PRODUCT MANAGEMENT
Why does product management strive to create value? a) It closes the gap between existing products and customer needs. b) Because it makes money for the company. c) Because customers want valuable products. d) Because once we realize that the market never changes, we can make the best products ever.
A
Why is it important for a product to represent a brand well? a) It maintains the image of a company. b) It does not matter. Customers associate brands and products separately. c) Brands are created based on a product. d) So that customers can be impressed.
A
Why is knowing the market an important job for product managers? a) This is the only way they can understand what is needed in the market. b) Because it might inspire them to work in a different market. c) The marketing manager may need help. d) They just need to know the basics.
A
Why should a company do Product Management? a) Companies can focus on a specific strategy to manage a product. b) It helps teams develop work plans. c) It is a good reason to develop a quality management system. d) It combines engineering with project management.
A
Which of the following is a logical setup for organizations to have a team working on specific products? a) Strategic Business Units b) Teams are self-forming based on how long the product manager has been with the company. c) No structure needed. d) Resources are first come, first serve. d) Rotating teams.
A Strategic business units are a logical setup for organizations to have a team working on specific products.
In what type of organization may there be no product management positions? a) A clothing company that sells sportswear, shoes, travel bags, hats, and other diverse merchandise b) A one-off small business c) A large robotics company that sells a variety of machines in the medical device industry d) The largest software company with a variety of products
B
Product management can be characterized by which of the following duties? a) Coding and setting up contracts with vendors b) Market research, collaboration, and managing the vision of the product c) Testing and coding d) Determine what materials should be used in the testing lab
B
Product management typically discover and evaluate a customer's need by: a) Customers contact the company and provide requirements. b) Through relentless research and study of customer needs. c) Employee suggestions. d) A single focus group meeting.
B
Product managers should use their skills in which of the following areas? a) Be strategic and secretive b) Be outgoing and communicative c) Dictate executive decisions d) Make their product more important than that of the other product managers
B
Product managers usually exhibit which of the following traits? a) They rely exclusively on instinct. b) They ask difficult and uncomfortable questions that benefit the product. c) They remain uncommitted as the market changes. d) They may only collaborate when necessary and use their training to develop solutions.
B
To what extent is the ProdBok more than just a collection of sayings? a) It contains the work of the best product managers. b) It provides a framework and an industry standard for how product management should be done. c) The ProdBok is a collection of scholarly essays. d) It also contains tips and tricks.
B
What does it mean to create value? a) Creating products that customers did not know they needed b) Creating an eye-catching new idea c) Filling the gap between existing products and customer needs d) Trying to reintroduce and re-popularize old products
B
What is the ProdBOK? a) It is a collection of the best sayings used by product managers. b) It is an attempt to standardize a framework of industry knowledge to achieve better results. c) It is a roadmap that explains how to do flawless product management. d) It is a book of lessons learned.
B
What is the advantage of managing a product portfolio in a company that has grown? a) There is no advantage. A product is a standalone item. b) Organizations can group similar products together and develop a strategy for them. c) You can manage more products. d) One product manager can manage all the products for the company
B
What scenarios could you find for an iterative approach? How about a predictive approach to project management? a) Everyday accounting and purchasing b) Software development, manufacturing c) Construction projects and furniture building d) Everyday operations and negotiations
B
When is the best time for companies to adopt a portfolio approach? a) If the rest of the industry is doing the same b) When an overarching strategy can benefit multiple products because they are from the same product line or have enough in common c) When the operations manager suggests it d) During the biggest shopping season of the year
B
When would be an optimal time for a company to adopt a portfolio approach? a) When suppliers want it that way. b) When you have grown to the point where you need an enterprise-level product strategy, such as when your sportswear offerings have expanded, and you have moved into other markets like footwear. c) The customer wants it that way. d) If you notice your competitors are doing the same.
B
Which of the following kinds of stakeholders should the product manager identify? a) Only external stakeholders b) All stakeholders c) Only internal stakeholders d) The ones that support the project
B
Which role in the organization is able to coordinate all of the players in the development process? a) Executives b) Product manager c) Engineering d) Marketing
B
Who are some of the key stakeholders in a product development effort? a) A competitor benchmarking your processes b) Coders, testers, and your main supplier c) Your neighbour d) The office supply company
B
Why are metrics important in product management? a) Metrics are easy to manipulate to make product management look successful. b) They provide a measure of success. c) Numbers are what convince management that you are making money. d) Metrics determine who should receive bonuses each month.
B
Why are regular communication and interaction with stakeholders important? a) They want an early preview before it is released to the public. b) They provide valuable information and influence toward the product's success. c) They can give you inside information into the competition. d) They will be critical of you, making you a better product manager.
B
Why is critical thinking a better approach than relying on your instincts in product management? a) Critical thinking means relying on the instincts of more than one person to help you validate the idea. b) It is based on data, facts, and logic where the scenario is evaluated based on the variables that impact it. c) Critical thinking is required documentation. d) Critical thinking takes longer so it is better.
B
Why is it advisable to become a product manager in an industry whose values you support or whose products interest you? a) There is a lot of money to be made. b) Becoming a product manager requires commitment and determination. It's hard to do if you have no interest in it. c) The opposite is true: if you despise a product, you will be in a better position to criticize it. d) You will have the chance to get more promotions.
B
Why is the concept of entrepreneurship so important in product management? a) Entrepreneurs offer ideas but have no interest in putting them into action. b) Entrepreneurs see a need and try to find a way to fulfill it. c) Entrepreneurship is easy. d) Entrepreneurs can make any idea a success.
B
Why is there a different approach for consumer products than for commercial enterprises? a) Otherwise, the product manager may deliver the product to the wrong customer. b) Each customer has a different need. Commercial customers have a different need than everyday consumers. c) The type of need and customer influences the brand. For example, semi-trucks are typically not marketed to everyday consumers.
B
Why should part of developing a product Include an understanding of what is required to make it? a) The CEO will want to see parts or flow from manufacturing. b) The organization must understand how to build the product and the costs involved. c) In case the product manager wants to take the idea to the next job. d) It should not matter if it is a good idea. It should be produced at all costs.
B
Why should product managers be experts on the market of the product they manage? a) It gives them the opportunity for promotion. b) There can be no strategy without understanding what customers want. c) They do not need to have knowledge of the market. d) Because they occasionally have to fill in for the engineers.
B
Let's consider a scenario where you're managing a software development project. Four stakeholders are involved: Customers, employees, suppliers, and competitors. Which stakeholder group has the most significant impact on the product and development projects through their feedback and active participation? a) Competitor providing a similar but slightly different product. b) CEOs with much influence and interest in the project. c) An indirect supplier providing components to your supplier. d) A target customer who does not currently buy products from the company.
B Product managers should be the face of the product and work with others to develop their strategy. Please review The Product Management Team and Stakeholders video.
How are product managers like entrepreneurs? a) Entrepreneurs are lucky. b) Only entrepreneurs can add value. c) They are always looking for a new idea to satisfy a market need. d) Entrepreneurship is about the repetition of ideas.
C
How can you improve your resume when applying for a product management position? a) Leave out any information about your product management or related experience because you will explain it in the interview. b) Express that you have no interest in the product but do a good job coordinating it. c) Emphasize your experience and knowledge in product management and the industry you are applying to. d) Explain why you are better at product management than anyone else, even the manager.
C
How is product management advantageous for an organization? a) It allows them to keep their intellectual property secret. b) It gives executives the opportunity to expand their portfolio of supervision. c) It allows them to focus on the strategic management of a product. d) It replaces project management.
C
How soon should a product manager move away from a product? a) As soon as another product needs to be developed b) When the team moves to a different product. c) At the end of the lifecycle of the product d) When the product no longer holds interest of the product manager
C
Instead of having direct reports, product managers typically collaborate with which of the following stakeholders? a) Only the finance guys b) Only executives c) Stakeholders, customers, and functional areas helping to develop the product d) Only customers
C
Product Managers should understand the thought process for decision making of ______________ and_______________. a) Another product manager and their supervisor b) The supplier and programmer c) Executives and customers d) Finance and the shop floor supervisor
C
Product management can be characterized by which of the following tasks? a) Coding and setting up contracts with vendors b) Testing and coding c) Market research, collaboration, and managing the vision of the product. d) Determine what materials will be used in the test lab.
C
Product managers have the freedom to do which of the following? a) Take a product off the market and ignore the lifecycle process. b) Make all product decisions on behalf of the company c) Take ownership of the product and let their personality and skills be their strength d) Take a one-size-fits-all approach even when multiple options are available.
C
Product managers should have which of the following abilities? a) Convince a company to develop a product that is not in line with their strategic plan. b) Be able to sunset a product when something better comes along. c) Be outgoing and communicate d) Be good at dealing with HR problems
C
What are the phases of a predictive approach? a) Tollgating, planning, reworking, executing, closing. b) Initiating, customer review, design, planning, closing. c) Initiating, planning, executing, monitoring, controlling, and closing. d) Define, Measure, Analyze, Improve, Control.
C
What does a predictive approach entail? a) Constantly making changes to your plan so you can deliver the finished product to the customer all at once b) Using the Scrum Methodology c)Planning the work in advance and following the plan d) Delivering the project to your customer incrementally
C
What is an example of a strategic move that a portfolio product manager might suggest? a) Product celebrations every Friday to encourage employee engagement. b) Exclude ideas from product managers working on a single product. c) Suggest where the company should invest to support a product line d) Decide they need to be more engaged with just one product.
C
What is the advantage of a product portfolio approach in product management? a) It allows senior product managers to manage junior product managers. b) It enables deeper positioning of product managers. c) It enables strategic product management and allows some product managers to think at an enterprise level rather than focusing on a single product. d) It gives product managers the ability to get more promotion opportunities.
C
Which of the following is one of the product. management lifecycle phases? a) Monitor and Control b) Collaborate c) Develop d) Contain
C
Which of the following statements best describes the role of the product manager? a) Being a product manager is a step before becoming a project manager. b) A product manager manages the operations team. c) A product manager creates a vision for a product based on filling the gap between what currently exists and what a market needs. d) Product Managers are senior-level engineers
C
Which statement is true regarding implementation of an iterative product development approach? a) Epic stories are automatically put first in the product backlog. b) The product backlog is ordered by importance. c) The stories at the bottom of the backlog are the most detailed. d) Products can enter the market at any time, there is no deadline or premature product release.
C
Which two skills should a product manager have? a) Communication and drawing b) Operations and mechanical ability c) Communication and collaboration d) Predictability and writing
C
Why are meetings essential? a) Public speaking is a hallmark of product management. b) All the work and all the decisions can be done in one meeting if you are efficient. c) This is part of the collaborative effort to support a product, and every team member needs to be able to contribute. d) Most teams only have one hour per day to contribute to the product, and that is usually the meeting.
C
Why is critical thinking necessary when it comes to decision-making? a) Critical thinking is the same in every situation. b) Critical thinking combines instinct with common opinions. c) It is based on data, facts, and logic, evaluating the scenario based on the variables that affect it. d) Critical thinking is required by the company.
C
Why is critical thinking so important for the product manager? a) It provides the necessary opinion-based approach to the development process. b) It enables product managers to find ways to blame others for poor decisions. c) Critical thinking requires a scientific approach to decision-making and the broadest possible view of available data and circumstances. d) Critical thinking relies on networking rather than a scientific approach to decision-making.
C
Why is critical thinking something that everyone can use? a) It believes in doing things the way they have always been done and resists change. b) It ignores other people's input. c) It looks at qualitative and quantitative factors and analyzes them to arrive at an informed decision. d) It is easily swayed by bias and opinion.
C
Why is critical thinking something that everyone can use? a) It is easily influenced by bias and opinion. b) Believes in doing things as they have always been done to resist change. c) It avoids the trap of instinct and looks at many factors, some qualitative, others quantitative, and analyzes them to arrive a tan informed decision. d) It ignores input from other people.
C
Why is it important to know exactly how teams work? a) So that you can make friends on the team b) So that they can delegate their work when a better opportunity to impress the CEO comes along c) So that they understand that teams go through different stages before they become a well-functioning team d) So that they can quickly change team members when questioned
C
Why is leading effective meetings important? a) All the work and decisions can be done in one meeting if you are efficient. b) Public speaking is a hallmark of product management. c) This is part of the collaborative effort to support a product and every team member needs to be able to contribute. d) Most teams only have one hour per day to contribute to the product, and that is usually the meeting.
C
Why should a product manager monitor performance? a) So that they know when the product runs its course. b) So the team can celebrate the victories. c) To determine the appropriate actions and strategies. d) To check if someone has stolen their ideas.
C
Which of the following statements is true about product managers? a) They can challenge the status quo. b) They are undetermined because the market changes. c) They are limited in their ability to be innovative. d) They are afraid to express new ideas.
A
Which role in the organization is in a position to think strategically about the organization, the customer, and the product? a) Product manager b) Consultant c) Sales d) Strategy manager
A
Why does it make sense to be a product manager in an industry whose values you support or whose products interest you? a) Being a product manager requires commitment and determination. That's hard to achieve if you do not have an interest. b) The opposite is true- if you despise a product, you are in a better position to criticize it. c) You will have the chance for more promotions. d) There is a lot of money to be made.
A
A successful product manager should have which of the following abilities? a) Knowing a little bit about each functional area that supports the effort b) Having detailed insight into how their competitor's intellectual property c) Having a firm grasp on executive decision making d) Using instinct to develop a product
A
During the Introduction phase, products tend to be purchased by_______. a) Early adopters b) Competitors c) Customers tend to avoid them because they are intangible. d) Bored customers
A
External product management includes which of the following factors? a) Supply chain management b) Establishing the vision of the company c) Developing a vision d) Trade shows
A
External product management includes which of the following tasks? a) Managing the supply chain b) Randomly asking customers what they want from a new product. c) Hiring the best team d) Assembling the project management team
A
How does a lack of product management strategy impact a company? a) It limits their ability to place a product strategically. b) Nothing, Product Management is an optional exercise. c) Merge with other companies to produce products by volume. d) It forces the company to take a project management approach.
A
How does the product manager stay involved throughout the development process? a) By coordinating activities involved during development b) By getting briefed casually on product progress c) By doing some of everyone's work d) By reporting progress only to the CEO
A
How important is critical thinking to a product manager? a) Critical thinking considers data, the market, expert opinion, and customer needs. b) It brings needed skepticism to the development process. c) Critical thinking replaces strategy. d) It allows product managers to make excuses when a strategy fails.
A
How is critical thinking useful in product management? a) It provides a systematic approach to problem-solving based on data. b) It uses only historical data to make decisions, so you are always right. c) It allows you to choose the correct answer. d) It encourages companies to make quick decisions and react.
A
In which of the following ways can a product manager express creativity and leadership? a) Take ownership of the product and let their personality be their strength b) Make decisions about business strategy c) Be rigid and reject agility d0 Follow a development framework in name only
A
Products target which of the following groups? a) Individual Consumers and businesses or other organizations b) People who do not have a need c) Project managers looking for the next project. d) Companies looking for a competitive market
A
Question 2 How is critical thinking used strategically? a) It requires you to examine, evaluate, and analyze all data and base decisions on facts. b) Because these strategies can be pre-packaged based on proven methods. c) It shows that you have used the same process as others in the past because one approach works for everything. d) Because critical thinking is an individual performance, ignoring the ideas of others helps you.
A
To what extent are product managers considered entrepreneurs or engage in entrepreneurship? a) They focus on market needs and avoid the noise of ideas that do not satisfy needs. b) Entrepreneurship is about ideas thrown back from previous generations. c) They are usually inventors. d) They are using ideas that someone else has already brought to market.
A
What are the three types of value creation? a) Serial, Iterative, and Iterative/incremental. b) Required, Innovative, and Need based c) Central, Comparative, and Cooperative d) Developing, Risk based, and Composite.
A
What are the types of value creation? a) Serial, Iterative, and Iterative/Incremental b) Central, Comparative, and Cooperative c) Developing, Risk-based, and Composite d) Required, Innovative, and Needs-based 15. Question 15
A
What happens in the maturity phase of a product lifecycle? a) The product sales flatten. b) A product experiences exponential growth. c) The product manager attempts to rally the product for a comeback. d) Marketing abandons the product for the next opportunity.
A
What is the correct sequence of phases in the product lifecycle? a) Introduction, Growth, Maturity, Decline b) Introduction, Maturity, Growth, Decline c) Introduction, Decline, Growth, Maturity d) Growth, Decline, Maturity, Introduction
A
Which of the following statements describes the tasks of a product manager? a) Implement the vision and find a product that fills the gap to meet the customer's need. b) Being a senior project manager. c) Work in a lab and perform testing. d) Manages all members of the product team.
A
How can you express your skills related to product management? a) Talk about how you brought a lot of money to the company. b) Highlight key products or projects that you were involved in from start to finish and that you coordinated and helped shape. c) Include examples that you are proud of but have nothing to do with product management. d) Highlight your ability to be a team player.
B
How does critical thinking help you identify bias, truth, and opinion? a) Takes a look at the most popular opinions. b) It is a process of evaluation. c) Only the opinions of the most important stakeholders are considered. d) Examines only the opinions of people proven wrong so you do not have to draw new conclusions from relevant data.
B
How does knowing a little bit about each functional area in the organization make you a better product manager? a) So that they can cover other people during the product development lifecycle. b) It helps them see a vision of the product, collaborate, and understand the product development process. c) They can convince others to do a better job. d) They have a better chance of finishing quicker.
B
How does the application of critical thinking support a strategic approach to product management? a) Critical thinking enables you to find new ways to delegate tasks. b) It looks at the big picture and the details so you can make the most informed decision possible. c) Because critical thinking is a solo effort, it helps you ignore the ideas of others. d) It allows you to take the viewpoint that something that worked once will work again.
B
How might a portfolio product manager and an individual product manager collaborate? a) To congratulate each other after successfully managing products individually b) To understand how the needs of the individual product affect the overall needs of the product portfolio c) To decide how they should work in separate markets so there is no overlap d) To plan the company retreat
B
. What types of industries need product management? a) Service industry b) Only software c) Only manufacturing d) Any industry
D
Examples of products/companies that most require a product manager include: a) Individual products that are sold in 12 and 24 pack units. b) A small business with one product. c) A single restaurant that does take-out orders only. d) A carpet manufacturing company that sells carpet and a host of cleaning and maintenance products services.
D
How does critical thinking help you identify bias, truth, and opinion? a) It deals with the most popular opinions. b) It looks only at the opinions of the most important stakeholders. c) Examines only the opinions of people who have been proven wrong, so you do not have to draw new conclusions from relevant data. d) It is a process of evaluation.
D
How does critical thinking support the entire lifecycle of a product? a) Critical thinking helps you use the same approach for the entire life cycle without ever requiring changes. b) It helps you change a product if you think it's a good idea. c) It encourages companies to make decisions based on the present and disregards the future. d) It provides a systematic approach to managing each part of the lifecycle.
D
How will ProdBok work in diverse corporate cultures? a) It forces each company to be exactly the same. b) It introduces a new culture designed by the authors. c) It ignores the existing culture, and the company becomes a product management organization. d) It allows companies to build on what they have and introduce a standardized approach.
D
Question 5 Products can be divided into categories such as ______________ and _______________. a) Movable and non-movable b) Favorite and marginal c) Expensive and not so expensive d) Everyday use and specialized items
D
What function in the organization can coordinate all the players in the development process? a) Marketing b) Executives c) Engineering d) Product manager
D
What is the connection between the product and the brand? a) The brand is only important at the time of sale; otherwise, the product manager has no interest in it. b) The brand fills the gap with the customer, and the product promotes the company. c) The product owner does very little work if it is a popular brand. d) It is what customers see as the face of the brand. It is how they experience it.
D
What is the difference between an iterative and a predictive approach to product management? a) How quickly it can be completed. b) Predictive approach means that the project manager always gets it right. c) Required, Innovative, Need-based d) An iterative approach is adaptable to changes or clarifications during the project.
D
Why does the ProdBOK describe the relationship between product management and other areas of the business? a) You learn how to make a good impression on the CEO. b)Because you need to keep the competition at bay. c) To make the book longer, even if it is not about the daily activities of the product manager. d) Interaction with other areas is critical because product management is collaborative.
D
Why is it advisable to be a product manager in an industry whose values you support or whose products you are interested in? a) The opposite is true: if you despise a product, you will be in a better position to criticize it. b) You will have the chance to get more promotions. c) There is a lot of money to be made. d) Being a product manager requires commitment and determination. That's hard to do if you do not have an interest.
D
Why is it essential for a product manager to understand team dynamics? a) So that they can fit in. b) So that they know what to look for when other Product Managers want team members on their team. c) So that they can make friends in the team. d) So that they can understand that teams go through various stages in formation before becoming a well-functioning team, can explain many of the challenges and help them respond as a leader.
D
Why is the concept of entrepreneurship a key component in product management? a) Entrepreneurship is about the same product in a different package. b) Because product management is about brainstorming ideas. c) Entrepreneurs focus on the employees of the company rather than the customer. d) Good solutions come from innovation and sometimes this happens when we understand what customers need.
D
