Digital Product Management: Modern Fundamentals Quiz Answers

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Not so long ago, the job of product manager was about assessing market data, creating requirements, and managing the hand-off to sales/marketing. Maybe you’d talk to a customer somewhere in there and they’d tell you what features they wanted. But companies that manage product that way are dying.

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Week 1: Digital Product Management: Modern Fundamentals

Quiz 1: Winning PM

Q1. You’re exploring a big new feature idea. Where should you place your initial focus?

  • Feasibility
  • Desirability
  • User Experience
  • Viability

Q2. You are interviewing at a company that says they use agile with a focus on innovation. The interviewer asks how you would spend your time at the very beginning of a project where you are exploring a big new feature. How should you best respond?

  • I would start by making observations.
  • I would start by creating a product proxy.
  • I would start with the use of focus groups.
  • I would start with a development plan.

Q3. You join a project and the only thing you see is a detailed development schedule. What might you ask to help maximize the chances of building something valuable/minimize waste?

  • Have we validated the viability of this plan?
  • How easy is it to use the potential new product?
  • Have we validated the feasibility of this plan?
  • Who are we building this for and why do we think this is the right solution to their problems or desires?

Quiz 2: Many Areas, One Focus

Q1. As Product Manager, the very best thing your designer colleagues can do for you is…

  • Do what they are told
  • Work fast to get the product out the door
  • Make the product look great
  • Ask hard questions

Q2. As Product Manager on a software development team, you are unsure if you should take on the product owner role. What should you do to figure that out?

  • Evaluate how things are going.
  • Take it on! Product owner is the same as product manager.
  • Talk to management. Where do they want you?
  • No need to evaluate. Take on the role of Product Owner.

Q3. What is the primary goal of using consulting or support services within a product-focused company?

  • Using consultants is standard operating procedures in my industry
  • To improve the core product
  • Consultants know the most about a user experience
  • To provide customers help when they don’t have the internal capacity

Q4. As a Product Manager, what can you learn from mapping your team’s understanding of the customer onto storyboards and customer journeys?

  • You can learn the product pros and cons
  • You can learn where you, the Product Manager, are experiencing positive and negative reactions to your product
  • You can learn where your teams experience high and low levels of efficiency
  • You can identify specific places where the customer is experiencing high and low emotional points

Q5. You are a Product Manager and you ask your sales team why they are unable to sell more of your product. They respond by saying, “The customer wants us to add feature ABC – then they say they will buy it.” Which of the following is the best response?

  • “Hmmm…I am not so sure. Let’s look at offering customers deals with our current product since we already have that one.”
  • “That sounds pretty good. Do you know if other customers would also like this feature added?”
  • “How could we test if that’s really going to get them to buy it?”
  • “Okay great. How many more do you think we can sell?”

Q6. What is the primary difference between managerial and financial accounting?

  • The numbers
  • The timing
  • The way of keeping track of cash inflows
  • The audience

Q7. Why is it important for Product Managers to interface across all functional areas in the company?

  • To ensure all teams adhere to strict deadlines
  • To better understand how to achieve a profitable intersection between desirability, feasibility, and viability.
  • Double check different teams’ work and make sure it is error free
  • Maintain control over the product

Quiz 3: Final Quiz

Q1. As Product Manager, to hone in on desirability, which of the following steps should you take?

  • Hold focus groups to get to know your customers and what they think about the product.
  • Conduct user testing to see if customers like the product once they use it.
  • Conduct user interviews to learn more about your potential customers.
  • Add new and exciting product features.

Q2. During your interview at a large software company, management states their primary learning vehicle for product development is conducting focus groups. How would you evaluate this statement?

  • They have lots of opportunities to improve their customer discovery/learning
  • With focus groups there is no need for a product proxy
  • The company is forward thinking by using focus groups
  • They are using an innovation-friendly model

Q3. You are getting ready to brief your Sales and Marketing team on a major new B2B customer. What do they need to hear?

  • Customer touchpoints and a description of the customer experience
  • An actionable view of what you are going to build
  • How the customer plans to use the product and why they purchased it
  • A strong sequential narrative on the customer experience

Q4. As a Product Manager, what would you say to initiate a discussion about using Lean Startup with your design team?

  • We have already done extensive customer discovery research. Do we really need to add Lean Startup?
  • Building new products is hard; they have something like a 1/10 success rate. By doing Lean Startup, I think we can reduce waste and give ourselves more chances at finding something that’s highly desirable to the customer.
  • We have already learned about our customers and have solutions to potential customer problems. We can skip Lean Startup.
  • We’ve already created product prototypes so, we’re beyond Lean Startup.

Q5. You are the Product Manager and your development team has just demoed a new feature. At this demo, there was a lot of surprise and apprehension on the part of the stakeholders. Which of the following best represents what this reaction is telling you?

  • The Product Owner is performing well in their role
  • You need to look at how the Product Owner role is working
  • You should take over the Product Owner role
  • The product is not good

Q6. A member of the support team tells you that everyone is feeling overwhelmed because they each operate individually and give customers slightly different answers. Which of the following is the best first action you could take to improve the internal support team’s work environment?

  • Go to support services and help them for one day
  • Hire more people
  • Tell them to only stay with each customer for 10 minutes
  • Equip them with the right playbook

Q7. As a Product Manager, you have just mapped the customer journey low points and high points, well supported by quantitative measurement. What should you do about the low points?

  • The low points represent the times where your team was working most inefficiently and try to fix it.
  • Start by looking at why they occur with qualitative investigation.
  • The low points are representative of where you, the product manager, have a low emotional reaction. Delve into why that is.
  • Take a look at the product. The low points are the cons of the product.

Q8. Oh, no! Product sales are very slow, so your sales team asks your main customer what they would like to see in the product. You build in the requested features, but find customers are still not buying your product. How should you change your approach?

  • Learn more about your product/market fit and share that information with your sales team.
  • Stop changing the features of the product and stick with the original design. Your sales team can keep selling.
  • It is most important for you and your sales team to talk with more than one customer about product enhancements.
  • Direct sales and marketing to provide customers with deals or incentives so they buy the product.

Q9. You are a Product Manager and find yourself in a meeting with management and shareholders. Which type of financial reports are mostly likely to be relevant to the shareholders?

  • Financial accounting
  • Accrual basis accounting
  • Managerial accounting
  • Cash basis accounting

Q10. You take on a Product Manager role and are pleased to see several key success factors in place, yet there are some problem areas. Which should you focus on improving first?

  • You are measuring specific progress being made.
  • Your team members are working across multiple functional areas.
  • You notice your teams are working in silos and only within their teams.
  • Your teams are working very quickly, but mistakes are being made.

Week 2: Digital Product Management: Modern Fundamentals

Quiz 1: Solving the Right Problem

Q1. As a Product Manager, you know it is very important to apply agile methodologies to your product development process. Agile provides many benefits, but it does not allow you to do which of the following?

  • Work in small batch iterations
  • Skip proposition testing
  • Apply innovation methods in your development
  • Create a disciplined approach to design and customer discovery

Q2. What is the primary benefit of using Lean Startup?

  • To create a fluid interchange between people working at different abstraction levels
  • Avoiding waste
  • Tighter clinical practice on interview subjects for customer discovery
  • Improve the flow of your development output

Q3. Why is it important (as a Product Manager) to take a big idea and break that idea into small testable pieces?

  • You should not break the idea apart
  • You can more accurately predict idea success
  • You can test the idea sooner and avoid waste
  • You can make a definitive decision about going forward with the idea

Q4. A company wants to start an organic pre-made meal delivery service and decide to test the motivation of their potential customers. They decide to test the service with a few people. They provide them with a paper menu and once the customer selects their dinner choice, the company makes and delivers the meal. What type of minimum viable product (MVP) have they created?

  • Wizard of Oz
  • Concierge
  • Prototype
  • Sales

Quiz 2: Creating the Right Solution

Q1. You are PM for XYZ.com, a social learning community platform that allows members to ask and answer questions from area experts. If you apply the Hook Framework, what would be a trigger for your product?

  • I need an answer to this difficult question.
  • ‘Wow! That is a great answer to my question.’
  • I am becoming a valued member of this online community!
  • I am going to log into XYZ.com and post a question.

Q2. You are a product manager who is using story mapping to help prioritize different user stories. A typical user interaction with your product is search, select, purchase, and watch. How should you implement these?

  • Conduct user testing to determine which area of your workflow is most important to the user
  • Implement all search-related user stories, then select, then purchase and finally watch
  • Implement user stories in horizontal slices across the entire interaction
  • Implement all search and follow the implementation with user testing

Quiz 3: Applications in Product Management

Q1. You are a Product Manager and you want to explain to your team what you think is the most important initial focus of testing a new product idea. Which of the following would you suggest as the best starting point?

  • We must initially test to see if the product works.
  • We must initially test to see if the product is usable.
  • We must initially test to see whether our target user might finds the new product/feature valuable.
  • We must initially test to see if the product delivers.

Q2. You have just received some quantitative data on click-through rates for a Google AdWord campaign. How is this data useful to you?

  • The data will show you if and how you have caught the attention of potential customers.
  • The data will show you which aspect(s) of your product your potential customers find most usable.
  • The data will show you to what degree the potential customers like the product you’ve developed.
  • The data will show you if you are or are not able to keep your customer’s attention.

Q3. As a Product Manager, you use the AIDAOR framework to manage your customer funnel. Which of the following is the best description of what this framework does for you?

  • This framework gives you a place to focus and operationalize both quantitative and qualitative observations.
  • This framework gives you data about how your potential customers feel about your product.
  • This framework gives you quantitative data about your potential customers.
  • This framework gives you qualitative data about your potential customers.

Q4. A brand new PM comes to you and asks if you can explain why they should use a design sprint. Which of the following answers bests describes why a Product Manager should use a design sprint?

  • A design sprint is a quick way for a product manager to run an MVP experiment.
  • A design sprint will help you create a successful product if you are short on time.
  • A design sprint is a way to create time, space and focus for exploring new ideas (before you develop).
  • A design sprint will help you to investigate your customer at a deeper level.

Quiz 4: Final Quiz

Q1. As a Product Manager, what is your most critical job in agile?

  • Bring strong inputs to describe what would be valuable to users.
  • Organize demonstrations.
  • Manage deadlines.
  • Create the development backlog.

Q2. What is the primary benefit of using story mapping?

  • To create a fluid interchange between people working at different levels of abstraction
  • To test value propositions and create validated learning
  • To translate ideas into actionable items
  • To make sure what you are building matters to the customer

Q3. You discover that the interface you are implementing for your product might actually be confusing for the end customer. With an approaching deadline for product release, you decide to continue down the path you are already on and NOT rethink the interface. What is this a sign of?

  • You have placed too much emphasis on output vs. outcome
  • You’re applying agile and will iterate to improve the product post-launch
  • You are frontloading value
  • You have placed too much emphasis on outcome vs. output

Q4. You notice that your new team seems to be overly focused on product usability and your view is confirmed when potential customers show little interest in recent new features. What should you do to get back on track?

  • Begin user testing to determine the cause of the lack of interest
  • Immediately go to your engineering team to see how they can change the product
  • Rely on the results of the prototype testing
  • Apply Lean Startup methods and test user motivation as well

Q5. You are PM for XYZ.com, a social learning community platform that allows members to ask and answer questions from other expert members. If we apply the Hook Framework to this company, what would be an “Investment” the user creates by using the product?

  • Facebook Post: Check out my advice on [which rabies vaccine is right for you] on XYZ.com.
  • Comment on Your Answer on XYZ.Com: ‘Wow! That is a great answer to my question.’
  • I am going to log into XYZ.com and post a question.
  • I am becoming a valued member of this online community and learning new things!

Q6. You are a Product Manager with three steps in your workflow sequence: Select, Purchase, Watch. Your supervisor tells you that she believes you should implement horizontally – across all phases. Which of the following best displays your reaction?

  • I think so too. Horizontal implementation will ensure our team members are communicating and not operating in silos.
  • I was thinking we can first conduct user testing, see which step is most important, and start there.
  • I disagree. I think we should implement everything in the “Select” phase first before we move on.
  • I agree. Horizontal implementation will help ensure we can test something meaningful that the user can interact with.

Q7. Your customer is a large company and they ask you to help develop new feature on the enterprise software you’ve sold them. They tell you they want all of the font to always be bold. As product manager, which of the following should be your reaction when they tell you this?

  • You should quickly create a prototype and start testing it! That way you can see how users react to this change.
  • You should start by giving them what they want since they are the customer. You can address issues later.
  • You need to first ask them why they want the font to always be bold to try and understand the why and what outcome would constitute success.
  • You should not implement that feature because it does not seem practical to you. Your company is more of an expert in these matters and the customer should trust your judgement.

Q8. The software product you recently released already has some quantitative data about click-through rates that show you have gained attention from customers. What should be your next step with customers?

  • Place your efforts on customer retention.
  • Focus on keeping the interest of your customers and moving them to action.
  • Take a look at the action your customer has to take to use your product and try to make it easier!
  • Start to research retention rates across cohorts.

Q9. You are a Product Manager and you receive data that shows your customers are continuing to use the product for 30 days. You are a bit unsure of what to do next. Which of the following best describes what you should do next?

  • Next you should focus on minimizing the amount of work the customer has to do to buy the product and get that reward.
  • It would be best to move onto a better understanding how to get the attention of new customers.
  • There is no next step since you have successfully used the AIDAOR framework to bring in customers and monetize them.
  • You should begin to look at outcomes and customer retention.

Q10. You are a Product Manager and are looking for ways to create time and space and increase the focus of your teams. You already have a Validated Proposition and you have one week to do a Design Sprint. Which of the following design sprint types should you execute?

  • Motivation Design Sprint
  • Usability Design Sprint
  • Architecture Sprint
  • Personas and Problem Scenarios Design Sprint

Week 3: Digital Product Management: Modern Fundamentals

Quiz 1: Learning vs. Scaling

Q1. As a product manager for a medical device company, you have decided to use Steve Blank’s Four Steps as a way to organize your exploration of a new idea.
What would you do to start off?

  • Focus on keeping an open mind, doing generative discovery with real subjects in their natural environment, watching what is on their A-list and identifying what they care about most.
  • Focus on improving the product and customer experience, scaling your product/market fit and tuning the feasibility and viability of the product.
  • Set up a company or division with interlocking interdisciplinary teams to start developing a potential product.
  • Focus on testing a set of structured assumptions about customers and products.

Q2. You are trying to test product/market fit for a new product idea and have just completed customer discovery. Where should you focus next?

  • Start building the product based on what you learned in Customer Discovery.
  • This is an inflection point: either pivot or persevere.
  • Develop an MVP (Minimum Viable Product) to test and validate a set of structured assumptions about how you’ll achieve strong product/market fit.
  • Create customers by scaling the product/market fit through product and experience updates while tuning feasibility and viability of the product.

Q3. You’re discussing human resource input and staffing for your new product with your boss and a few colleagues. What’s your recommendation for staffing with minimum waste through the Four-Step process?

  • In Customer Creation, a customer development team, rather than the full functional organization, is always best.
  • In Customer Validation, a full functional organization should be involved.
  • In Customer Discovery, a customer development team, rather than a full functional organization, is sufficient.
  • In Customer Validation, it’s a good idea to utilize Partners and Channels in the existing business.

Q4. As product manager for an industrial device company, you want to learn as much as possible about how users might interact with your new product idea. Which of the following MVPs would best help you answer these questions: Do your customers use the MVP–and if they do, what happens and how often do they use it?

  • An online demo of the product’s features
  • The sales and marketing team offers customers free samples after a new product is launched in the market.
  • A version of the product experience that is hand-created, so that the product development team can observe the customer experience.
  • To offer a customer discounts and see if she is willing to deposit and wait for the new product to be launched in the market.

Q5. As PM for a software company, you want to find out if users are really interested in your product idea before actually investing in building anything. Which of the following MVPs would best achieve your goal?

  • Just build a very simple version of the product and see if anyone buys it
  • Hand-create the user experience and collect relevant observations about what was valuable and why before thinking about standardizing a new service into the software.
  • Opening a pop-up shop in the neighborhood to sell demos and allow sign-ups for alerts, once the new product is available.
  • Directing potential customers to a webpage that outlines key steps of this new service and calls on them to sign-up for an early bird discount.

Q6. Your company is considering launching an eco-friendly rodent deterrent spray and so you work with the product development team to develop problem scenarios, alternatives, and Value Propositions. Which of the following proposals by your team would you agree with?

  • The problem scenario (job they can do for the customers) might be: It doesn’t use electric fences to keep out rodents or snap traps to kill rodents, which are alternatives customers are currently using.
  • The problem scenario (jobs they can do for the customers) can be: Make sure to use spray to keep out rodents.
  • A problem scenario (job they can do for the customer) might be: Keep out rodents.
  • The problem scenario (jobs they can do for the customers) can be: It’s too hard to lay down traps.

Quiz 2: Innovating in the Corporation

Q1. You are managing new product development for an agriculture business and are currently at the “Fledgling Business” (H2) stage of your innovation pipeline. Which of the following accurately describe a Fledgling/H2 business?

  • You can budget 90 to 120 days for your project to complete this stage.
  • You are allocating your resources in innovating on BOTH new technology AND a new business model.
  • You can plan for 6 to 12 months to complete this stage.
  • You are innovating on EITHER new technology OR a new business model for the business, BUT NOT BOTH.

Q2. You are managing new product development for an agriculture business. If you want to actively seek as much first-hand feedback as possible from customers, what approach would you use?

  • Partnership with local startups to run pilot projects
  • Feedback collected by other product teams in your company
  • Reverse hackathon
  • Studying disruption catalysts in the agriculture sector

Quiz 3: Proposition to Business Model

Q1. You have created a somewhat reliable product/market fit and are ready to scale the business and focus on profitability, to move from H3 to H2. What might you do to start off?

  • Keep a lean team rather than the full functional organization
  • Develop an MVP (Minimum Viable Product) to test and validate a set of structured assumptions about customers and our product
  • Complete customer discovery: focus on keeping an open mind, doing generative discovery with real subjects in their natural environment, watching what is on their A-list, and identifying what they care about most
  • Tune feasibility and viability, defining in more detail and testing facets of the business model

Q2. As PM for a software company, you are using the Business Model Canvas to outline a project proposal to the management of your company. You have listed Customer Segments and Value Propositions. Now you want to proceed with Customer Relationships and Channels to add more color to your proposal. Which of the following content might be a plausible description of a ‘Customer Relationship’?

  • Television advertisements to make your product known to the customers
  • Google Adwords for promotion
  • Dedicated personal service for corporate accounts
  • Landing page to drive sign-ups

Quiz 4: Exploring a New Product Idea

Q1. You are managing product development for a company and have decided to use Steve Blank’s Four Steps to organize your exploration of a new idea. What’s the last thing you will focus on during the product development timeline?

  • Focus on keeping an open mind, doing generative discovery with real subjects in their natural environment, watching what is on their A-list, and identifying what they care about most.
  • Focus on improving the product and customer experience and making it more efficient for feasibility and viability of the product.
  • Focus on testing a set of structured assumptions about customers and products.
  • Set up a company or division with interlocking interdisciplinary teams to start developing a potential product.

Q2. You are trying to develop a new product and have just completed Customer Validation. Where should you focus next?

  • Develop an MVP (Minimum Viable Product) to test and validate a set of structured assumptions about customers and our product.
  • This is an inflection point: either pivot or persevere.
  • Start scaling the product/market fit that you have achieved.
  • Set up an interdisciplinary team and scale the organization.

Q3. You’re discussing human resource input and staffing for your new product with your boss and a few colleagues. What’s your recommendation for staffing with minimum waste through Steve Blank’s Four Steps framework?

  • During Customer Creation, a customer development team, rather than the full functional organization, is best.
  • During Customer Validation, it’s a good idea to utilize Partners and Channels in the existing business.
  • During Customer Validation, a full functional organization should be involved.
  • In the Customer Creation phase, a full functional organization, rather than a customer development team, is mostly likely to be the best fit.

Q4. You are managing product development for a medical device company and exploring a new product for people who have Raynaud’s syndrome (a condition where people’s hands and feet go numb in response to cold or stress). You are thinking about a lightweight glove that can sense the temperature of and then warm the hands of people. You want to evaluate whether you can reach buyers for this product, get their attention, and that they have at least a basic level of interest in such a product. Which of the following MVPs would best help you get that kind of answer?

  • See if you can sell it to retailers.
  • Provide users with fingertip stickers that sense the temperature of the fingers, and when the temperature drops, give them pre-warmed gloves.
  • An online video demonstrating the product design – a lightweight glove that senses the temperature of and then warms the hands of people – with a field for people to opt-in to receive more information.
  • The sales and marketing team offers customers deep discounts on the new product, a lightweight glove that senses the temperature of and then warms the hands of people, after it is launched in the market.

Q5. You are managing product development for an online retailer and are considering a new category of goods to sell. You want to validate most of your core assumptions about potential demand before actually stocking up the products and building an e-commerce backend. Which of the following MVPs would be most efficient to achieve your goal?

  • Directing a subset of potential customers to a webpage which displays photos products in this new category and see which items are ordered and in what quantity.
  • Look at comparable sites to see how they approach sales in this area
  • Build a website, let users shop on the website, and collect all the feedback.
  • Create an online advertisement through Google AdWords.

Q6. Your company is considering launching an eco-friendly rodent deterrent spray and so you work with the product development team to develop problem scenarios, alternatives, and Value Propositions. Which of the following statements by your team would you agree with?

  • The problem scenario (jobs they can do for the customers) might be: It doesn’t keep out rodents with electronic fences, which is one of the alternatives customers are currently using.
  • The problem scenario (jobs they can do for the customers) might be: Make sure to use spray to keep out rodents.
  • The problem scenario (jobs they can do for the customers) might be: Cats not eating your rats? Our spray will keep them out- no caveats.
  • The problem scenario (jobs they can do for the customers) should be neutral, unbiased and objective, such as keep out rodents.

Q7. You are managing product development for a financial services company. You have narrowed down your ideas and are currently at the “Fledgling Business” (H2) stage of your innovation pipeline. Which of the following expectations or timeframe should you set for your project at this stage?

  • 1 to 3 years is a typical timeframe at this stage.
  • You can budget 90 to 120 days for your project to complete this stage.
  • You can plan 6 to 12 months to complete this stage.
  • You can innovate on BOTH new technology AND a new business model.

Q8. You are managing product development for a pharmaceutical company. You just started looking for some ideas of or inspiration for Zika treatment in Florida and potentially in South America. If you are currently not in those areas and you have limited resources to either send out your own team there or fly potential customers in, what approach would you use to understand the daily life of local residents and look for potential treatment?

  • Training your team members and interviewing the residents in the field
  • Studying the disruption catalysts in the healthcare sector
  • Partnership with local startups to run pilot projects and get answers to your questions
  • Reverse hackathon

Q9. As PM for an organic fertilizer product, you have identified and validated product/market fit and have reached the point of bringing business to scaling and thinking about profitability and optimization, i.e. you are ready to move from H3 to H2. You decide to use the Business Model Canvas to outline your business plan and hand it in for management review. What might be a good first step to outline your ideas for the business?

  • Try to keep a lean team – a customer development team, rather than the full functional organization, is sufficient for scaling product/market fit and tuning feasibility and viability for business.
  • Mapping Customer Segments to Value Propositions to explain what you’re validated on product/market fit.
  • Customer Discovery: focus on keeping an open mind, doing generative discovery with grain farmers and gardeners, watching what is on their A-list, and identifying what they care about most.
  • Develop an MVP (potting mix with your product) to test and validate a set of structured assumptions about customers and our product.

Q10. As PM for a cosmetics company, you are using the Business Model Canvas to outline your business proposal to the management of your company. You have listed Customer Segments and Value Propositions. Now you want to proceed with Customer Relationships and Channels to add more depth to your explanation. Which of the following content would be a valid channel?

  • Promotion via Google Adwords, sales on corporate website, and service via a call center
  • Ease irritation and allergic reaction on the skin
  • Teens in small markets
  • Dedicated personal service for large accounts (e.g. Sephora)

Week 4: Digital Product Management: Modern Fundamentals

Quiz 1: Focused Tuning and Testing

Q1. What are some of the main profit drivers of companies with a product-driven business model?

  • Share of demand and retention
  • Volume/scale of users and sales
  • Product category and advertising
  • Differentiation and premium pricing

Q2. What business model is most likely to be enhanced by a relatively flexible sales structure?

  • Product-driven
  • Sales-driven
  • Scope-driven
  • Infrastructure-driven

Q3. As a PM, what is the one thing you’re least likely to use the Business Model Canvas (BMC) to do?

  • See how pulling different levers or dimensions in our business model will affect the overall picture
  • Make sure the way the company executes matches with its focus in Customer Segments and Value Propositions.
  • To check compliance with established objectives
  • Uncover questions about where and how your team is focused

Q4. You have been assigned to a “Horizon III” (disruptive innovation) project that’s key to the CEO’s vision. You are ready to start doing value tests, but she suggests jumping to the prototype phase to accelerate development. How should you respond to ensure product success?

  • Yes, that way we can get buy-in from key stakeholders directly by showing them something, and and that’s a good step right before we go to market.
  • No, I suggest we disrupt the market and surprise our competitors and customers by planning a stealth launch and skip the prototype.
  • Great idea! Prototyping is an awesome design tool and makes a lot of sense, because it’ll help us understand users’ motivation and product viability.
  • Prototyping is extremely important but we risk building a product that nobody will want if we start testing usability before we validate desirability and customer motivation with an MVP.

Q5. What is one outcome you cannot get from concierge testing?

  • Have absolute certainty of the reception of a feature in our product
  • Have a rough understanding of how the customer will react, if at all, to our target user experience.
  • Better understand desirability
  • Understand why and how the feature might be used by the users and the motivation behind its use

Quiz 2: Driving Growth through Focus

Q1. After answering “What did I accomplish yesterday?” and “What will I accomplish today?” what is the third question teams answer in a daily-standup session?

  • “Who is impeding my progress?”
  • “What do I want to accomplish tomorrow?”
  • “What is impeding my progress?”
  • “How is the schedule going?”

Q2. As a PM, which best practice should you engage in to improve the effectiveness of your meetings and product planning?

  • Ask developers to spend time writing user stories with you.
  • Focus on a suite of additional features for our current version that could help us achieve more users in the future.
  • Ask for clear time estimates from my stakeholders across project deliverables.
  • Close oversight

Q3. As PM, what could you do to avoid creating a false sense of visibility around your project?

  • Have a rough sense of what your user stories look like 3-4 iterations out.
  • Have detailed estimations of how long each stakeholder will take to have their parts ready for you
  • Lock in a long term product roadmap
  • Have a clear vision of your target user outcomes, but keep iterating on what that means as you progress.

Q4. What are some of the characteristics of a good core analytics objective?

  • Is built around the data analytics already in place in the company
  • Is built only to validate already existing data in the company
  • It’s actionable and can be broken into a set of steps
  • It has a very large sample size

Q5. What is the difference between descriptive and prescriptive analytics?

  • Descriptive tells us facts, while prescriptive tells us what to do about it
  • Descriptive tells us what will happen, while prescriptive gives us the facts
  • Descriptive tells us what will happen and prescriptive tells us what we should do about it
  • Descriptive tells us facts, while prescriptive tells us why they are happening

Quiz 3: Final Quiz

Q1. What are some of the main profit drivers of companies with an infrastructure-driven business model?

  • Product category and advertising
  • Volume of users and sales
  • Market share and retention
  • Differentiation and unique demand

Q2. What would you expect is a business model type for a product with a highly standardized sales structure?

  • Scope-driven
  • Sales-driven
  • Product-driven
  • Infrastructure-driven

Q3. Why is the Business Model Canvas (BMC) an important tool in your product manager’s toolkit?

  • It’s a way to assert my authority on the project and take it where I want it to go.
  • As a Product Manager, I own it and am the primary gatekeeper of it for my organization.
  • Because it helps me and my team collaborate quickly, ideate and discuss questions that span desirability, feasibility, and viability.
  • It lays out the plan we need to follow to achieve success.

Q4. You have been assigned to a “Horizon III” (long term) project that’s key to the CEO’s vision. She asks you to disrupt the market by keeping the new product idea a secret and launching a fully fleshed product in 18 months. How would you respond to avoid product failure?

  • What a great opportunity to get ahead of our competitors! Let’s get to work!
  • That’s a long time! How about we build an MVP and see if this is viable before investing in anything major?
  • Why don’t we do a prototype first? We need to the test usability to make sure the product is a success
  • Yes, but first I need to get estimates from all the team members to confirm if we will in fact take 18 months or if the process is going to be longer.

Q5. You’re on an interview for a product manager job and are asked about tools like the fake feature test and the concierge test. How would you explain their value?

  • Fine tuning usability
  • These tools allow us to back-up our ideas with management through the statistical significance of the tests.
  • We can use these tools to get exhaustive data on user behaviors on our product.
  • Implementing these tools helps us on a “learning mission” where we’re quickly discovering what our users want.

Q6. Your boss is convinced daily standups are a waste of time. What could you say to convince him that these meetings are a useful way to practice agile?

  • It makes everyone accountable for any impediments to progress.
  • It gives long-term visibility into the direction I take as a Product Manager.
  • It provides a long term retrospective on the development of the product.
  • It gives my team immediate visibility into the current state of our work and where we need to focus- without me having to decide and dictate that.

Q7. Which of the following is one of the common mistakes product managers make in regards to meetings and product planning?

  • Allow your team to self-organize
  • Making developers spend time developing user stories
  • Focusing on precise deadlines to make sure project is on track
  • Focusing on weeding out features for our current version

Q8. As a PM, which of the following practices should you avoid if you want to have a realistic and healthy sense of visibility around your project?

  • Not being on a locked-in path towards product completion
  • Having clear and vivid user stories that have a tangible impact on how you develop a product
  • Keeping your individual stakeholders informed on how the metrics they care about are progressing
  • Creating an exhaustive product roadmap with the precise information of what’s happening at each point over the next 6 months.

Q9. Your data analytics teams shares its objectives with you; they all look actionable and seems to serve your product’s future, except for one. Which one is it?

  • Discover the point in the funnel our users are signing up so we can preempt traffic.
  • Discover the point in the funnel our users are leaving the service so we can take action.
  • Equip the sales force to test the proposition that clients want these products so we can develop them.
  • Equip the sales force with available secondary data

Q10. Which of the following is an example of predictive analytics?

  • A surge of 50% is expected, at 6:05 PM, when the new sneaker model goes online.
  • Since a huge demand for the new sneaker model is expected, an increase in customer service reps is suggested.
  • 10% of users reported some dissatisfaction with the site because the shoes disappeared from their cart while browsing
  • 50% of visitors at 6:05 PM have a pair of sneakers on their cart.
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