product 2022 Flashcards
1
Q
True or False?
PM duties might include project management, UX prototyping, and even getting coffee for your team.
A
true
2
Q
The main goal of a PM is
A
Helping the customer be awesome
3
Q
Being able to code is useful for a PM because
A
All of these reasons. (answer)
You need to be able to speak technobabble and work with engineers
You know how to think in top-design design, bottom-up implementation
You have an intuition about what’s reasonable/not reasonable to do technically in the product
4
Q
The Product Triangle …
A
Helps to vision product as the intersection of design, development, and marketing
5
Q
The Product Development Lifecycle generally follows the sequence of…
A
Identify, plan, design, develop, launch, assess, repeat
6
Q
A persona is
A
a general description of traits that represent one category of customer
7
Q
True or False?
Facebook and Instagram have many of the same customers, but their internal personas—how they segment the customers and what they care about—are different.
A
true
8
Q
The description of a persona should include
A
Their relevant characteristics and behaviors.
Lifestyle psychographics.
All of these answers. (answer)
Behavioral attributes such as usage patterns.
9
Q
True or False?
It’s possible to have a persona that is everyone.
A
false
10
Q
Importantly in use cases you want to
A
potentially enable more people to accomplish those use cases.
All of these answers. (answer)
make product decisions to make key use cases easier for your customers.
potentially expand the key use cases your product enables.
11
Q
True or false?
Product Managers need to be user informed
A
true
12
Q
When it comes to DIY (do it yourself) user research there are several biases. How is it possible to overcome them?
A
Captivate your subject and find people who will actually have a stake in your product
13
Q
True or false?
User Stories are an effective description of a feature through the eyes of a user.
A
true
14
Q
Some key benefits of User Stories in Agile are…
A
They help the teams to manage workflow and encourage collaborative, creative thinking
15
Q
JBTD stands for Jobs to Be Done and it refers to …
A
All of these answers (answer)
A principle in which customers pick goods and services to complete a certain task
A process of getting rid of people
A framework which intends to go beyond what customers are doing to focus on their actual goals
16
Q
Michael Porter’s Five Forces of Competitiveness include
A
Suppliers, Buyers, Potential Entrants, Substitutes, Industry Competitors.
17
Q
Customer Acquisition Cost (CAC) is
A
The total money spent on marketing divided by the total number of acquired consumers over a period of time.
18
Q
When analyzing competitors in your industry it’s quite common to see multiple strategies being deployed concurrently with a focus on
A
Cost Leadership, Differentiation and Focus.
19
Q
Primary Activities in a company’s value chain include
A
Sourcing, Production, Distribution, Marketing and Sales, Customer Support.
20
Q
Support Activities that deliver value to customers include
A
Procurement, Technology Development, Human Resource Management, Firm Infrastructure.
21
Q
A simple way to assess margin is
A
Value Captured – Cost of Creating that Value
22
Q
Some indicators to determine if the product you’re building has staying power include that technological change
A
Lowers cost
Enhances differentiation
Gives first-mover advantages
Improves industry structure
23
Q
Customers in a Blue Ocean Strategy are defined as
A
Soon-to-be, Refusing, Unexplored
24
Q
A strategic sequence of questions to assess any blind spots in your idea include questions on
A
Buyer Utility, Price, Cost, Adoption
25
A strategic sequence of questions to assess any blind spots in your idea include questions on
Buyer Utility, Price, Cost, Adoption
26
What is customer development?
It’s a way to see if your customers have a need for your product.
All of these answers. (answer)
It’s an interview/conversation with customers.
It’s a way to validate if your customers are the right target customers.
27
Which of the following are BAD ideas for customer development?
User testing for any designs.
A chance for customers to give you a wish list.
All of these answers. (answer)
A focus group to get ideas/product vision.
28
True or False?
Customer development starts with a shift in mindset. Instead of assuming that your ideas and intuitions are correct and embarking on product development, you will be actively trying to poke holes in your ideas, prove yourself wrong, and invalidate your hypotheses.
True
29
True or False?
Affinity diagrams are used to create demographic segments.
False
30
True or False?
When starting out a Customer Development practice, you are looking for the average potential customers to explore the broadest reach.
False
31
Blue sky opportunities are
Building something totally new.
32
Iteration is
Refining and perfecting a product and making it into something people love.
33
True or false?
In gathering data, people are generally reliable at self-reporting
false
34
A sanity check for your data should include
All of these answers. (answer)
Ensure you’re tracking the right metrics.
Ensure the labels are consistent & they’re being reported correctly across all platforms/use cases.
Make sure your tool is working as expected.
35
The AARRR metrics funnel is comprised of
Acquisition
Activation
Retention
Referral
Revenue
36
The Hook model is a 4-phase behavioral model that can help you get people using a feature more and focuses on
Trigger, Action, Reward, Investment
37
Qualitative methods to find an Opportunity Hypothesis include
Known issues.
38
The Kano Model consists of
Missing features, action priorities, basic features, satisfiers.
39
A Business Model Canvas is a high-level way to look at a business and customers to help you frame your thinking in terms of
Customer Relationships, Key Resources, Key Activities.
All of these answers. (answer)
Key Partnerships, Cost Structure, Revenue Streams.
Customer Segments, Value Propositions, Channels.
40
True or false?
Using your intuition is a valid method to find an opportunity hypothesis.
true
41
The milestones for a product market fit strategy are in order composed of
Launch - PMF - Growth - Expansion
42
The main focus of healthy, sustainable growth in the right areas is
Creating real value for users.
43
The 4 Step PMF Framework is composed of
Define core product value - Quantify core value - Create thresholds - Roadmap/features to hit thresholds
44
The questions to ask to discover a commercially viable opportunity are in sequence about:
Buyer utility - Price - Cost - Adoption
45
What is Customer Development?
A way to validate if the person you think is truly the right customer and seeing if you’re on the right path for them with your product
46
True or false?
For iterations big or small you need to go do interviews with real customers.
False
47
Internal validation question can include
Can we design it so that the cost is less than the benefit?
48
True or False?
You should do internal validation first since it’s fast, and it will let you filter out ideas.
true
49
True or False?
You can’t do an A/B test with everything because sometimes you end up having to build the entire feature/product to conduct the test.
True
50
We can use the Kano Model to gauge how critical a feature is because it focuses on
unknown
51
True or False?
It is feasible to figure out a value/cost score for each opportunity and focus on the highest-scoring opportunities first.
True
52
Writing a press release ________ product development forces you to explicitly write down your target market, the problem you’re addressing, how you’re solving it, and the key features of the solution.
Before you start
53
A PRD needs to include:
Links to the latest design mockups
Updates on key decisions
All of these items (answer)
Feature/scope changes
54
True or False?
It’s a bad idea to use Storytelling in User Scenarios in the PRD.
True
55
Simple storytelling only needs to include
Setup, Complication, Resolution
56
You should share the first draft of a PRD to get feedback from
The design lead
Your colleagues
All of these answers (answer)
Your boss
57
When you’re first sharing the project with the team or the company it’s best to...
Prepare a presentation
58
The simplest MVP is
A pre-order
59
A Wizard of Oz MVP
Is where you make the process look automated even though you’re doing it manually.
60
True or False?
Pre-order, Concierge, Wizard of Oz, and Fake Door MVPs can all be scaled.
False
61
True or False?
The single most important part of your product, the one that delivers the real value for your customers, is the starting point to define the MVP.
True
62
True or False?
The delighters as identified on the Kano Model should not be considered in an MVP.
False
63
A typical design sprint process consists of
Some preparation and then 1 focused goal for each of 4 days, with the final day being devoted to user testing.
64
True or false?
The results of the design sprint process should not be shared with users outside of the design group, as they will not fully understand the context.
False
65
True or False?
In UX, we should take into account every possibility of every action the user is likely to take and understanding the user’s expectation at every step of the way.
True
66
There are two key ways to think about design:
Approach 1: The Customer Adapts
Approach 2: User-Centered Design
67
True or false?
It’s fair to say that the PM is like the US President and the Lead Designer is like Secretary in the cabinet.
True
68
A team of designers will typically include
Lead designer
User researcher
Information architecture (IA) designer
Interaction designer
All of these answers (Answer)
Prototyping expert
Visual designer
Usability tester
69
The PM's role in the design process is
to make sure the product requirements are being successfully solved by the designs the design team creates and to ensure that they are designs engineering can deliver.
70
Which of the following is NOT part of the PM’s role day to day?
Provide regular expert opinions on design and engineering.
71
Which of the following is NOT one of designer Dieter Rams’ 10 principles of good design?
Good design makes a product stand out
72
Visual design is more than just making the app look pretty. It should also consider
Emotions
Brand messaging
Usability
All of these answers (answer)
73
Software Design Patterns include
Creational, Structural, and Behavioral
74
API Design Process follows the sequence of
Objective
Model
Prototype
Learn
Iterate
75
True or False?
You should treat working with engineers as an educational experience for yourself.
true
76
True or False?
Engineers are the most important stakeholders, as they do the brunt of the work.
false
77
The stages of the Waterfall development method are
Analysis, Design, Development, Implementation, Evaluation
78
The characteristics of Agile development include
Responding to change over following a plan
Customer collaboration over contract negotiation
Working software over comprehensive documentation
All of these answers (answer)
79
Which developmental methodology is this?
A breadth-first approach where each sprint or cycle will (ideally) produce a usable piece of software. Sprints/cycles are usually focused on getting to a very minimal but functional app initially and then adding features as-needed to each section.
Agile
80
True or False?
Agile workflows tend to reduce demands on the PM.
False
81
In which methodology is the following true?
The product owner is the keeper of the product vision. This vision encompasses who the product is being built for, why they need it, and how they will use it.
scrum
82
True or False?
APIs can be described as a “contract” between the client and the server, such that if the client makes a request in a specific format, it will always get a response in a specific format or initiate a defined action.
True
83
Once you’ve identified the data you’d like to provide to customers, you should build a __________ model that fits the purpose.
monetization
84
MVC stands for
Model, View, Controller
85
The goals of MVC are
Code reuse
Both of these answers (answer)
Continuous and dynamic app development
86
Building a logistics management application that support an array of shipping methods (ie. ground, air, sea) is a business example of
Model
87
True or False?
Using Kanban immediately makes the role of PM easier.
False
88
A typical Kanban task board for development has columns for
what’s up next (to-do), in progress, ready to be tested/verified, done
89
True or false?
With remote dev teams, there has to be non-stop communication and constant availability.
False
90
For requirements, goals, decisions, and the definition of “done” for the project, it’s best to
Over-communicate, receive feedback from the team, and document it in writing
91
When working with development agencies, best practice is to treat them like
An internal team
92
In communication frequency and format,
Understand how the team likes to work, and use a preferred method.
93
True or false?
Leading good product teams involves all of the following:
effective communication, giving feedback, having team meetings and mediating in conflict
True
94
In communicating outcomes, the benefits of an outcome-centric approach are:
It is more flexible, providing clear and motivational goals and it is customer focused
95
Why should PMs care about motivation?
Motivating others makes the job more fulfilling
As leaders, it is part of the PM’s job to take care of motivation
All of the answers are true (answer)
A motivated team has higher performance, retention and better product quality
96
True or false?
There are nine drivers of motivation. Some of them are positive but there are also negative drivers
True
97
Storytelling is important because
It is the long term communication for your brand and your association with customers
98
When speaking about team identity, One-on-One meetings are key to:
Understanding setbacks with the proper evidence, to listen and to stay up-to-date but also to help individual relationships
99
When considering the structure of your segments you must first understand the following:
All of these answers (answer)
Are they willing to pay for different aspects of your product?
Will their needs require, justify a distinct offer to bring to market?
Are my customers reached by different distribution channels?
100
The following are indicative but not limited to the types of customer you’ll need to serve:
Mass Market, Niche Market, Segmented, Diversified, Multi-sided platform
101
True or False?
To better assess the concerns and desires of customers so you can build better products, it’s good to know what a customer feels, thinks, hears, says, and does.
True
102
There are 4 main archetypes that customers are typically classified into:
Curator, Broadcaster, Tastemaker, Celebrity
103
True or False?
PMMs (product marketing managers) are often called “outbound” and PMs “inbound.”
True
104
True or False?
It’s important to maintain one standard type of customer relationship to provide the best customer service in the long run.
False
105
A product launch owner is __________ the PM.
sometimes
106
A launch tracker should contain...
action items, caution items, key decisions
107
Marketing sometimes uses the 4Ps frame to comprehensively look at a launch. The 4Ps are
Product, Price, Place, Promotion
108
The downside of earned media is that
You can’t control it.
109
Pricing...
Is derived from a combination of different pricing methodologies
Can be used to create different prices to fully monetize segments
All answers are correct (answer)
Can be adjusted for the value that you are delivering
110
What is monetization?
Figuring out how much you should charge for your product and who you should be charging for it.
111
Why are B2C monetizing strategies useful?
They provide more engagement to the user so that they spend more time on your service. You need to create a fan-base.
112
The customer profile on a Value Proposition Canvas highlights
Jobs, pains, and gains
113
True or False?
Customer jobs can refer to the work they are trying to get done, needs that they are trying to satisfy, or challenges that they are trying to overcome.
True
114
The types of customer jobs to be considered are:
Functional, Social, Personal/Emotional
115
The three roles that contribute to customers supporting jobs:
Buyer, Co-creator, Transferer
116
When looking at customer pains, we should consider
Obstacles, risks, pain severity
117
When looking at customer gains, we should consider
Required, expected, desired and unexpected gains
118
In customer relationships, you should consider
All of these answers (answer)
what each segment expects.
how costly they are.
how you expect to maintain them.
119
Messaging is about explaining your product’s
value to the customer, explaining why they should care and what problems your product solves.
120
You can expand personas to cover marketing-related information to
Answer what it looks like for a customer’s life when they achieve whatever goal they set out to do with your product.
121
What is the ideal first step in crafting a message to customers?
List what’s fresh and new
122
What's the best definition for Product-Led Growth (PLG)?
PLG is a go-to-market strategy that places the product as the primary vehicle to acquire, activate, retain and expand customers.
123
True or False?
It’s important to celebrate when you’ve finally shipped a few successful iterations and as PM you should take responsibility for organizing something.
True
124
True or False?
In the team retrospective, it’s important to call out areas of improvement and those responsible for those action points so that everyone is clear for the next iteration.
False
125
Data sources to look at when planning next iterations should include:
Metrics, automatic crash reporting, customer support, forums/reviews, UserVoice
126
You basically have three choices for iteration:
Move on to a new project, iterate, or kill/sunset/end-of-life the product.
127
You should consider iteration when
You believe you can reach your goals.
You’re not yet at your goals.
All of these answers. (answer)
Hitting your goals is a business priority.
128
The driving principle for the retrospective is that
a team can always do better and should always be looking for ways to improve.
129
A retrospective should not take more than
2 hours
130
A successful retrospective will
generate outcomes that have quantifiable actions.
131
To run a sprint retrospective in 5 steps, consider:
Attendance and engagement, Sprint review, Discussion, Actionable commitments, Retrospective retrospective.
132
It’s important that there is a consensus among the team on the final actions. Your end result should be a list of ____#__ items, which the team agrees to work on, and will aim to achieve for the next sprint
5-10
133
Continuous Improvement (CI) is a simple structured process of working which contains three building blocks: people, process and technology.
people, process and technology.
134
Important KPIs of product managers should be clearly defined and include:
CSAT, NPS, average bug rate, MTTR
All of the answers are correct (answer)
Driving sustainable growth to your business and solve a real customer problem
Increasing customer acquisition, retention and revenue
135
True or False?
You always need a presentation to communicate product development to those outside of the team.
False
136
In thinking about the audience, we should consider
What are their pain points?
All of these answers. (answer)
What are their thoughts towards the topic?
How do they act about the topic?
137
Use the Universal Theory of 2&2 for presentations, which states
Don’t explain every conclusion: guide your audience to it.
138
You have _____ seconds to get people’s attention, otherwise they’ll tune out.
30
139
It’s best to have a maximum of
1 idea per slide
140
You should have a business viability criteria with a strategic sequence of questions to assess any blind spots in your idea before investing time into an idea that won’t be able to...
scale
141
The 5 Steps to product growth are composed in order of:
Set goal - Understand current product - Identify opportunity - Execute strategy - Measure success
142
True or false?
Product led growth is always a better option than paid marketing.
False
143
When you execute a product growth strategy with several opportunities, you should communicate with stakeholders
Everything
144
Key Takeaways
1
Product management requires knowledge of many inter related jobs and processes.
2
The PM's most important job is making the customer awesome.
3
Success is measured.
145
6 step product development lifecycle
1. Identify Opportunity
2. Set Goal
3. Plan
4. Develop / Build
5. Launch
6. Assess and Learn
146
JTBD
Jobs To Be Done (Framework}
147
NPS
Net Promoter Score
9-10 = promoter
7-8 = passive
0-6 = unhappy
148
Key Takeaways
1-Use a value chain mapping system to align owners of each part of the business.
2-Differentiate primary and secondary activities in Porter's value chain model.
3-Use Porter’s Value Chain Model to decouple strategic operations in order to understand the potential sources of differentiation.
4-Create a cost structure that gives a margin in the net return on investment.
149
Porter Value Chain Model // Primary activities
1. inbound logistics
2. operations
3. outbound logistics
4. marketing and sales
5. Service
150
Margin
Value Captures - cost of creating the value
151
Porter Value Chain Model // Secondary activities
1. Infrastructure
2.Human resource management
3. technology development
4. procurement
152
Value mapping
This is a way of aligning owners of each part of the business.
E.g. If there is a disruption in logistics, how will that affect distribution or marketing aspects?
Value mapping allows us to see the overall system put together.
153
Factors to consider for technology stack:
1-Velocity of product development
2-Scalability of the product
3- Flexibility
4-Cost of development and maintaining your product
5-Engineering team growth
6-The front and back end of web and mobile
154
Customer development answers the question "Will they buy it?"
Customer development is a hypothesis-driven approach to understanding your customer.
155
How to reach beyond your existing customers
Current market> Soon to be> refusing>unexplored
156
CJM
customer journey map
157
There are typically 6 steps to a CJM.
stage -Decide whether you are mapping the current state of a user or a target aspirational state that you would like them to reach.
actor -Define the main actor in your map. Is it a customer, employee, or stakeholder? It may be multiple, especially if you have a marketplace.
timeframe - Define the timeframe; is it over the course of a month, a week, a year?
depth- Define the perspective and level of depth.
touchpoint -A point of interaction and any agent or artifact of an organization
channel - A medium of interaction with customers or users.
158
Have a clear goal that ties back to the company/product/orgs top line or mission.
Communicate frequently to show progress.
Have 1 goal instead of 5.
159
PMF
Product Market Fit - product works for the customer.
Frame work
1.define core product value (what is it suppose to do?)
2. Quantify core value
3. create thresholds (benchmarks for metrics)
4. execution - ideas on how to meet goals/PMF (roadmap)
160
Business Model Canvas
piece of paper where you think about the business
Key partners
Key activities
Key resources
value propositions
customer relationships
channels (how do you sell, sales team, ads?)
customer segments
cost structure
revenue streams
161
Value Proposition Canvas
"product" value proposition = product and services, gain creators, pain relievers
"Customer" customer segment = Gains, pains, customer jobs
(picture of product and then customer and how they meet together
162
Kano Model
The Kano Model is
A way to think about what features we’re missing.
A way to start to prioritize what to do next/where to spend time.
chart with delights, higher investment and higher satisfaction. Satisfiers, medium investment and medium satisfaction. Basic expectations, low investment and low satisfaction
163
Customer Development
focuses on existing customers and making the product better for them.
164
Discovery Research
looks at potential customers and existing customers for new features and ideas.
165
Metrics by themselves are just numbers. We can sort those numbers in different ways to find “interesting” metrics and even opportunities.
way to look at data:
Segmentation: Grouping by a common customer trait, like platform or region.After grouping, compare a metric to see if it’s what you expect or something to flag and look into more. (male/female/ age/ city)
Cohort Analysis: time
Funnels : sequence of actions, A sequence of actions where a large number starts, some number “leak” from the funnel, and a smaller number completes an action.
166
AARRR Metrics
Acquisition, Activation, Retention, Referral, Revenue
167
Hook Canvas
Triggers, reward, investment, action (infinity shape)
168
PRD
Product Requirement document
Title
Change History
Overview
Objectives
Success Metrics
Messaging
Timeline
Personas
User Scenarios
User Stories
Feature Out
Designs
Open Issues
Q&A
169
Frameworks for prioritization
RICE Scoring
Kano Model
MoSCow Method
Sprint Forecast
Impact vs Effort Matrix
Buy A Feature
Affinity Grouping & Voting
Weighted Scorecard
170
API
Application Programming Interface
communication protocol between a client and a server
API Design Process Steps
1.Define objective
2.Model
3.Prototype
4.Learn
5.Iterate
Objective: Allow apps to securely authenticate with a fingerprint credential.
Model: The data would be a fingerprint impression on a fingerprint sensor.
Prototype - Create pseudo-code, what would an app developer need to type to access the needed result.
Learn - Invite banking app developers in for a user study to gather feedback. Perhaps do they want one API for fingerprint, and another for face authentication may be combined.
Iterate - Turns out the phone manufacturer had a mixture of fingerprint and face authentication, so instead of having a separate API per authentication type, it was easier to have one biometric API that covers multiple types in one API.
171
MVC
Model, View, Controller
MVC is a common framework to develop against UI levels of abstraction from the data source.
From A/B testing to MVC, you can validate many assumptions without expending valuable engineering resources.
172
Product Led Growth Frame Work
On Boarding
Adoption
Retention
Growth
173
Product Led Growth : On boarding
Trial Experience, Closed Loop Feedback, Use Enablement, Customer On Boarding
174
PLG
Product Led Growth
175
Empathy Map
Tool that allows you to explore in-depth insights from users
Think and Feel?
Hear?
See?
Say and do?
Pain?
Gain?
