The product manager is the one who looks after the development of the new product after making the proper market research and survey. They look after all the consequences and the important factors that are required in the production of the product. The product manager also makes sure and ensures that the product is produced in a very well way. Here below are the important product manager interview questions that will aid you in your interview. Also See: Job Description Product Manager
Further help in the enhancement of the quality of the product. Furthermore, they make the market survey and stresses of the life cycle of the product. Therefore, it helps in the production process. Along with the process of product formation. Further, get through and get hired in the position that you are looking for.
Can you explain the different stages of the life of the product in the market?
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Answer: There are four different stages for the life of the product in the market. The four stages consist of the Introduction stage, Growth stage, Maturity stage, and Declining stage. This is the important question that you have to explain while answering product manager interview questions and answers.
In the stage, the new products are introduced in the market. Further in this stage, the sales will not be in is the pace that it will be in its growth and the maturity stages. For every new product, the introduction stage is very very important that must be looked after. Since the products are first introduced in the market to the consumers. If they like the product in this introduction phase then the consumer will consume those products repetitively.
Further which will help in the products to take its place in the market and further grow as well.
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In this stage of the product life cycle. The new product sees the rise in their graph sales-wise. The sales revenue of the product starts increasing. Now in the growth stage of the, product stars making some profits for the company. The company can even get to its BEP or more than its BEP as well. In this stage, the product is grown. Most of the target consumers know the name of the product and the brand.
Similarly, The product grows by different parts. When the product’s introduction stage is passed in the right direction. It is most obvious that the product will grow and foster and similarly take the market share as well.
This is the peak phase for any product. After passing the introduction stage and the growth stage of the product. The particular life cycle of the product reaches the maturity phase. In this phase, the product gets matured in the market. Further, it owns the relevant market and the consumer’s shares as well. Once the product gets the market share and wins over the taste of the consumers.
Then in this stage, the product sales will be in the high phase. The sales of the product will be intensive and it would be rapid as well. Further the revenue increases in the high rate as well. It is also seen with the product that in this stage. The sales revenue of the products even increases by 400% to 500%. The fact also cannot be missed that it depends on how well the product behaves in the introductory and the growing phases.
In the declining phase, The behavior and the sales of the product start declining. Since by the passing of the time and the evolution taking place each day. Product sales revenue can start declining. The decrease in sales units, lessening of the sales revenue, a decrease in the production of the product are some of the visible results that can be forecast in the declining stage. Slowing in the declining stage.
The products get invisible from the market as well. Further with the decrease in sales the profitability are certain to be deceased. This stage further takes place for one of the products that are doing well in the growth and the maturity stage. Is due to the high competition that increases in the market over the years. In order to meet the competition.
You have to cut the prices of the product, improve the quality. The main aim is to keep evolving to go neck in neck with the market competition.
Explain the process of the development of the new product
Answer: If we talk about the important product manager interview questions and answers. This question will surely cross your way. The development of the new product goes like this step by step as shown in the images below:
Step 1: Developing the Idea
The first and the foremost step in the formation of the new product is developing the idea. Once the idea is developed it will take the form of the final product that will make to increase the sales revenue. So, in order to start anything new, the proper idea is very important. If you can think you can do it. Therefore, If you want the final results then one must develop a good idea. So, in short, ideation is a very important thing.
Step 2: Researching the market
The second step that is taken in the process of product formation is the proper research of the market. For particular product development, one has to research the following things strength, weaknesses, threats, and the opportunities of a particular product. This will help in the analysis of the future growth of the product as it has the power to resist the market or not.
The other factors that cover market research are the analysis of the competitors, pricing model, consumer behavior, profitability, and costing. So, before going straight into the development of the product it is very important to give an ample amount of time in researching the market.
Step 3: Proper Planning
Once you have prepared the idea and made proper market research on the product that you want to develop then in such case the proper planning is important. Planning helps to show you the road map for what things you have to do and when to do something. It helps in preparing the checklist. Furthermore, If you don’t have the proper plan.
You cannot executive anything. Everything will be messy. In short, it is bitter but the truth if you don’t have a plan you will not have a successful business. 90% of the successful and the big business are due to the execution of the particular plan. So, in the formation of a new product, a proper checklist and a plan are very important.
Step 4: Developing the Few Products
After the proper planning. The next step is to start developing a few products. The main motive of the development of these few products is to work as a sample in the market. It can be supplied to some of the suppliers, dealers, and customers and see how they react to those products. If you produce the products in the bulk of the large amount then they might create some of the problems.
If in case the product does not work. Therefore, It is very important to develop a few products in the starting.
Step 5: Testing of the products
This is a very important step that most of the manufacturing companies and the product managers use. Since after the productions of the few products it is important and tests those products in the market and how those products react in the market. If the product is liked by the customers in the market and they want to buy it again. Then you can take the next step to make the aggressive productions of a particular product.
Before, leading to the high production of any product it is very important to see if the product performs well. Being a good product manager one should make sure that the market testing is done for a particular product. Therefore, if the product manager wants positive results for the success of the products in the market. Then it is important to test its performances in the market.
Step 6: Formation of the products
Once the market testing goes in the right way. If the products perform well in the market and the quality of the product is liked and accepted by the consumers. Then it is a positive sign for you. Then being a product manager you can start for the rapid production of a particular product. After the product testing if you start forming the more products then the chances of a product failing in the market decreases by 90%. That’s a huge percentage. Market testing is the most important aspect to look after when it comes to the formation of the products.
Being a product manager how can you help the sales and marketing department to promote the products
After the product is formed. The next step that we should look after is the growth of the products in the market. All consumers must know about the products. So that they can use it and which will ultimately help in the increase in the sales revenue. In the following ways, the new products can be promoted social media such as Facebook, Twitter, Instagram, Youtube, Pinterest, and other promotional platforms, google ads, pamphlets, magazine ads, television ads, and other promotions and advertisements.
Without the promotions and the advertisement of the products, it will be difficult for the products to grow in the market. If you are the one who is not ready to spend a penny in the advertising then this is a problem. There can be chances that your products will be unknown. Further, it directly affects the sales revenue and the profitability of the products.
As per the reports discussed by one of the associates of the Sankalpa Job, it is found that 95% of the successful business is successful due to the advertisement and the promotions. Along with that, the cost of the promotion of any product is higher as compared to the production cost. So, it makes it important to promote the products in every nooks and corner to increase sales revenue and increase profitability.
What are your strengths as a product manager?
Answer: As a product manager your should have the various strength that will help in the formation of a quality product and further help in multiplying the sales revenue as well. While answering this question you should not forget to answer the following strength and add an extra point to get hired for the position.
- Can motivate the staff and the colleagues in the situation of the pressure and meet the tight deadlines.
- Management skills with the person who values time.
- Good leadership, analytical and organizational skills.
- Fine communication and listening skills.
- Efficient problem-solving competence along with the quick decision-making technique.
- The ability for procedure development.
- A person who believes in the team efforts and work in the collaboration of every employee in the team. Cooperative and be of the opinion that joint effort is necessary for the development of the organization.
What are the qualities of a good product manager?
Answer: Here are the best qualities that the interviewer is seeking in the product manager.
- Keep up with the high quality and the standard of the product.
- Should be able to manage and handle any type of conflict that exists in the workplace.
- Being a product manager, he/she should be able to lead a team and act as an exemplary role.
- Creation of a good roadmap related to the products and the system of the development of the products.
What actually does a product manager does in the working environment?
Answer: Being a product manager, There are a lot of things that he/she have to do. The following are some of the works that a product manager should do.
- Look after overall production units ensuing the quality production, proper use of raw materials, avoiding the normal and the abnormal losses.
- Manage the staff in the most convenient way. Such that they are always motivated to do their work without wasting time.
- Prepare the costing for each unit produced after incorporating the cost of raw materials, labor, and overheads.
- Help the management to maintain and preparation of the pricing strategies. Such that the company earns good revenue.
- Resolving conflicts between the employees.
Therefore, while answering this question you have to make sure that you impress the employer. Further, make them believe that you have a particular experience to work in a convenient way for that position.
Do you have previous experience as a product manager?
Answer: For the position of a product manager the employer always seeks for the experienced and the skillful individual for their company. If you are experienced in the field of the product manager then there is nothing that can stop you from getting the job. It will not make a big difference of you have fewer scores in your academics or qualifications. If you are experienced it will make your work easier and the chances and the probability of being hired increase by 90%.
As per the reports discussed by the recruiters and the research made by Sankalpa job. It is found that about 70% of the top-level job that is come across any individual is due to the experiences that they have in a similar field. So, It is of great importance that if you want to grow in any of the position then you should make your continuous efforts in gaining the experience. There might be the condition that you might have the lesser pay as a fresher in that field but after some years the payscale will surely increase with the increase in the position.
Common Product Manager Interview Questions
Among the above-mentioned questions here are the most common and the most asked product manager interview questions and answers
- Tell me something about yourself.
- From where did you hear about this job?
- Where do you see your career growth professionally in the coming years?
- Why do you think you are the best candidate for this position?
- How can you handle the conflict that can occur in the workplace?
- Why did you leave your previous job?
- Do you have any queries that you want to ask us?
- What are your educational qualifications?
Summing it up,
Here were the best and the most asked product manager interview questions that will help you to crack and get through the interview and further impress the interviewer. Please go through these questions several times before going for your interview. As it would be very helpful for you to get hired.
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