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PM Interview > PM Interview Deck > Flashcards

PM Interview Deck Flashcards

1
Q

AAERR Framework for Metrics

A 
Acquisition
Activation
Engagement
Retention
Revenue
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2
Q

__% of new users stop using the average app just __ days after downloading it

A

80% of new users stop using the average app just three days after downloading it.

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3
Q

N-Day Retention

A

The proportion of users who come back on the ‘Nth’ day after first use.

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4
Q

Retention Curve

A

A line graph depicting the average % of active users retained at each day within a specified timeframe.

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5
Q

Most Important Metric for a “Two-Sided Marketplace?” and why? and give some company examples.

A

Supply-Side Capacity. Uber for example, the SSC is the # of drivers. Airbnb -> # of apartment rentals.

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6
Q

Most Important Metric for a “Mobile App?” and why? and give some company examples.

A

Growth in Ad Revenue. For most mobile apps, that’s the most important metric. Some reasons include: revenues will matter eventually, whether the company is large or small. Growth also matters for both large and small companies. Shareholder value will not appreciate without growth. Compared to mobile app purchases, advertising is the preferred and dominant method for generating mobile app revenue.

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7
Q

What are the main ways mobile apps generate revenue? (4)

A

advertising, app purchases, subscription fees, and in-app purchases.

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8
Q

Most Important Metric for a “eCommerce?” and why? and give some company examples.

A

1 is Gross Merchandising Volume = total value of merchandise sold over a given period of time through a customer to customer exchange site. Others are Conversion Rate, Site Traffic, Margins, Average order size, shopping cart abandonment

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9
Q

API. What does it stand for? And what is it?

A

Application Programming Interface. APIs are the most basic core functionality you need to enable other developers to work with your service. APIs are a way for other companies to interact with the functionality that you have. While the core functionality is going to be user facing, APIs are developer facing and partner facing

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10
Q

What are 3 business objectives that APIs can help companies achieve

A
  1. Provide functionality to customers that you can’t provide yourself
  2. Gain access to new customers
  3. Build your brand through partnerships
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11
Q

What are the 6 steps in an Product Design Interview Answer framework?

A
  1. Clarify Goals / Constraints
  2. Personas / Use Cases
  3. Problems
  4. Features / Solutions
  5. Evaluate Tradeoffs
  6. Summarize
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12
Q

In a prioritization framework for features/solutions, what are 3 criteria to consider?

A
  1. Revenue
  2. Customer Satisfaction
  3. Ease of Implementation
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13
Q

What are the 4 ways to look at pricing a product?

A
  1. Cost-Based Pricing
  2. Value-Based Pricing
  3. Competitive Pricing
  4. Experimental Pricing
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14
Q

What is Cost-Based Pricing? Pros and Cons? What does it give you in an interview?

A

Examine the costs of your product and then set your price a little higher than that. This can be the basis for a “razor and razor blade” strategy, where you sell the product at or below cost and make profits in the future.
The cost sets a lower bound on pricing.

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15
Q

What is Value-Based Pricing? Pros and Cons? What does it give you in an interview?

A

Look at the Customer’s willingness to pay? We can determine this by looking at what they are willing to pay for the next best alternative, so… If customer didn’t have product, what would they do instead? What alternative product would they buy? This CAN be an upper bound.

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16
Q

What is Competitive Pricing? Pros and Cons? What does it give you in an interview?

A

You just look at competitors prices. This can also be an upper bound. But strategy to price a bit lower than competition is not necessarily a good thing. It can signal lower quality to customers and might start a price war.

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17
Q

What is Experimental Pricing? Pros and Cons? What does it give you in an interview?

A

Price by experimenting with different prices and then correlate price with sales volume. Cons include: Inconsistent pricing can frustrate or anger customers.

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18
Q

What are 7 different pricing models?

A 
Free, Ad-Supported
Freemium:
Tiered:
A La Carte
Subscriptions
Free Trial
Razor Blade Model
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19
Q

What are the 4 P’s of Marketing a Product? Define them

A

Product - Develop new product ideas using the CIRCLES method.
Price - Use breakeven analysis for existing products, and the pricing meter for new products.
Promotion - Match promotional tactics with your strategies.
Place - Choose the distribution channels that best meets the business goals.

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20
Q

What are 3 reasons that companies might make an acquisition?

A

Employees/Company
Product
Users

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21
Q

What is the 5 Cs framework used for? And what does each C stand for?

A

The framework is used for situational analysis; determine WHY a company made a certain decision.

Company
Competitors
Customers
Collaborators
Climate
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22
Q

What are some metrics (questions to ask) for User Acquisition?

A
  1. How many users do we have?
  2. How (and why) has the user base grown overtime?
  3. How many active users are there? How do we define what an active user is?
  4. Where are users coming from? Are they referring their friends?
  5. Which channels are the most effective in getting users?
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23
Q

What are some metrics (questions to ask) for Activity?

A
  1. How many users are using feature X?
  2. What % have completed a particular workflow?
  3. What are people saying about the product? Do they love it? Can you measure that?
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24
Q

What are some metrics (questions to ask) for Conversion & Retention?

A
  1. What is the conversion rate (free to paid, visiting to signing up, etc.)?
  2. What is the churn rate?
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25
Q

What are some metrics (questions to ask) for Money (Revenue)?

A
  1. What is the customer acquisition cost?
  2. How much does supporting a customer cost?
  3. How much money does each user bring in (avg revenue per user)?
  4. What is the lifetime value of a customer?
  5. What is our revenue growth rate?
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26
Q

What are 5 ways you could gather data for metrics?

A
  1. Usability Testing
  2. Customer Feedback
  3. Traffic Analysis
  4. Internal Logs
  5. A/B Testing
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27
Q

Strategy: What are 6 potential strategies for decisions?

A
  1. Diversifying revenue sources
  2. Building barriers to entry
  3. Being the “One-Stop Shop for _____”
  4. Being the Low-Cost Leader
  5. Reducing reliance on a Key Buyer or Supplier
  6. Testing a new market
28
Q

Falling Profit can result from….?

A
  1. Decline in revenue

2. increase in costs

29
Q

Falling revenue can result from….?

A
  1. decrease in sales volume

2. decrease in price

30
Q

Falling sales volume can result from….?

A
  1. decline in new customers coming in

2. lower retention / purchases from existing customers

31
Q

Declining new customers can result from…..?

A
  1. decline in traffic

2. decline in conversion rate

32
Q

Increase in costs can result from…?

A
  1. marginal costs

2. fixed costs

33
Q

Decline in traffic can result from…?

A
  1. decline in the # of new visitors
  2. decline in the # of returning visitors
  3. decline in the engagement for either of those types of visitors
34
Q

Decline in new visitors can result from…?

A
  1. decline in search traffic
  2. decline in referral traffic
  3. decline in direct traffic.
35
Q

3 Design Principles for assessing a product.

A
  1. Useful?
  2. Easy to use?
  3. Easy to understand?
  4. *Innovative
36
Q

Revenue = ?

A

Revenue = Price * Quantity

37
Q

Cost = ?

A

Cost = fixed cost + (variable cost * quantity)

38
Q

CPC?

A

Cost-Per-Click = Pay-Per-Click model: An advertiser pays only when the person clicks on their ad. Ex: If ad is shown 1000 times and is clicked twice, advertiser pays for only those two clicks.

39
Q

CPM?

A

Cost-Per-Mille = Cost per 1000 ad impressions. Can pay for the clicks OR impressions here.

40
Q

Support Metrics? (ex: dropbox)

A
  • # of tickets per x weeks
  • time to resolution
  • Support customer satisfaction
  • tickets handled per support member
  • first / avg response time
  • Requests that are about the same issue, ranked by frequency.
  • Resolved vs unresolved tix
41
Q

What could be factors of a decrease in Ad Revenue?

A

CPC, CPM, or CTR

42
Q

Why could CTR be down?

A
  1. Client-Side suppression -> ad blockers
  2. Ad inventory may have changed -> higher percentage of less clicky ads than before.
  3. User behavior may have changed -> Users are getting smarter about not clicking ads.
  4. Ad layout, size, or placement may have changed
43
Q

DAUs / WAUs / MAUs

A

The total # of users that engage in some way with a product in a given time (day, week, month). It can be a measure of growth or engagement. VERY important to correctly define what it means to be “Active”.

44
Q

What are traffic sources for mobile apps?

A
  1. Organic results (app stores),
  2. Online Ads,
  3. Social Media,
  4. PR.
45
Q

Why would YOU be a good PM?

A
  1. I’ve always loved building for other people.
  2. I’m passionate about teaching and public speaking.
  3. My current and past jobs already encompass pieces of Product Mgmt
46
Q

Why do you want to be a PM?

A
  1. I want to help create awesome products that solves problems and people love
  2. Work end-to-end with cross-functional teams.
  3. I’m passionate about teaching and communication. And I believe that caring about relationships and effective communication can be valuable traits for a PM role.
47
Q

What are the 4 primary drivers for total ad revenue?

A
  1. # of ads shown
  2. revenue per ad.
  3. # of visitors
  4. # of pages visited per user (level of engagement per user)
48
Q

Why would time on site go down?

A
  1. Seasonality
  2. Bug
  3. Competitor
  4. UI Change
  5. Sign-ups stopped.
  6. Churn
49
Q

Potential reasons for decreased CTR?

A
  1. Client-side suppression of ads, with the user of ad blockers
  2. Ad inventory may have changed. (higher % of less clicky ads)
  3. User behavior may have changed. Users are getting smarter about not clicking ads.
  4. Ad layout or placement may have changed. (smaller size of ad or placement at bottom)
50
Q

What are ways to increase ad revenue?

A
  1. Get more advertisers (This increases supply and competition, pushing up bid prices)
  2. Get existing advertisers to advertise more.
  3. Increase ad quality. (increases likelihood that users will click on ad)
  4. Improve landing page experience (this can improve conversion rates.)
51
Q

Explain 3 traffic sources: Search, Direct, and Referral.

A
  1. Search - Are we indexed correctly on Google other search engines?
  2. Direct - Is there something up with the website?
  3. Referral - Is there something wrong with our ads on different sources?
52
Q

What are 3 of Google’s biggest challenges?

A

Type = Demand / Supply.

  1. Mobile Ads = Low monetization / Limited inventory
  2. Social Networks = Spare target data / Don’t own the leading social network.
  3. Mobile Phones = Brand / Vertical Integration
53
Q

Key characteristics of a PM

A
  1. A PM takes holistic responsibility for the product, from the little details to the big picture
  2. A PM does not have direct authority over the people on their team.
  3. A PM sits at the intersection of technology, business, and design.
  4. A PM is an advocate for the customer.
54
Q

Functions of a PM

A
  1. Research & Planning
  2. Design
  3. Implement & Test
  4. Releases
55
Q

How do you size a market?

A
  1. Define target customer
  2. Est. # of target customers.
  3. Est. penetration
  4. Avg. value
56
Q

How do you select a target market?

A
  • Size of segment
  • Expected growth of segment
  • Intensity of competitive position
  • Cost of reaching the segment
  • Compatibility with the organization’s objectives and resource
57
Q

3 metrics for measuring purchase behavior after a change.

A
  1. Sales
    before and after
  2. Click-through rate before and after (it tells me how intuitive the UI is for the user, as well as if there is a bug at a certain point, causing a dropoff in the CTR)
  3. Visits to the help page/FAQ
58
Q

How do you scale-up a business technically?

A

Administrative scalability
: Increasing # users

Functional scalability:
Adding new functionality

Load scalability:
Ease of adding/removing components to accommodate changing load.

Geographic scalability: Maintaining performance when expanding to a more distributed geography

59
Q

How do you measure customer satisfaction?

A

1) Customer feedback
2) Surveys
3) Returns
4) Loyalty

60
Q

Pick a new business at Amazon. What would you do?

A

1) Real Estate 1 trillion
2) Automobiles: 200B Commodity, delivery, price competitive

2) Games
: App Store=6Bill, Google=2.5Bill, iPad 40% Amazon 4%. Tablets are the new game platform. China 90% rev. is games.

61
Q

What is Amazon’s business model?

A

Web services and ecommerce platform offering Earth’s biggest selection and the world’s best customer experience

62
Q

What are the 3 parts to framework for marketing plans and campaigns?

A
  1. Goals - State the overall objective and intermediate marketing objectives that contribute to it.
  2. STP (Segment, Target, Positioning)
  3. 4P’s
63
Q

Define the STP portion of the marketing framework.

A
  1. Segment - Group buyers by attributes to identify customers that would benefit from the product.
  2. Targeting - Choose segments that would appreciate and seek out the product’s benefits.
  3. Positioning - Create a product image for customer segments through the 4P’s.
64
Q

What are Porter’s 5 forces?

A
  1. Threat of new entrants
  2. Threat of substitutes
  3. Bargaining power of buyers
  4. Bargaining power of suppliers
  5. Industry rivalry
65
Q

What is the Razor-and-Razorblade Strategy?

A

A popular business strategy where a business sells the platform, such as a razor, at cost or less. Then the business sells complementary products, such as razorblades, at a substantial profit, offsetting the reduced profit from selling the platform.

66
Q

What is a SWOT analysis? What is it used for?

Define the terms:

A

A structured planning method to evaluate the strategic elements of a business, industry, or product to find its competitive advantage.

  1. Strengths - Attributes that provide an adv. over other competitors.
  2. Weaknesses - “” “” “” “” disadv. relative to other competitors.
  3. Opportunities - Elements that can be utilized to maximize advantages or trends.
  4. Threats - Elements in the environment that can be an obstacle or risk to your business or product.
67
Q

In what ways can you segment a customer group?

A
  1. Demographics:
    Age, Gender, Education.
  2. Behavioral:
    Why did they buy? What do they want? How often do they use?
  3. Psychographic:
    Lifestyle, Income, Opinions, Hobbies, Interests.
  4. Geographic:

PM Interview (1 decks)

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