Product Management Practice Test
Which design process necessitates a high level of creative and analytical abilities?
Innovation is the practical application of ideas that result in the introduction of new goods or services, or an improvement in the way those goods or services are offered. Innovation is defined by ISO TC 279 in ISO 56000:2020 as "a new or altered entity realizing or dispersing value."
What are the most important factors for a product's success?
Market capital is the primary and most important criteria for the business success of a product.
New web products in new markets can generate significant profit margins.
The correct answer
Anything within customer affordability
The customer segment that divides people based on their attitude or reaction to a product is
Buyers are separated into groups based on their behavior in behavioural segmentation based on their understanding, attitude toward, use of, or reaction to a product. Behavioural segmentation covers time-based segmentation, event- based segmentation, and event-based segmentation. User status, usage rate, customer loyalty status, buyer ready stage, and attitude are all factors to consider.
The PRIMARY reason for Google Wave's failure is because
The correct answer
It tried changing the consumer habit
Which research method is most appropriate for acquiring causal data?
Another way to obtain data for study is to conduct a survey. Questionnaires are used to collect data, which is typically based on individual or group experiences with a certain topic
What will you focus on the most as a product manager when trying to design a new product?
the correct answer
A balance between selling and product development
What is the definition of primary data?
Primary data is information gathered by the researcher, such as surveys, interviews, and experiments, and is used to better understand and solve the study topic at hand. Secondary Data: Using existing data generated by huge government institutions, healthcare facilities, and other organizations to maintain track of their records.
What is the definition of secondary data?
Data gathered by someone other than the primary user is referred to as secondary data. Censuses, information collected by government departments, organizational records, and data acquired for other research purposes are all common sources of secondary data for social science. Primary data, on the other hand, is gathered by the researcher who is performing the study.
Which of the following is THE MOST IMPORTANT for a company that develops unique products?
The correct answer
Culture
What isn't a good reason to redesign a product?
the correct answer
None of the above
What kind of diagrams are used to explain how components fit together?
Assembly drawings can be used to show products that are made up of multiple components. more than one element They show how the parts work together and may include diagrams. orthogonal plans, sections, and elevations, as well as three-dimensional models views, such as exploded views, that show the assembled components displaying the components' relationships and how they fit together together.
Allow for the possibility of unforeseeable future events.
The management reserve is a portion of the project budget set aside for unplanned work that falls within the project's scope.
Allow for future events that may only be partially anticipated and are factored into the project's baseline.
A contingency reserve is set aside in the budget to help cover unexpected budget discrepancies.
Costs that are not directly related to the project's products or services, but are tied to the project's execution in some way.
Costs that are not directly related to a cost object are known as indirect costs (such as a particular project, facility, function or product). Indirect costs can be fixed or variable in nature. Administration, staff, and security costs are examples of indirect costs.
Previously spent funds
Money that has already been spent and cannot be recovered is referred to as a sunk cost. For example, a manufacturing company may have a number of sunk expenses, such as the cost of machinery and equipment, as well as the cost of the factory's lease.