AIPMM - CPM EXAM 2023 -2024 QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS) Product Management - Answer process of conceiving, planning, developing, testing, launching, delivery and withdrawing products in the market. PMF - Product Management Framework - Answer Product lifecycle (Product Development + Commercialization) stages plus their phases and gates. PMF Benefits (5) - Answer 1. define common language 2. provides standards for launching a products in each phase 3. allows product teams to develop and communicate mutual product plan commitments 4. empowers product team to ex ecute based upon agreed upon objectives and schedules 5. facilitates continuous improvements to products and processes. Prodbok (body of knowledge) - Answer strategies, methodologies, concepts, terms and activities that make up the product mgmt. and marke ting domains as defined by AIPMM. Applies to any product or portfolio, across industries, throughout each phase of the product lifecycle. X-Axis PLC Stages (6) - Answer 1. New product dev/acquisition 2. introduction 3. growth/maturity/decline 4. withdrawa l 5. commercialization 6. manufacturing operations X-Axis phases of PLC (7) - Answer *go/no -go gates between each phases 1. conceive 2. plan 3. develop 4. qualify (test) 5. launch 6. delivery 7. retire Phases - Answer prescribed, concurrent activities in PLC cross -functional gate precedes each phase successive phases require more resource commitment Gates - Answer decision points (go, no go, Hold, Recycle) QC checkpoints AIPMM - CPM EXAM 2023 -2024 QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS) Investment control checkpoints *Facilitate screening - evaluating new product ideas to reduce them into a smaller set. Y-Axis Key players on a product team (8) - Answer 1. Product Manager 2. Product Mktg. Manager 3. Project Manager 4. Business Analyst 5. Dev Manager 6. QA MAnager 7. Customer Support Mgr. 8. Sales Manager X/Y - Answer X=time Y=your focus XY cell = details of your focus at that time Y-Axis Knowledge Areas (5) - Answer 1. Business 2. Market 3. Customer 4. Product 5. Organization Product Life Cycle - PLC - Answer Manages stages that products go through from development to withdrawal from market. Helps you take the right action at the right time. Integrates people, data, processes and business system New Product Development + Commercialization Product Life Cycle Characteristics - Answer 1. Determines if each product has a different life cycle 2. Determines revenue earned 3. Contributes to strategic marketing plan Product Life Cycle Benefits - Answer 1. helps forecast and manage cash flow 2. helps identify when a product needs support, redesign, reinvigorated, or withdraw n. 3. helps in new product development and planning Product Portfolio - Answer range of products a company has in development or available for marketplace at one time AIPMM - CPM EXAM 2023 -2024 QUESTIONS AND CORRECT ANSWERS(VERIFIED ANSWERS) Business Portfolio - Answer collection of businesses and products that make up a compan y. Portfolio Analysis - Answer tool which helps mgmt. identify and evaluate the various businesses which make up the company Strategic Business Unit - Answer unit of the company that has a separate mission and objectives and that can be planned independe ntly from other company businesses New Product Development (NPD) - 1st half of PMF - Answer complete process of bringing a new product to market. Includes first 4 steps - conceive, plan, develop, qualify. For: 1. new product in new markets 2. new product in existing markets not previously targeted 3. enhance current product in existing product line. *2 parallel paths = idea generation, product design, and detail engineering + market research and analysis NPD New Product Development Steps (4) - 1st half of PMF - Answer 1. conceive 2. plan 3. develop 4. qualify Key Deliverables in conceive and plan phase (7) - Answer 1. Strategic Plan 2. Competitive analysis 3. Market Trends 4. Mktg requirements doc 5. Business Case 6. Product Requirements doc 7. Product roadmap Key deliverables in Develop and test phase (5) - Answer 1. Marketing strategy 2. Beta program 3. Launch plan 4. Marketing plan 5. Product Retirement plan Acquisition - Answer act or process by which ownership is achieved by: 1. acquiring brand/pr oduct 2. purchase entire company
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