Product Manager Interview Questions and Answers

Product managers possess product expertise and take decisions based on innovation, Market strategy and market conditions. They are a part of product development from the conception of the idea through a product’s launch and even beyond. Product managers know the why, when and what of the product and lead cross-functional team activities for its development. Product managers lead projects, like project managers, but their projects always involve developing a product to deliver to a customer base. (Or) A product manager decides what products and software to build next and helps manage research, design, testing, and go-to-market strategy.

• Creating a product vision and strategy
• Understand customer experience
• working with engineering to build what matters
• For Planning What do they deliver to teams and when do they deliver
• Contains the release factor of the product.
• clearly defining the business value to the product team
• Build and follow a roadmap
• knowing when (and when not) to create a master release
• managing features and dependencies in and across releases
• managing releases with phases and milestones
• Own thinking – The creative process of creating, developing and refining new ideas
• collecting, curating, and promoting the most relevant ideas into features
• knowing which ideas should be promoted to features
• defining the features and requirements necessary to deliver a complete product to market
• Arrange product testing groups
• leading the product team to success
• making product decisions and often is the lead resource for the rest of the organization when deep product expertise is required
• Ensure that key feedback and requests integrate into the product planning and development processes
• supporting the organizations that help bring the product to market and working directly with customers

Product Management is a critical strategic driver in a company. It can make a huge impact in terms of whether products, as well as the entire company, succeed or fail in both the short and long term. It’s the only role in a company that grasps all aspects of the business, including customers, the market, competition, trends, strategy, business models, and more

Principles lay the groundwork for any successful job. If this question leaves a candidate with doe eyes, it might be time to consider a different candidate.

B2B businesses market and sell their products and services directly to other businesses.

B2C businesses sell products and services to consumers for their personal use.

PLM stands for Product lifecycle management. It includes managing the entire lifecycle of a product- from the inception of the idea to final execution. The main goal of PLM is to enable the flow of information, people and processes concerned with the product’s lifecycle. It helps product managers by reducing marketing time, improving quality, sustaining operational serviceability and making products eco-friendly.

ERP stands for Enterprise Resource Management. It is a single, enterprise-wide software solution that integrates functional areas of a business including inventory, manufacturing, distribution, human resources and accounting.

PLM is all about the management of the process behind the product, as well as the history and collaboration that goes along with it. PLM software works by supporting processes that define your brand, engage your customers, and differentiate your company’s products in the marketplace.

To determine the price of a product, I would choose an effective pricing strategy to make it cost-effective.

I would assess the market and target audience followed by a research on the pricing structure of competitors.

3 important inclusions here would be:

1. Variable costs- Cost of goods sold, Production, Packaging, marketing costs and shipping
2. Fixed Costs- unavoidable expenses like rent, electricity, salaries of employees, etc.
3. Profit margin- The profit company aims to make per unit.