Top asked Product Management Interview Questions

Product Management Interview Questions

Checkout Vskills Interview questions with answers in Product Management to prepare for your next job role. The questions are submitted by professionals to help you to prepare for the Interview.

Q.9 Explain Kano Model Analysis.

The Kano Model of product development and customer satisfaction was published in 1984 by Dr. Noriaki Kano, professor of quality management at the Tokyo University of Science. This states that a product or service is about much more than just functionality. It is also about customers' emotions. For example, all customers who buy a new car expect it to stop when they hit the brakes, but many will be delighted by its voice-activated parking-assist system. Further, the model encourages you to think about how your products relate to your customers' needs while moving from a "more is always better" approach to product development to a "less is more" approach.

Q.15 Define BCG Matrix.

The Boston Consulting group’s product portfolio matrix (BCG matrix) is designed with long-term strategic planning for helping a business consider growth opportunities by reviewing its portfolio of products to decide where to invest, discontinue or develop products. It's also known as the Growth/Share Matrix. Further, the Matrix is divided into 4 quadrants depending on an analysis of market growth and relative market share: 1. Dogs: These are products with low growth or market share. 2. Question marks or Problem Child: Products in high growth markets with low market share. 3. Stars: Products in high-growth markets with high market share. 4. Cash cows: Products in low growth markets with high market share

Q.23 What do you understand about competitive analysis?

Competitive analysis in marketing and strategic management can be defined as an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Profiling combines all of the relevant sources of competitor analysis into one framework in the support of efficient and effective strategy formulation, implementation, monitoring, and adjustment. And, competitive analysis is an essential component of corporate strategy as it provides the best possible product or service for customers.

Q.27 Explain the term prototype.

A prototype refers to an early sample, model, or release of a product built to test a concept or process. It is a term used in a variety of contexts, including semantics, design, electronics, and software programming. A prototype is generally used to examine a new design to enhance precision by system analysts and users. However, Prototyping serves to provide specifications for a real, working system rather than a theoretical one. In some design workflow models, creating a prototype is the step between the formalization and the evaluation of an idea. And, this also helps in identifying objects, behaviors, and concepts which are considered the accepted norm and are analogous with terms such as stereotypes and archetypes.

Q.29 What do you know about usability testing?

Usability testing is an approach for evaluating a product or website’s user experience. By testing the usability of their product or website with a representative group of their users or customers, UX researchers can determine if their actual users can easily and intuitively use their product or website. Moreover, it provides an unbiased, accurate, and direct examination of your product or website’s user experience. And, it can tell you what your users do on your site or product and why they take these actions. Further, it allows you to address your product’s or website’s issues before you spend money creating something that ends up having a poor design.

Q.31 Name some of the usability testing methods to include in your test plan.

The methods include: 1. Guerilla testing This means going into a public place such as a coffee shop to ask people about your prototype. 2. Lab usability testing Lab usability testing is testing run in special environments (laboratories) and supervised by a moderator. A moderator is a professional who is looking to obtain feedback from live users. 3. Unmoderated remote usability testing Unmoderated remote usability testing occurs remotely without a moderator. It offers quick, robust, and inexpensive user testing results to be used for further analysis. 4. Contextual inquiry Contextual inquiry is like an interview/observation method that helps a product team obtain information about the user experience from the real users. 5. Phone interview A phone interview is a remote usability test where a moderator verbally instructs participants to complete tasks on their device and feedback is collected automatically.

Q.35 What do you know about Minimum Viable Products?

Minimum Viable Product or MVP is a development method in which a new product is introduced in the market with basic features, but enough to get the attention of the consumers. The final product is released in the market only after getting sufficient feedback from the product's initial users. Examples of MVP can be a car, website, TV, or laptop. Further, MVP has three distinct features: Firstly, it will have enough features for consumers to purchase the product. Secondly, it will have some sort of feedback mechanism wherein users would be able to send their feedback about the product. Lastly, it should have enough future benefits for consumers who adopt the product first.

Q.39 What are the Web Analytics Best Practices?

Some best practices include: Firstly, encourage a data-driven environment for decision-making. After collecting the relevant data to answer whether you have met (or fail to meet) your goals, find out what you can do to improve your KPIs. Secondly, avoid only providing traffic reports. Reporting about visits, page views, top sources, or top pages only skims the surface. Large numbers can be misleading just because there is more traffic or time spent on site doesn’t mean that there is a success. Thirdly, always provide insights with the data. Make the data relevant and meaningful by demonstrating how the website data shows areas of success and of improvement on your site. Lastly, communicate clearly with stakeholders. Be consistent in the information you provide, know your audience, and know the weaknesses of your system.

Q.43 What is Multivariate Testing?

Multivariate testing uses the same core mechanism as A/B testing, but compares a higher number of variables, and reveals more information about how these variables interact with one another. As in an A/B test, traffic to a page is split between different versions of the design. The purpose of a multivariate test, then, is to measure the effectiveness each design combination has on the ultimate goal. Once a site has received enough traffic to run the test, the data from each variation is compared to find not only the most successful design but also to potentially reveal which elements have the greatest positive or negative impact on a visitor's interaction.

Q.45 Define Growth hacking.

This refers to a subfield of marketing focused on the growth of a company. This can be both a process and a set of cross-disciplinary (digital) skills. The aim is to rapidly test ideas that can improve the customer journey, and replicate and scale the ideas that work, and modify or abandon the ones that don't before invest a lot of resources. It started in relation to early-stage startups who need rapid growth within a short time on tight budgets, and also reached bigger corporate companies. Further, it can be applied to product development and to the continuous improvement of products as well as to growing an existing customer base.

Q.99 Explain the Product life-cycle management (PLM).

This refers to the succession of strategies by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) change over time and must be managed as it moves through its succession of stages. However, the goals of product life cycle management (PLM) are to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life. Further, for creating successful new products the company must understand its customers, markets, and competitors.

Q.101 Explain the various stages of a product.

1. Idea Management Coming up with new ideas isn’t particularly difficult. Inspiration can strike anyone at any moment. Plus there are plenty of mechanisms for teasing them out, from brainstorming sessions to customer interviews to keeping tabs on your competitors. 2. Specifications After capturing and categorizing an idea, it’s time to figure out some of the details. This will accomplish a few things that will prove vital further along in the product management process. This can include three important questions: What are we building, and why? What should this new product achieve? How do we measure success? 3. Roadmapping By road-mapping before the prioritization stage, product management can steer the conversation away from Feature X versus Feature Y debates and shift it to the higher-level goals, objectives, and themes that advance the product vision. 4. Prioritization This is where one of the many available prioritization frameworks comes in handy. Any prioritization exercise should always include broad stakeholder participation, taking multiple viewpoints and opinions into account. 5. Delivery This is often where product management takes a step back, serving in a more advisory or consulting role as engineers and project managers take the reigns. 6. Customer feedback A shipped product also means a team of customers to collect and solicit feedback from. Helpful suggestions and insights are often accompanied by complaints, outlandish requests, and realizations that the product has fallen short of customer expectations.

Q.107 Define market segmentation.

In marketing, market segmentation refers to the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics. However, in dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles, or even similar demographic profiles. The overall aim of segmentation is to identify high yield segments that are, those segments that are likely to be the most profitable or that have growth potential so that these can be selected for special attention (i.e. become target markets).

Product Management Interview Questions

Get Govt. Certified

Are you an expert ?