FREE Product Management Definition & Tools Certification Questions and Answers
Which statements about money demand and the price level are true?
The statement "It varies directly with the price level" is true about the relationship between money demand and the price level.
What constitutes a fundamental component of user-centered design?
One essential element of User-Centered Design (UCD) is the focus on the end user throughout the design process. This means that the needs, preferences, behaviors, and goals of the users are at the forefront of every decision made during the design and development of a product, system, or experience.
What does a WBS look like?
The given sentence does not describe what a WBS (Work Breakdown Structure) looks like.
A WBS is a hierarchical breakdown of a project into smaller, manageable parts. It typically consists of a chart or diagram showing the project deliverables or work packages and how they are related. Each work package is divided into smaller, more manageable tasks assigned to a specific team member or group.
The purpose of a WBS is to provide a clear and structured overview of the project scope, deliverables, and tasks and to facilitate effective project planning, scheduling, and management. A well-designed WBS helps ensure that all project tasks are accounted for, avoids duplication of effort, and facilitates communication and coordination among project team members.
Keith called a brief team meeting after a local news story to review possibilities. He posted a memo on the employee bulletin board next to the time clock as a permanent record that all workers could see. What methods of communication did Keith use?
Keith used both oral and written methods of communication. He called a brief team meeting to discuss the news story, an example of verbal communication. He then posted a memo on the employee bulletin board, an example of written communication. By using both methods, Keith ensured that his message was conveyed clearly and effectively to all team members.
Which A/B test type displays two versions of your website to users at the same URL
In a classic A/B test, users are presented with two variations of a web page, typically at the same URL. The purpose of this test is to compare the performance of the two variations to determine which one produces better results in terms of user engagement, conversions, or other key metrics. A/B testing is a common practice in digital marketing and web optimization to make data-driven decisions about design, content, and user experience.
What is the major strategy marketers use to generate interest in their goods?
Marketers' major strategy to generate interest in their goods is to create and communicate value to their target audience. This involves demonstrating how their product or service can solve a problem or fulfill a need for the customer.
Which technique for gathering usability test requirements, using whiteboards or mind-mapping software?
Brainstorming is a usability test requirement gathering technique that may involve using whiteboards or mind-mapping software. Brainstorming is a creative and collaborative process where a group of stakeholders or team members come together to generate ideas, solutions, or requirements for a usability test. This technique encourages free-flowing thinking and fosters innovation by allowing participants to share their insights and suggestions.
Jason is the proprietor of a tiny IT business. He gave 10% of the business to his friend Shanel in return for a monetary contribution. What kind of finance is demonstrated by this example?
The kind of finance demonstrated by this example is equity finance. By giving Shanel 10% of the business in return for a monetary contribution, Jason is essentially selling a portion of the ownership of the business to Shanel. This is an example of equity financing, where a business raises funds by selling shares or ownership in the company. This is different from debt financing, where a business borrows money and must pay it back with interest.
What describes the items we purchase for them as a small treat rather than a regular requirement
Impulse items refer to those products or items that consumers purchase on a whim or spontaneously, often without prior planning or as a daily necessity. These items are often seen as little treats or indulgences that provide immediate gratification. Impulse buying can be influenced by factors like attractive displays, discounts, emotions, and the desire to experience a moment of pleasure or excitement. These purchases are typically made without a thorough evaluation of need and can include items like snacks, small accessories, novelty items, or items seen at the checkout counter in retail stores. Impulse items can contribute significantly to a retailer's sales and profitability.
What benefits of user-centered design are not included?
Creative confidence, belief in making, and embracing ambiguity are indeed part of the value of user-centered design.
Choose a web analytics tool that tracks a user's behavior after they arrive at your website.
On-site web analytics is a type of web analytics that focuses on measuring a visitor's behavior once they are on your website. It involves tracking and analyzing various interactions and activities that users engage in while navigating through your website's pages. The goal of on-site web analytics is to gain insights into user behavior, improve website performance, and enhance user experience. This type of analytics provides valuable information for optimizing website design, content, and functionality.
Which of the following, according to the SWOT analysis, is not a danger to an organization?
SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats. It's a strategic planning tool used to assess an organization's internal strengths and weaknesses, as well as external opportunities and threats. The purpose of SWOT analysis is to identify areas where the organization can leverage its strengths, address its weaknesses, take advantage of opportunities, and mitigate potential threats.
Which of the following, as described under SWOT, does not represent an internal strength of an organization?
Economies of scale, superior technological skills, and manufacturing efficiency are all examples of internal strengths that can be listed under the "Strengths" category in a SWOT analysis.
What could be a source of data for web analytics?
Direct HTTP request data, network-level data, application-level data, and server-generated data can all serve as valuable data sources for web analytics. Each of these data sources provides insights into different aspects of user behavior and interactions with a website.
What does a left-side entry on an account mean?
In accounting, a left-side entry on an account is known as a debit. Debits are used to record increases in assets, expenses, and dividends, and decreases in liabilities, equity, and revenues.
Which component of the BRIE model would a task like patenting an invention by an entrepreneur fall under?
The BRIE model stands for Behavior, Resources, Interests, and Environment. It's a framework used to analyze human behavior and decision-making in various contexts. In the context of an entrepreneur patenting an invention, the task of patenting the invention would generally fall under the "Resources" component of the BRIE model.
