AIPMM Product Management
Certification With Complete Solutions.
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<\/p>\n\n\n\n
AIPMM Product Management
Certification With Complete Solutions.<\/p>\n\n\n\n
AIPMM Product Management
Certification With Complete Solutions.
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:<\/p>\n\n\n\n
AIPMM – CPM PRACTICE EXAM
ALREADY GRADED A+
intangibility
inseparability
variability
perishability – Answer Nature and characteristic of a service
Product
Price
Promotion
Place – Answer What are the 4 Kotler’s Market Strategies?
Intensity of Competitive Rivalry
Threat of New Entrants
Threat of Substitute
Bargaining Power of Customers
Bargaining Power of Suppliers – Answer What are Porter’s 5 forces?
Conceive
Plan
Develop
Qualify
Launch
Deliver
Retire – Answer What are the 7 phases of PLC?
Conceive
Plan
Develop
Qualify – Answer What are the steps of NPD? (Phases)
Market Penetration – Answer What is the strategy for existing market\/existing
product? (Ansoff’s Growth Matrix)
Product Development – Answer What is the strategy for existing market\/new
product? (Ansoff’s Growth Matrix)
Market Development – Answer What is the strategy for NEW market\/existing
product? (Ansoff’s Growth Matrix)
Diversification – Answer What is the strategy for new market\/new product? (Ansoff’s
Growth Matrix)
Introduction – Answer Market Objective: Gain awareness
Competition: None
Product: One
Price: Skimming\/Penetration
Promotion: Educate\/Inform
Place: Limited<\/p>\n\n\n\n
AIPMM – CPM PRACTICE EXAM
ALREADY GRADED A+
Growth – Answer Market Objective: Stress differentiation
Competition: Growing
Product: More version
Price: Gain market share
Promotion: Competitive differences
Place: more outlets
Maturity – Answer Market Objective: Maintain brand loyalty
Competition: Many
Product: Full
Price: Defend market share
Promotion: Reminder oriented
Place: Max outlets
Decline – Answer Market Objective: Harvest\/Deletion
Competition: Reduced
Product: Best Sellers
Price: Stay profitable
Promotion: Reduced
Place: Few
Product Manager roles – Answer Owns strategy
Market expert
Business case dev expert
Presents needs
Product Marketing Manager roles – Answer Market strategy
Marketing expert
Supports sales
Guides marketing program
Themes
Golden Features
Timed Releases – Answer What are the 3 types of organizing roadmaps?
Styles
Fad
Fashion – Answer What are the 3 special lifecyles?
Core
Actual Product
Augmented – Answer What are the three aspects of the whole product?
Product definition – Answer It is tangible or intangible.
Consumer – Answer It is type of product that the end user consume
Convenience – Answer Type of product that is purchased frequently<\/p>\n\n\n\n
Certified Product Manager – Online
Course and Exam – 280 Product
Group \/ AIPMM With Complete
Solutions.
Characteristics of a service and example for each – Answer Inseparability – Bank visit
Intangibility – University Course
Variability – Customer Service
Perishability – Airline flight
What are Kotler’s 4 Market Strategies? – Answer Product, place, price, promotion
What are Porter’s 5 forces? – Answer Bargaining power of suppliers
Bargaining power of customers
Threat of new entrants
Threat of substitute products
= Competitive Rivalry
The seven (7) phases of complete product life cycle (AIPMM version) – Answer 1)
Conceive
2) Plan
3) Develop
4) Quality
5) Launch
6) Deliver
7) Retire
What are the steps of the New Product Development\/Acquisition Process? – Answer
1) New Product Development\/ Acquisition<\/p>\n\n\n\n
2) Introduction
3) Growth, Maturity, Decline
4) Withdrawal
Product\/Market Expansion grid (aka: Ansoff Matrix) – Answer
Write a positioning statement – Answer For [target customer] who [statement of the
need or opportunity] the [product name] is a
[product category] that [statement of key benefit – that is, compelling reason to buy]
Unlike [primary competitive alternative] our product [statement of primary
differentiation]
Fill in the Product Life Cycle for Introduction
Marketing objective:<\/p>\n\n\n\n
Certified Product Manager – Online
Course and Exam – 280 Product
Group \/ AIPMM With Complete
Solutions.
Competition:
Product:
Price:
Promotion:
Place: – Answer Marketing objective: Gain awareness
Competition: None
Product: One
Price: Skimming or penetration
Promotion: Inform, educate
Place: Limited
Fill in the Product Life Cycle for Growth
Marketing objective:
Competition:
Product:
Price:
Promotion:
Place: – Answer Marketing objective: Stress Differentiation
Competition: Growing
Product: More version
Price: Gain share, deal
Promotion: Stress competitive
Place: More outlets
Fill in the Product Life Cycle for Maturity
Marketing objective:
Competition:
Product:
Price:
Promotion:
Place: – Answer Marketing objective: Maintain Brand Loyalty
Competition: Many
Product: Full product line
Price: Defend share, profit
Promotion: Remind orient difference
Place: Max outlets
Fill in the Product Life Cycle for Decline
Marketing objective:
Competition:
Product:<\/p>\n\n\n\n
2023 Product Mgmt Certification
(AIPMM)With Correct Solutions.
What is the #1 reason for new product failure? – Answer Weak value proposition
and\/or differentiation
What are other reasons for new product failure? – Answer Insufficient up-front
homework, lack of customer input, scope creep, functional silos, lack of focus, lack of
competency
What are the four “Ps” of Marketing? – Answer Product, Price, Place, Promotion
What is Promotion? – Answer How to market the product
What is Place? – Answer Channel we sell product to customers on
What is Price? – Answer Pricing strategy i.e. chargebacks
What does a product lifecycle management include? – Answer 1) Determining likely
models for each product (understanding potential revenue and cash flow patterns) 2)
Identifying when product needs support, redesign, renewal, withdrawal
What are the benefits of product life cycle management? – Answer 1) Provides input
to strategic marketing planning and portfolio management 2) Provides insight into
tactical requirements
Best to what and on what drives product success? – Answer Best to market, on time
What drives on-time launch? – Answer Cross-functional teams
What drives profitability? – Answer Unique, superior product quality
What are the 7 keys to successful product management? – Answer 1) Customer
focus 2) Front-end loaded 3) Positioning 4) Product strategy and roadmap 5) CFT 6)
Investment mind-set 7) Metrics, accountability, and continuous improvement
What is a product manager typically more focused on? – Answer Marketing-focused
and externally-facing
What is a product owner typically more focused on? – Answer Engineering-focused
and internally-facing
How do a Project Manager and Product Manager role differ? – Answer A project
manager should manage work. A product manager should manage assets.
What is the best measure of progress for software products? – Answer Working
software
What is one important thing sprint retros can be used for? – Answer Coming back to
story point estimates and looking at how to improve forecasting for future sprints<\/p>\n\n\n\n
2023 Product Mgmt Certification
(AIPMM)With Correct Solutions.
What are the responsibilities of a Product Manager? – Answer 1) To be
market\/customer-facing 2) To be collocated and typically reports to
marketing\/business 3) Focuses on market segments, portfolio, positioning and ROI
4) Collaborates with POs 4) Owns the vision 5) Drives the release
What are the responsibilities of the Product Owner? – Answer 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 PdMs 4) Owns the implementation 5) Drives the iteration
What are the basic product lifecycle stages? – Answer 1) Introduction 2) Growth 3)
Maturity 4) Decline
What is market share? – Answer The portion of a market controlled by a particular
company or product (how much of the market you own). Y-axis
What is market growth? – Answer How fast new customers are coming into a
particular market. X-axis
What is an example of a question mark product? (Google product line) – Answer
Google Play
What is an example of a star product? (Google product line) – Answer Youtube
What is an example of a cash cow product? (Google product line) – Answer Google
Search
What is an example of an out to pasture\/dog product? (Google product line) –
Answer Orkut (Google Social Network)
What is a Star product? – Answer Product that is a “star” in its market because it
holds market share and there is potential for growth in its market. Still continuously
innovating to meet market demands and to differentiate
What is a Question Mark product? – Answer Product that has low market share but
has a high potential for market growth. We aren’t certain yet about its customer
segmentation because we are still listening to the market. Still in investment phase.
BUILD strategy.
What is a Cash Cow product? – Answer Product that holds share & margins in its
market, but there is little potential for growth there. Important to reduce
investment\/costs here and invest in Star products.
HOLD strategy.
What is a product that is Out to Pasture (Dog) – Answer Product that has low market
share or potential for market growth. Needs to be carefully considered for viability.<\/p>\n\n\n\n
2023 Product Mgmt Certification
(AIPMM)With Correct Solutions.
What does the Technology Adoption Life Cycle help us to see? – Answer The
mindset of people you want to adopt the product.
Innovators – Answer Tech enthusiasts exploring new technology. Customer who
wants technology and performance.
Early adopters – Answer See potential use\/value of a new product. Willing to accept
risk to find value (i.e. super users). Customer who wants solutions and convenience.
Early majority pragmatist – Answer Can’t absorb same level of risk as EAs but want
same benefits. Customer who wants solutions and convenience.
Late majority conservatives – Answer Price sensitive and can only tolerate low risk.
Customer who wants solutions and convenience
Laggards, skeptics – Answer The status quo. Customer who wants solutions and
convenience.
As you move forward in the TALC model, the market growth is\u2026 – Answer higher
What is needed in a product\/initiative\/epic charter? – Answer 1) Assessment of
market landscape 2) Positioning, strategy, roadmap 3) Initial hypothesis with
objectives and KPIs
What do you need to know to do effective product planning? – Answer 1) Competitive
landscape 2) Market size\/potential 3) Needs\/pain points 3) Expected revenue 4)
Customer reaction to proposed product 5) Customer price sensitivity
What is an alternate? – Answer An alternate is not your product or solution, but
another way that the customer or market’s painpoints are resolved (i.e. you don’t buy
a drill, you buy a way to make a hole)
What are key front-end activities? – Answer Prelim market assessment, market
research, concept testing, value-in-use analysis, technical assessment, supply
sources or ops assessment, business case
What is your trigger point in moving forward in product planning? – Answer Business
case
What questions does the VOC answer? – Answer What are the customers using this
product for? What problem(s) is it solving for them?
What are the elements of a product plan? – Answer 1) Vision 2) Target segments
and problem statements 3) Solution requirements (What problems are you solving?
4) Competitive differentiation\/value prop (How will the customer be better off?) 5)
Product strategy and roadmap 6) Success measures (financial case, KPI, dimension
of value) 7) Launch\/marketing\/support plans<\/p>\n\n\n\n
Product Manager Certification \u2013 AIPMM
Already Graded 100%
Agile – Answer An umbrella term used to describe a group of iterative incremental
product development principles and methodologies that support the Agile Manifesto
Agile Manifesto – Answer A conceptual framework that emphasizes four central
values and twelve supplemental principles encompassing an iterative and people
orientated approach to product development. (Also called the Manifesto for Agile
Software Development.)
Agile Theory – Answer Holds that Agile is designed to follow a non-linear path more
closely approximated to that of new product development instead of the more
predictable path of manufacturing, which typically follows a serial process.
Alpha Test – Answer Alpha test is the first formal test of a newly developed hardware
or software product by internal people. The key objectives of the alpha test are
functionality confirmation and bug identification. When the first round of bugs has
been fixed, the product goes into beta test with actual users and customers.
Ansoff Matrix – Answer Analytical tool that helps managers to devise their product
and market growth strategies
Behavioral Design – Answer Creating a cohesive conceptual model for the product
that is easy to learn and understand. Behavioral design meshes the task
requirements of a product with the skills, knowledge, and capabilities of the intended
users.
Beta Plan – Answer Alignment around the purpose of the beta test; clarifies the goals
of the testing to be performed and the logistics of how the test is to be conducted.
Beta Test – Answer A formal, structured, and controlled test of a new product or
product capability in order to determine market readiness.
Body of Knowledge (BOK) – Answer A Body of Knowledge codifies the concepts,
definitions, processes, and activities of a given profession.
Boston Consulting Group Market-Share Matrix (BCG Matrix) – Answer A commonly
used growth-share framework that categorizes products within a company’s portfolio
according to growth rate, market share, and positive or negative cash flow.
Boundary Role – Answer A position or role that sits at the intersection of two points.
In the case of product management, between the needs of the market and those of
the organization.
Brainstorming – Answer A commonly used technique for developing creative
solutions to problems or to generate new ideas.
Brand – Answer An identifying mark, label, trademark, imprint, or name that
distinguishes the originator, creator, or manufacturer of a product or service.<\/p>\n\n\n\n
Product Manager Certification \u2013 AIPMM
Already Graded 100%
Branding – Answer Originating, building, improving, and safeguarding a name or
symbol representing a specific product or service.
Brand Equity – Answer The quality associated with a brand based on value assessed
over a significant period of time; the affirmative perception of a brand or service
based on customer loyalty and the positive reputation of a service or product.
Brand Extension – Answer Introducing a new or improved product by associating it
with an established brand image.
Brand Identity – Answer A logo, slogan, moniker, or mark associated with a product
or service by consumers that sets it apart from competitors.
Brand Positioning – Answer Optimizing a brand by having a clear concept of its
strongest points and placing it among similar products to accentuate its superiority
and uniqueness in relation to competitors.
Burndown Chart – Answer A visual tool used by Agile product development teams
that represents the amount of work left to do versus time.
Business Analysis – Answer The practice of analyzing business needs and
identifying viable solutions in order to enable organizational change and deliver value
to stakeholders.
Business Analyst – Answer An individual that uses a prescribed set of business
analysis tools and techniques to understand business needs and identify viable
solutions that will maximize the value delivered by an organization to its
stakeholders.
Business Case – Answer A well-structured document that provides the overall
justification for a product or product investment and clearly demonstrates a cost
benefit analysis.
Buyer – Answer A person or organization that acquires or seeks to acquire a product
or service in exchange for money or some other consideration.
Buyer Personas – Answer A representation of a specific group or groups of buyers
who influence or make purchasing decisions about a product. Buyer personas are
used to make informed product, marketing, and sales channels decisions.
Category Extension – Answer The use of an existing or parent brand to launch
products in other categories.
Channel Conflict – Answer A situation resulting from the producer of a product
competing, either inadvertently or through intent, with other parties distributing the
same product to a targeted group of customers.<\/p>\n\n\n\n
Product Manager Certification \u2013 AIPMM
Already Graded 100%
Closeout – Answer Refers to the processes used by a project manager to bring a
project or project phase to an organized and well-planned conclusion.
Conceive Phase – Answer The first phase of the product management lifecycle
where product ideas are generated and assessed for market viability. This phase is
sometimes referred to as the fuzzy front end.
Concept Definition – Answer A set of activities that occur once a specific product
concept has been identified for further exploration and analysis.
Concept Identification – Answer A set of activities focused on finding new market
opportunities that may be addressed by a new product or product development
activity
Consumer Products – Answer Goods and services purchased by final consumers for
personal consumption.
Convenience Products – Answer Items bought on a regular basis to meet immediate
needs.
Corporate Strategy – Answer Defines the overall scope and direction of a company
and details which markets the company competes in and how it will leverage
company assets and capabilities to achieve success.
Customer Value Hierarchy – Answer A concept introduced by Philip Kotler that
suggests that there are five levels of a product. These five levels include: the core
benefit, the basic product, the expected product, the augmented product, and the
potential product.
Daily Scrum – Answer A daily 15-minute stand-up meeting where team members
share what they did since the last meeting, what they plan to do before the next
meeting, and discuss any obstacles blocking progress.
Decision Matrix – Answer A tool used to evaluate a series of inputs in order to
objectively prioritize a set of requirements or criteria for making a decision.
Decision Points – Answer Critical business decision-making junctures within the
product management lifecycle used to optimize performance, scrutinize product
development investments, and increase the quality of execution. Commonly referred
to as gates.
Deliver Phase – Answer The sixth phase of the product management lifecycle where
product managers seek to optimize the successful growth, profitability, and longevity
of a product.
Develop Phase – Answer The third phase of the product management lifecycle where
promising product concepts and plans are converted into a marketable product.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
AIPMM Product ManagementCertification With Complete Solutions.Product Management – Answer process of conceiving, planning, developing, testing,launching, delivery and withdrawing products in the market.PMF – Product Management Framework – Answer Product lifecycle (ProductDevelopment + Commercialization) stages plus their phases and gates.PMF Benefits (5) – Answer 1. define common language AIPMM Product ManagementCertification With Complete Solutions. AIPMM Product […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-118208","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/118208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=118208"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/118208\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=118208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=118208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=118208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}