FREE Product Management MCQ Questions and Answers
Which of the following is not a priority metric for a recently launched Internet web portal?
The importance of time duration on a website as a metric for a new Internet web portal depends on the specific goals and objectives of the portal. While time duration (also known as "time on page" or "session duration") can provide insights into user engagement and interaction with the content, it might not be the only or the most important metric to consider.
Which of the following would you prioritize while building your product if you were a product manager creating a portal for Indian Rural Women?
As a product manager launching a portal for Indian rural women, it's crucial to prioritize features and aspects that cater to their specific needs and resonate with their daily lives.
What is the most crucial factor in determining if a product will succeed commercially?
Market capitalization can indicate investor confidence and financial performance, it's just one aspect of a larger picture. Business success depends on a combination of factors, including meeting customer needs, building a strong brand, maintaining a competitive edge, and effectively executing your business strategy.
It's crucial to fully build an innovative product with all the features to perfection before launching it online.
"Before releasing an innovative product in the web space, it's important to completely develop the product with all the features until perfection" is generally false. The concept of "perfection" can be elusive, and waiting until a product is deemed perfect before releasing it can lead to several issues.
Monetary costs or gains that are difficult to measure
Intangible advantages and costs are those that cannot or do not want to be explicitly priced, such as the value of wilderness or an increased "feeling of community."
Any new web product in a new market has a potential profit margin of
"The margin of any new web product in a new market can be anything within customer affordability" needs some clarification. While it's true that pricing should take into consideration customer affordability, there are other factors that also play a significant role in determining the margin for a new web product in a new market.
Both existing markets and new markets should use the same marketing strategies for items.
The statement "Marketing for products in an existing market and a new market should be the same" is generally false. While some marketing principles and strategies might carry over from one market to another, there are significant differences between marketing in an existing market and marketing in a new market that necessitate adjustments and considerations.
Which of the following would you prioritize as a product manager when creating a portal for Indian rural women?
The MAIN reason why Google Wave failed is because
Attempting to change consumer habits was one aspect of Google Wave's challenges, its failure was the result of a combination of factors, including complexity, high expectations, competition, technical issues, and the inability to effectively communicate its value to users.
Which of the following is MOST crucial for a company producing creative products?
Culture is indeed a crucial factor for an innovative product organization, but it's not necessarily the "MOST" important on its own. Rather, it's part of a larger ecosystem of factors that contribute to innovation and overall success. A strong organizational culture can foster creativity, collaboration, and risk-taking, all of which are essential for driving innovation.
Being an early adopter on the Internet is crucial because without it, success is impossible.
"It's always important to be a first mover in the Internet space failing which you can NEVER succeed" is false. While being a first mover can offer advantages, it's not a guarantee of success, and there are many examples of companies that have succeeded despite not being the first to market.
During conceptualization, which of the following is not D?
The issue with SCRUM is that
Scrum is often associated with software development, it's not limited to just custom software development. Scrum is a framework for agile project management that can be applied to a wide range of projects and industries beyond software development. It's designed to promote iterative development, collaboration, and flexibility in managing complex projects.
What will be your primary area of attention as a product manager while trying to develop a new product?
As a product manager, finding the right balance between selling (go-to-market strategy) and product development is crucial when building a new product. Both aspects are interconnected and play a significant role in the success of the product. The emphasis on each aspect might shift depending on the stage of development and the market context, but it's important to consider both throughout the product lifecycle.
True/False: Product marketing in an established market and a new market should be identical.
A new product's sales curve in a new market resembles a
The concept of a "hockey stick" sales curve is often used to describe a pattern of sales growth for a new product in a new market. The curve starts slowly and gradually, resembling the long handle of a hockey stick, and then suddenly shoots up dramatically, resembling the blade of the stick. This pattern indicates that after an initial period of slow adoption, sales suddenly experience rapid and exponential growth.