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Market Research and Customer Insights Flashcards

6 cards from real CPM practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Market Research and Customer Insights flashcards as text

  1. What is 'customer journey mapping'?

    Answer: A visual representation of all customer interactions with a product from first contact to loyalty

    Customer journey mapping visualizes every touchpoint a customer has with a product or company, revealing pain points, emotions, and opportunities at each stage.

  2. What is a 'kano model' used for in product management?

    Answer: Categorizing features by their impact on customer satisfaction to guide prioritization

    The Kano Model categorizes features as basic needs, performance needs, or delighters to help teams prioritize what will most improve customer satisfaction.

  3. What does 'churn rate' indicate about a product?

    Answer: The percentage of customers who stop using the product over a given period

    Churn rate measures the percentage of customers who leave or stop paying over a defined period, indicating problems with retention and customer value delivery.

  4. Why is it important for a CPM to understand the difference between 'stated' and 'revealed' customer preferences?

    Answer: Because what customers say they want and what they actually do often differ, affecting product decisions

    Stated preferences reflect what customers claim they want, while revealed preferences show what they actually choose — relying solely on stated preferences can mislead product decisions.

  5. What is 'cohort analysis' and how is it useful for product managers?

    Answer: Grouping users by a shared characteristic over time to track behavior patterns and retention

    Cohort analysis groups users by a shared attribute (e.g., signup date) and tracks their behavior over time, revealing retention trends and the impact of product changes.

  6. A CPM wants to validate a hypothesis about user behavior before a major product investment. What is the most efficient validation approach?

    Answer: Design a minimum viable experiment (MVE) to test the hypothesis with minimal resources

    A minimum viable experiment tests a hypothesis with the least investment necessary to gather enough evidence to make an informed decision.