1
Q
Go To Market is a major decision point in the phase/gate model
A
True
2
Q
The PEST analysis includes political, economic, social, and technological factors
A
True
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
4
Q
Product management is the process of all the following except:
a. Conceiving
b. Delivering
c. Servicing
d. Planning
A
c. Servicing
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
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)
7
Q
Characteristics of a service: Define variability:
A
Quality depends on who, when, where, and how it’s delivered. Example: customer service
8
Q
Characteristics of a service: Define inseparability:
A
Services cannot be separated from their providers. Example: bank visit
9
Q
Conducting research is a guide to action based on reality
A
True
10
Q
What are the trait(s) of a convenience product
A
Purchased frequently and used immediately
11
Q
The order of the product lifecycle?
A
Conceive, Plan, develop, qualify, launch, deliver, retire
12
Q
Conceive Phase activities/deliverables:
A
- analyze market trends
- develop business models (how much)
- develop business case (why)
- Perform P&L
- Perform oppty analysis
- Define Business Plan (who, what, How, where, when)
- Define market requirements
- Define roadmap
- build core team
13
Q
Plan Phase activities/deliverables:
A
- collect business intel
- collect competitive intel
- develop product positioning
- define product requirements
- refine roadmap
- refine business plan
14
Q
Develop Phase activities/deliverables:
A
- Manage core team
- Manage cross-functional plans
- Review functional specs
- Monitor product dev
- Develop Beta plan
15
Q
Qualify Phase activities/deliverables:
A
- Conduct testing to confirm product meets stated specs
- Update Product Roadmaps
- Refine/implement beta programs
- develop launch plan
16
Q
Launch phase activities/deliverables:
A
- refine/implement launch plan
- launch product
- evaluate product supply and demand
17
Q
Deliver phase activities/deliverables:
A
- maintain steady state operation by monitoring sales, service, support, development and production activities
- evaluate results periodically against plans and orchestrate change as necessary
- decide when it is time to retire the product and begin retirement planning
18
Q
Retire Phase activities/deliverables:
A
- refine/execute phase down plans
- refine/execute end of life plan
- implement replacement plan
- continue monitoring customer needs
19
Q
What type of qualitative research answers the question “how is the product used?”
A
Observation
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
21
Q
When developing a roadmap a good question to ask is “what level of detail is needed?”
A
True
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
23
Q
Why do we create a roadmap?
A
Sales-driven
reassure customers (tactical)
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.
25
Things you'll need for roadmap:
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
26
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. Length
27
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. Outbound Logistics
b. Service
d. Inbound Logistics
e. Operations
f. Marketing and Sales
28
A unique selling proposition is memorable and repeatable
True
29
Characteristics of a service: Define perishability:
Cannot be stored for later sell or use. Example: airline flight
30
When conducting qualitative research, should you recruit participants before or after determining overall objectives?
After
31
20. 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
d. Depth
32
If the product concept survives the business test it moves to ____.
Product development
33
Characteristics of a service: Define intangibility:
Cannot be seen, tasted, felt, heard, or smelled before purchase. Example: university course
34
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:
False
35
The creation of international strategies by organizations for overseas expansion and operation on a worldwide level is ____.
Globalization
36
Where is secondary research found?
News articles
37
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
b. Consistency
38
Place, product, promotion are part of the marketing mix:
True
39
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. Trade policies and economic trends
40
Sales tools are a key deliverable in marketing:
True
41
A balanced scoreboard (BSC) includes financial, learning, customer, and business process metrics:
True
42
Interest and exchange rates with funding, grants and initiatives are all part of the Political characteristics in the PEST analysis:
False
43
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
d. None of the options are correct (Hold is the correct answer)
44
Compelling messages consist of ____.
Your customer pain points and needs
45
Quality as a product and service attribute is defined as the ____.
Ability of a product to perform its function
46
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 ____.
Product
47
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. 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
48
A business model allows managers to focus on value creation:
True
49
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
c. Collection of data from competitor web sites
50
What type of qualitative research answers the question "how is the product presented and sold?":
Mystery shopping
51
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. Width/breadth
52
What type of qualitative research answers the question "what are the beliefs people hold about the product?":
In-depth interviews
53
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
b. Import, export, innovation and technology development, strategic alliances, partnerships, and product development
54
Situational analysis referred to as SWOT includes all the following except.
a. Target market
b. Strengths
c. Opportunities
d. Threats
a. Target market
55
A gate is described as ____.
A decision point
56
The final step of conducting qualitative research is ____.
Create action steps
57
Telephone and online surveys are examples of quantitative research:
True
58
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:
True
59
A consumer product is a classification of a product that is bought by final consumers for personal consumption:
True
60
A phase is described as ____.
A distinct period or stage in a series of events
61
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. All of the options are correct
62
Decline is the first stage where the product is profitable:
False
63
Loss of key staff is part of the Risks (Threats) in SWOT:
False
64
A business model is a framework that describes the rationale of how an organization creates, delivers and captures value:
True
65
Business Model Reasons:
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
66
Business Model Canvas:
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.
67
Business Case Definition:
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
68
Reasons for a business case:
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?"
69
Business Case Activity:
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
70
Things you need to create Business Case:
1. market or product
requirements document
2. business intelligence report
3. competitive analysis or market report
4. product roadmap
71
Business Case Canvas:
1. Product
2. Financial Analysis
3. Customer
4. Market
5. Business
6. Organization
72
Commercialization is the process of withdrawing a new product from the market:
False
73
The company's mission statement is a public expression of the organization's purpose:
True
74
What qualitative research answers the question "how do people interact with the product?":
Focus group
75
Ethical issues are part of the Social aspect in the PEST analysis:
True
76
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
d. Quickly completed matrix
77
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
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
78
Marketing Mix definition:
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
79
Market mix includes the following:
1. product
2. price
3. place
4. promotion
5. people
6. process
7. physical proof
80
Managing the Marketing Mix:
-managing the mix allows customer satisfaction
-enables meeting marketing objectives
-elements are interdependent
-elements in extended mix apply to services only
81
Marketing mix tools:
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
82
The following are reasons for a business case include ____.
Dedicated resources are working on the highest value opportunities
83
What are the four support activities in the value chain model?
Technology, procurement, firm infrastructure, and human resource management
84
The McKinsey Seven-S-Framework includes the following ____.
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
85
New product development in the product life cycle includes the following phases except:
Launch
86
Attributes, packaging, labeling, branding, and support services are part of the individual product decision:
True
87
The business position and market attractiveness is part of the GE-McKinsey Matrix:
False
88
Innovation potential is part of the Social trait in the PEST analysis:
False
89
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
d. All of the options are correct
90
Special life cycles include all of the following except:
a. Fads
b. Growth
c. Style
d. Fashion
b. Growth
91
One of the benefits of using the phase-gate process is ____.
Faster time to market
92
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. As a tool for portfolio management
c. Highlight when products are due for review
93
What is value chain management?
Management of the process to optimize design, production, marketing, sales, deliveries, and product support to capture and deliver value
94
Which of the following is NOT a phase in the product life cycle?
Package
95
Which of the following is NOT a type of product process?
a. Waterfall
b. Roadmapping
c. Chaos
d. Agile
c. Chaos
96
Stretching the product line lengthens it beyond the current range, and it can be upwards and/or downwards:
True
97
Product Management Framework:
Product lifecycle stages plus their phases and gates
98
Product Management Framework benefits:
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
Key players on a product team:
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
Product portfolio:
range of products a company has in development or
available for marketplace at one time
101
Business Portfolio:
collection of businesses and products that make up a company
102
Portfolio Analysis:
tool which helps mgmt. identify and evaluate the various
businesses which make up the company
103
Strategic Business Unit:
unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses
104
New Product Development (NPD):
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
NPD - Key Deliverables in conceive and plan phase:
1. Strategic Plan
2. Competitive analysis
3. Market Trends
4. Mktg requirements doc
5. Business Case
6. Product Requirements
106
NPD - Key deliverables in Develop and test phase:
1. Marketing strategy
2. Beta program
3. Launch plan
4. Marketing plan
5. Product Retirement plan
107
Organization Structure Types:
1. Product-focused
2. Market-focused
3. Functional Process Focused
108
Product-Focused Structure:
companies define themselves by their products
109
Market-focused structure:
Marketing segment defines authority
110
Functionally-focused organizations:
strategy through discussion and
coordination
111
Product Management Critical Skills:
presentation
personal
analytical
technical
interpersonal
leadership
112
Key Activities of Product Mgmt:
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
Key Activities of Product Marketing:
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
Key Activities of Marketing:
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
Types of Products:
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
Strategic Planning definition:
the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
117
Strategic planning elements:
1. defining clear company mission
2. setting supporting objectives
3. designing a sound business portfolio
4. coordinating functional strategies
118
Ansoff Product-Market Expansion Grid:
To identify expansion
identifies company growth opportunities through:
1. penetration
2. market development
3. product development
4. diversification
119
Kotler Model for Competitive Advantage/Market Strategies:
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
SWOT Analysis:
Strengths
Weaknesses
Opportunities
Threats/Risks
121
SWOT strengths:
1. advantages
2. experience, knowledge
3. unique characteristics
4. resources
5. geographical advantage, location
6. competence, capabilities
7. quality, reputation
122
SWOT weaknesses:
1. disadvantages
2. gap in experience, knowledge
3. financial aspects
4. reliability & trust
5. loss of key staff
6. geographical factors
123
SWOT opportunities:
1. strategic alliances, partnerships
2. product development
3. import, export
4. innovation and technology development
124
SWOT risks:
1. Loss of alliances and partners
2. price inflation/deflation
3. strong competition
4. competitors new products and innovation
125
PEST Analysis:
Macroenvironment - good for new markets to understand
opptys and threats:
Political
Economic
Social
Technological
126
PEST political:
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
PEST economic:
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
PEST social:
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
PEST technological:
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
Price Definition:
The amount of money charged for a good or service. There is fixed pricing and dynamic pricing
131
Internal Factors affecting pricing decisions:
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
External factors affecting pricing decisions:
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
General Pricing Approaches:
1. cost-based approach - cost plus pricing
2. value-based approach - consumer perceptions of value
3. competition-based approach - what competitors are charging
134
Market Segmentation definition:
dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes.
135
Market segment definition:
a group of consumers who respond in a similar way to a given set of marketing efforts
136
Market targeting definition:
the process of evaluating each market's segment's attractiveness and selecting one or more segments to enter
137
Market positioning definition:
arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
138
Positioning strategies:
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
Positioning Process steps:
1. Develop product positioning based on key
differentiators
2. validate with customers and channels
3. refine positioning based on research results
140
Positioning Templates:
1. brand positioning
2. category positioning
3. target positioning
141
Repositioning Strategies:
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
Commercialization def:
Process of introducing a new product into the market
143
Commercialization phases:
2nd half of the PDLC:
1. Launch
2. Deliver
3. Retire
144
Product Life Cycle Stages:
1. Introduction
2. Growth
3. Maturity
4. Decline
145
Introduction:
1. Market Obj: Gain awareness
2. Competition: none
3. Price: skimming or penetration
4. Promotion: inform/educate
5. Place (distrib): limited
146
Growth:
1. Market obj: Stress differentiation
2. Competition: growing
3. Price: gain share, deal
4. Promotion: stress competitive differences
5. Place (distrib): More outlets
147
Maturity:
1. Marketing obj: Maintain brand loyalty
2. Competition: many
3. Price: defend share, profit
4. Promotion: reminder
5. Place (distrib): Maximum outlets
148
Decline:
1. Marketing obj: Harvest & deletion
2. Competition: reduced
3. Price: stay profitable
4. Promotion: minimal
5. Place (distrib): fewer outlets
149
Launch Types:
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
Beta Test Def:
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
Supply Chain Def:
Management of the facilities, functions, and activities involved in producing and delivering a product or service, from suppliers to customers.
152
GE-McKinsey Matrix Def:
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
Product Line Def:
A group of closely related products with similar attributes or target market
154
Product Line Stretching:
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
Product Line Fill:
Adding variety in each product line to meet unique interest of customers (Ex - BMW Series 1 with coupe, convertible, sedan)
156
Porter's Competitive Forces:
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
Product Manager Def:
Investigate, select, and drive the development of products for an organization, performing the activities of product management.
158
Product Marketing Manager Def:
Act as a voice of the customer to the rest of the product team and company.
159
Business Model Def:
Framework that describes the rationale of how an organization creates, delivers, and captures value.
160
Porter's Value Chain Model primary activities:
1. Inbound logistics
2. operations
3. outbound logistics
4. marketing & sales
5. service
161
PMF Phases & Gates Count:
The PMF consists of 7 phases and 6 gates
162
Levels of a product:
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
What is the #1 reason for new product failure?
Weak value proposition and/or differentiation
164
What are other reasons for new product failure?
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
Best to __ and on __ drives product success
Best to market, on time
166
What drives on-time launch?
Cross-functional teams
167
What drives profitibility?
Unique, superior product quality
168
What are the 7 keys to successful product management?
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
What is a product manager typically more focused on?
Marketing-focused and externally facing
170
What is a product owner typically more focused on?
Engineering focused and internally facing
171
How do a Project Manager and Product Manager role differ?
A project manager should manage work. A product manager should manage assets.
172
What is the best measure of progress for software products?
Working software
173
What is the one important thing sprint retros can be used for?
Coming back to story point estimates and looking at how to improve forecasting for future sprints
174
What are the responsibilities of the Product Owner?
1. To be product/technology facing
2. To be collocated & typically reports to development/technology
4. Focuses on product and implementation technology
5. Collaborates with Product Managers
6. Owns the implementation
7. Drives the iteration
175
Market Share Def:
The portion of a market controlled by a particular company or product.
176
Market Growth Def:
How fast new customers are coming into a particular market.
177
Question mark product example:
Google Play
178
Star product example:
Youtube
179
Cash cow product example:
Google Search
180
Dog product example:
Orkut (Google Social network)
181
End use segmentation:
Segmentation on the basis of the precise way in which the business purchaser is going to use the product
182
One method of practically dealing with the gates and the screening process, and a method applied at P&G is to develop ___.
Specific success criteria relevant to each gate
183
What does the Technology Adoption Lifecycle help us to see?
The mindset of people you want to adopt the product.
184
What is an alternate?
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
What questions does Voice of Customer answer?
1. What are the customers using this product for?
2. What problem is it solving for them?
186
The problem definition leads to the ___
value proposition
187
Define a market:
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
What is vision?
How the world will be a better place when your product is in use, change you want to make in the world
189
What is strategy?
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
Goal/OKR (operating key results)
Measurable milestones that will help you know if you're on track to meet your objectives
191
Tactic
Specific activity to be performed in support of a strategy
192
SMART goals:
1. Specific
2. Measurable
3. Achievable
4. Relevant
5. Time-boxed
193
Non-functional requirements:
1. Scalability
2. Security
3. Availability
4. Cost of ownership
5. Performance
6. Quality
7. Durability
194
What are types of metrics?
1. Leading & Lagging
2. Customer metrics
3. Product metrics
4. Process metrics
195
What is a leading indicator?
Feature-level metric, predictor of whether or not you are on track to meeting your goal
196
What is a lagging indicator?
Business metric (OKR, revenue)
197
Durable good:
Physical good used over extended time (car, fridge)
198
Nondurable good:
Consumable products that are short-lived like food and clothing
199
What type of good are services?
Rented-goods
200
Rented goods services examples:
1. hotel room
2. leasing a car
3. office space
4. rented wedding items (tux, dress)
201
Owned-goods services examples:
1. Auto or computer repair
2. Lawn care
3. Home care
202
Non-good services examples:
1. Financial
2. Life coach
3. Tutor
4. Legal and accounting
203
Planned obsolescence def:
A company decreases the quality of a product so it will wear out physically within a reasonably short period of time.
204
Types of packaging:
Primary (bag)
Secondary (box - immediate layer)
Tertiary (boxes within a box)
205
Labeling a service:
Data sheet
Contract
206
Category extension:
Using an existing brand to introduce a new product (ex - apparel at Harley Davidson)
207
Product line extensions are introduce in the:
maturity phase
208
BCG Growth Share Matrix Strategies:
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
4 Cs of connectedness (buyers perspective)
1. Customer solution
2. Customer cost
3. Convenience
4. Communication
210
Customer Service Engagement Models:
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
