Some examples from this set of practice questions
1.
At least 50% of our product ideas are just not going to work. True or false?
Answer: True!
2.
What do strong teams do?
Answer: They understand the truths and embrace them. Tackling risk & iterating to an effective solution.
3.
Why do people use roadmaps? Give 2 reasons.
Answer: 1. Management wants to make sure teams are working on highest-business-value items first 2. It shows the tracking of commitments (used to make date-based commitments)
4.
Describe a \'Product vision\'
Answer: describes the future we are trying to create and communicated them to the teams (inspire them to make it a reality). They tell us how we plan to accomplish the mission statements. Typically presented as a vision type (storyboard, whitepaper, etc.)
5.
Describe a \'Product strategy\'
Answer: sequence of products or releases planned to deliver on the path to realizing the product vision. You can’t please everybody at once with products.
6.
Name the 3 critical inputs in how to prioritize markets
Answer: 1. Market sizing (TAM/total addressable market). Can be big or small, both have benefits. 2. Concerns distribution (GTM/go to market). Different markets require different sales channels and go-to-market strategies. 3. Time taken (TTM/time to market).
7.
name 5 of the 10 principles for coming up with an effective product vision
Answer: 1. Start with why (use product vision to articulate purpose that everyone follows) 2. Fall in love with the problem not with the solution 3. Don’t be afraid to think big with visions 4. Don’t be afraid to disrupt yourselves, otherwise someone else will (new value > protecting) 5. The product vision needs to inspire 6. Determine and embrace relevant and meaningful trends (how can they be leverages?) 7. Skate to where the puck is heading, not to where it was (what is changing and what is not) 8. Be stubborn on vision but flexible on the details (don’t vision pivot but discovery/detail pivot) 9. Realize that any product vision is a leap of faith (able to validate = not ambitious enough) 10. Evangelize continuously and relentlessly (reassure before fears infect others, communicate)
8.
What 5 principles do good strategies have in common?
Answer: 1. Focus on one target market/persona at the time (loved by some, can’t please everyone) 2. Product strategy needs to be aligned with business strategy 3. Product strategy needs to be aligned with sales and go-to-market strategy 4. Obsess over customers, not over competitors (don’t forget about product strategy) 5. Communicate the strategy across the organization
9.
What does MBO stand for?
Answer: management by objectives (used back in the days)
10.
What does OKR stand for?
Answer: objectives and key results (more used nowadays)
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