AIPMM- CPM EXAM 2023-2024 QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS)

AIPMM- CPM EXAM 2023-2024 QUESTIONS AND
CORRECT ANSWERS(VERIFIED ANSWERS)
Product Management – ANSWER- process of conceiving, planning, developing, testing,
launching, delivery and withdrawing products in the market.
PMF – Product Management Framework – ANSWER- Product lifecycle (Product
Development + Commercialization) stages plus their phases and gates.
PMF Benefits (5) – ANSWER- 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.
   Prodbok (body of knowledge) – ANSWER- strategies, methodologies, concepts, terms
   and activities that make up the product mgmt. and marketing domains as defined by
   AIPMM. Applies to any product or portfolio, across industries, throughout each phase of
   the product lifecycle.
   X-Axis PLC Stages (6) – ANSWER- 1. New product dev/acquisition
6. introduction
7. growth/maturity/decline
8. withdrawal
9. commercialization
10. manufacturing operations
    X-Axis phases of PLC (7) – ANSWER- *go/no-go gates between each phases
11. conceive
12. plan
13. develop
14. qualify (test)
15. launch
16. delivery
17. retire
    Phases – ANSWER- prescribed, concurrent activities in PLC
    cross-functional
    gate precedes each phase
    successive phases require more resource commitment
    Gates – ANSWER- decision points (go, no go, Hold, Recycle)

QC checkpoints
Investment control checkpoints
*Facilitate screening – evaluating new product ideas to reduce them into a smaller set.
Y-Axis Key players on a product team (8) – ANSWER- 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
   X/Y – ANSWER- X=time
   Y=your focus
   XY cell = details of your focus at that time
   Y-Axis Knowledge Areas (5) – ANSWER- 1. Business
9. Market
10. Customer
11. Product
12. Organization
    Product Life Cycle – PLC – ANSWER- Manages stages that products go through from
    development to withdrawal from market. Helps you take the right action at the right time.
    Integrates people, data, processes and business system
    New Product Development + Commercialization
    Product Life Cycle Characteristics – ANSWER- 1. Determines if each product has a
    different life cycle
13. Determines revenue earned
14. Contributes to strategic marketing plan
    Product Life Cycle Benefits – ANSWER- 1. helps forecast and manage cash flow
15. helps identify when a product needs support, redesign, reinvigorated, or withdrawn.
16. helps in new product development and planning
    Product Portfolio – ANSWER- range of products a company has in development or
    available for marketplace at one time
    Business Portfolio – ANSWER- collection of businesses and products that make up a
    company.
    Portfolio Analysis – ANSWER- tool which helps mgmt. identify and evaluate the various
    businesses which make up the company

Strategic Business Unit – ANSWER- unit of the company that has a separate mission
and objectives and that can be planned independently from other company businesses
New Product Development (NPD) – 1st half of PMF – ANSWER- 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.
   *2 parallel paths = idea generation, product design, and detail engineering + market
   research and analysis
   NPD New Product Development Steps (4) – 1st half of PMF – ANSWER- 1. conceive
4. plan
5. develop
6. qualify
   Key Deliverables in conceive and plan phase (7) – ANSWER- 1. Strategic Plan
7. Competitive analysis
8. Market Trends
9. Mktg requirements doc
10. Business Case
11. Product Requirements doc
12. Product roadmap
    Key deliverables in Develop and test phase (5) – ANSWER- 1. Marketing strategy
13. Beta program
14. Launch plan
15. Marketing plan
16. Product Retirement plan
    Acquisition – ANSWER- act or process by which ownership is achieved by:
17. acquiring brand/product
18. purchase entire company
    3 ways to get new product – ANSWER- 1. develop
19. acquire
20. license
    Commercialization – 2nd half stage of PMF – ANSWER- process of introducing a new
    product into the market
    Commercialization phases (3) – 2nd half stage of PMF – ANSWER- 1. launch
21. deliver