Top 10 Product Manager Interview Questions and Answers
The product manager role differs from organization to organization. A company’s top priority is getting the right product manager to establish the name, and make revenues. How do you stand out to be an efficient product manager?
There is a great demand for product managers in the job market. Prepare for the challenges by learning the basic questions listed below and begin your life of innovation and development.
These questions are the basic ones, which will give you an ace to prepare for your product manager job interview. Begin now, and give your professional life a push.
Q1. How do you identify a well-designed product?
There are two principles on which I identify a well-designed product: its simplicity and user-friendly. With regards to the interface, it should stand out with the innovation and its inclusivity.
Q2. What is a poorly-designed product?
A product which does not fulfill the purpose for which it is designed, and leaves the user dissatisfied is considered are the poorly-designed product.
Q3. What should be the role of a Product Manager?
The Product Manager has the product expertise and takes the decision based on innovation, its strategy, and market conditions.
It consists of product development, from the time of its conception to the launch of the product, and even beyond the process of the product.
Product manager has the vision, as to why, when, and what product or lead can the functional team in the development of a product.
Q4. How do you decide what and what not to build?
I decide with the application of 5 steps:
- Identification of market trends and the demand for the product, along with available resources and the feasibility
- Brainstorming with the team for planning, product development, and its execution
- Measuring the Scalability to ensure its availability, quantity of resources for the development of the product
- Preparing for the execution by collecting the resources and countering the challenges
- Execution of the plan
Q5. What aspects of product management do you find the most exciting?
On e of the most fascinating thing about the product- management is the ability to develop products from the ideas and influence the lives of people.
Q6. How would you redesign our product?
To get any product redesigned, I have build up this roadmap:
- Understand what the product lacks and requires improvement.
- Get in touch with customers, engineers, and stakeholders
- Retain and build features which are unique, and make the product user-friendly
- Make the product innovation, and reduce its variety
- Make it cost-effective in order to multiply the sales and revenues
Q7. How can a product failure be prevented?
Innovation is the key to success for any product. The use of stale concepts and refurbishing ideas leads to product failure. Keep the product stand out with its features.
Before officially launching the product, it would be best to launch the product to a sample audience and gather its perspectives. Identify the points from the feedback and make improvements.
Overhyping a product leads to failure. Promotion of product post its release helps to establish the product.
Pricing the product matters a lot. Higher prices push potential buyers to look for a cheaper alternative, which is affordable and relevant.
Poor design, bad customer service, inefficient implementation, lack of quality control, also leads to failure of the product.
Q8. What are your steps to communicate a product development strategy?
Product development strategy considers market demand, business situations, technological capacities, competitors, domain, and design expertise. The most effective product development strategy has the following points:
- Upcoming market and tech which can accommodate the customers
- Plans to meet business goals and generate revenue
- Considering economic factors which affect the customer’s budgets
- Anticipating customer’s behavior
Q9. Differentiate between PLM and ERP?
ERP helps in the manufacture of quality products, while PLM concerns with design and innovation
ERP enables in the manufacturing, resources, planning, Human Resources, inventory, accounting and order management.
Q10. How do you decide on the price of a product?
There are 3 important considerations to determine the price of a product:
Variable costs- is the cost of goods which are sold, Produced, Packaged, its marketing costs and shipping
Fixed Costs- is the cost of unavoidable expenses like rent, electricity, salaries of employees, etc.
Profit margin- What’s the profit the company aims to make per unit.
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