Q

Goal/OKR (operating key results)

A

Measurable milestones that will help you know if you’re on track to meet your objectives

191
Q

Tactic

A

Specific activity to be performed in support of a strategy

192
Q

SMART goals:

A
  1. Specific
  2. Measurable
  3. Achievable
  4. Relevant
  5. Time-boxed
193
Q

Non-functional requirements:

A
  1. Scalability
  2. Security
  3. Availability
  4. Cost of ownership
  5. Performance
  6. Quality
  7. Durability
194
Q

What are types of metrics?

A
  1. Leading & Lagging
  2. Customer metrics
  3. Product metrics
  4. Process metrics
195
Q

What is a leading indicator?

A

Feature-level metric, predictor of whether or not you are on track to meeting your goal

196
Q

What is a lagging indicator?

A

Business metric (OKR, revenue)

197
Q

Durable good:

A

Physical good used over extended time (car, fridge)

198
Q

Nondurable good:

A

Consumable products that are short-lived like food and clothing

199
Q

What type of good are services?

A

Rented-goods

200
Q

Rented goods services examples:

A
  1. hotel room
  2. leasing a car
  3. office space
  4. rented wedding items (tux, dress)
201
Q

Owned-goods services examples:

A
  1. Auto or computer repair
  2. Lawn care
  3. Home care
202
Q

Non-good services examples:

A
  1. Financial
  2. Life coach
  3. Tutor
  4. Legal and accounting
203
Q

Planned obsolescence def:

A

A company decreases the quality of a product so it will wear out physically within a reasonably short period of time.

204
Q

Types of packaging:

A

Primary (bag)
Secondary (box - immediate layer)
Tertiary (boxes within a box)

205
Q

Labeling a service:

A

Data sheet
Contract

206
Q

Category extension:

A

Using an existing brand to introduce a new product (ex - apparel at Harley Davidson)

207
Q

Product line extensions are introduce in the:

A

maturity phase

208
Q

BCG Growth Share Matrix Strategies:

A
  1. Hold - cash cow provides steady cash flow, high market share, low growth rate (provides continued strong cash flow)
  2. Build - question marks which require investments, low market share, high market growth rate (requires investment
  3. Harvest - generate short term cash from weak products (generate short term cash)
  4. Divest - get rid of product to allow resources to be used elsewhere (change the capital)
209
Q

4 Cs of connectedness (buyers perspective)

A
  1. Customer solution
  2. Customer cost
  3. Convenience
  4. Communication
210
Q

Customer Service Engagement Models:

A
  1. High touch
    a. Dedicated customer success manager
    b. Personalized customer onboarding
    c. Personal strategy meetings and 1:1 meetings
    d. New feature walkthroughs
    – Increased customer satisfaction
    – Lower churn rate
  2. Low touch
    a. Front line support (phone, email, chat)
    b. Automated product emails and updates
    c. Knowledge bases, tutorials, chatbots
    – Cost effective
    – Scalable
    – Works well for simpler products

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