Product Manager Interview Questions for freshers and experienced
Product manager refers to individuals who discover the customers’ needs and the objective that a product wishes to fulfill. These people estimate the success that a product can raise and then sets up a team to turn this dream into reality. As a result, product managers are quite important individuals in various companies.
Due to the field’s popularity and marketability, product managers have many candidates aiming for the top positions. This article explains the top product manager interview questions that you should consider before going to an interview. Check them out!
Udacity is providing product manager nanodegree, here is the detailed Review
What are the qualities do you think companies are looking for in a product manager?
Of course, other than educational qualifications, there are things that firms look for in a product manager. They settle for an intellect, smart, and someone with an ability to adapt to a new environment. Also, companies need someone who can think properly and stick to their goals. Apart from these qualities, companies often look for individuals who are motivated to tackle various jobs and can work with various professionals in a team to fulfill various goals. In other words, someone who can prioritize the company’s goals at all times. A good product manager needs to be strategic, resilient, and insightful.
As a product manager, how do you discover a good product that is worth your time?
A good product that is worth investing in is user-centric and simple. It should have a user-friendly design and stand out among other products regarding inclusivity and innovation.
How can you define a good product to the people?
A product manager needs to be a good communicator and have the ability to deliver sufficient information about a product. Why? Because this feature defines whether people will give your item a chance. So, when defining a product, the first thing is the identification of your audience. That is the people who need the product you have. Later, share key details with them, including the innovation, the background, and the product’s aims that it wishes to achieve.
Last but not least, I would pay attention to the product’s mission, benefits, and improving the customers’ lives.
A product manager mainly deals with key things. So, how do you go about a situation where you have to tackle various important things?
It isn’t easy to deal with two important things at the same time. And this fact is where the priority detail comes to the rescue. Normally, an efficient product manager needs to divide the tasks into various priority levels. For instance, you can divide them into first-level priority, second-level, and probably the third-level. As you place the tasks in these levels, you need to keep in mind the urgency, its impact on other projects, and what you stand to gain or lose.
Another crucial detail often comes during the assignment process of various resources. This process requires you to have a systematic plan of placing the resources to ensure that no task is left behind.
What is your best product by any company?
This question requires you to identify a favorite product from the company or any other company. Later, answer it using three important features.
- Use: What are the purpose of the product and its influence on human’s lives
- Efficiency: The problems that this product solves
- Innovation: You can relate this feature with the simplicity and unique features of a product
Who are our actual competitors and what products are better, and why?
Before interviewing as a product manager, you need to undertake conclusive research of the company you want to join. It makes the interview realize your potential and interest in joining the firm.
First, give a well-research analysis of the two organizations and where the competition lies between them. Later, define the differences between the two firms and which is doing better than the other. Last but not least, give a summary of the two companies and what you would do if hired as a product manager.
It is important to get an idea of the company’s products before getting an insight into them.
Explain what it means to have an exemplary user interface?
A good user interface in regards to products refers to something simple, consistent, and intuitive. Also, it is a product that delivers the necessary details while reducing the number of errors a user can make.
Name some of the products you prefer and why?
This question is a bit subjective and has to do with the likes of the interviewee. But, it tries to analyze if you understand the theory of user satisfaction.
Show the interviewer that you have an idea of what the market is currently offering and understand fundamental user satisfaction analysis. Give your points in an organized manner backing them up with facts.
Note that you need to use a product that you understand to avoid confusion
What does it mean to have a poorly-designed product?
Any item that doesn’t serve its purpose and receives complaints from the users. Also, a product that doesn’t get the attention of its target audience.
What is the job of a product manager?
Product managers need to have the skills and knowledge about a product and make crucial decisions based on the market strategies, innovation, and user satisfaction. These individuals are part of the development team and take the journey from product launching to beyond. The managers know more about the product and the production team.
How do you determine what the company needs to build?
Generally, the 5-step process helps you understand what the company needs to focus on in the production department.
- Identification of the current market, demand, the resources, and if the product is feasible
- Brainstorming with the production team to point out a good design, the development plan, and how to execute it
- Scalability measurement to help you identify the resources available and the quantity
- Preparation of the development process where you go summarized research on what the market includes and how to solve the problems
- Execution of the development plan to bring the dream to reality
What aspects about this job do you find most and least exciting?
The most interesting aspect of being a product manager is building products from scratch and watching them impact many people positively. And probably the least interesting aspect is when a product’s innovation is stuck, limiting the development process.
What does the redesigning process of a product entail?
The redesigning process is quite difficult and needs the product managers to come up with a strategic plan.
The first step is to understand the features of the current product, what it includes, and what it lacks. Under this step, communicate with engineers, stakeholders, and most importantly, the customers
The next step is to determine the right features to retain and the others we need to redesign to improve the efficiency of the product. It is an important step that will help you improve the operation of a product and increase its effectiveness
Last but not least, consider the cost of the redesigning process. Ensure that the process is cost-effective to save as much as possible but still maintain user satisfaction.
What are some of the major potential challenges the company can face in the coming years?
This answer is quite subjective and has everything to do with which company you are interviewing and what they offer. So, it is important to research the company before going for the interview and get an insight into what they are doing. Ensure that you understand the firm’s past strengths, weaknesses, and failures.
A good analysis of the company will help you identify the potential of the business and its risks
Explain ways of reducing product failure
The easiest way to ensure that a product succeeds is innovation. And refurbishing the current innovations and stale ideas is the key to failure. So, as you work on a product’s development, you need to point out important features that make your product worth the money.
The next step involves launching the product to some people to get a reaction and understand its strength and weaknesses. This process helps you understand the product you want to launch and things you need to improve
Promote good marketing strategies for the product. Overhyping your product is a key to promoting failure
Good pricing of the products. Of course, many people often choose a cost-effective product that doesn’t involve spending a lot of money
Resolve all the bad feedback from the people like poor design, low quality, ineffective implementation setting, and many more
How do you determine if a product is ready to launch?
A product is ready to launch if:
- The product is ready, and it meets the production team expectations
- The product has long surpassed its estimated production time
- The product is situation-centric. In other words, it will deliver the best results if launched at that time
Explain an effective product development strategy
A product development plan includes important details such as the current market trends, business state, technological abilities, the expertise of the product, and the competitors in the market. So, an effective plan includes:
- Emerging market and the innovations that can help improve th customers’ lives
- The strategies it plans to use to meet the company’s goals and make money
- Potential factors that may affect the business
- Research on the target customers and what they need
What is PLM in Product management?
PLM, Product Lifecycle Management, is the process of maintaining a product’s lifecycle from its planning to its development. In other words, it includes details about its growth from an idea to a product ready to launch.
Hoes does the PLM assist product managers in their jobs?
The main goal that the Product Lifecycle Management, PLM has is enabling the production flow, including the product and the involved individuals. It is a significant process that assists in reducing the amount of time they spend on marketing, improving the product’s quality, and delivering user-friendly products.
Differentiate between PLM and ERP
PLM focuses on the products’ design and technological aspects while the ERP assists in the manufacturing process of the exemplary products.
In other words, PLM deals with the concept, product design, production, and finally, distribution. At the same time, the ERP takes care of manufacturing, resource sharing, human resource, accounting, management, inventory, and sales.
What are some of the aspects you can use to determine if a product is successful?
The critical parameters that define the success of a product are
- Product awareness: How many people are aware that the product exists
- Product Breadth: It defines the actual number of individuals using the item
- Frequency use: The people who use the product how often do they use it
- Product depth: What features are the users using in the product
Explain simple ways of determining a product’s price
When determining a product’s price, you need a good pricing strategy that ensures you neither extort your customers nor make losses.
The first step is to research and monitor the current market and estimate how much the target audience is willing to invest in the product. The three important things to include are:
- Variable costs: The total goods sold, production cost, marketing costs, shipping, and packaging
- Fixed costs: Basic expenses such as electricity, employees’ salaries, rent, and more
- Profit margin: how much money does the company aim at making from the products
What is the relationship between Product managers and engineers?
Engineers are natural creators. They are in charge of the product building process. On the other hand, product managers are responsible for the general development plan of the products. These professionals ensure that the process is going according to the plan, and they make tough decisions regarding the matter.
Product development requires teamwork, and for that to happen, all the teams need to understand each other. How does a product manager communicate the challenges to the sales and marketing departments?
A product manager needs to get all the teams on board. This fact means they have to discuss all the key information and give the marketers an idea of the development plan.
Share the data with them and define the resources available, the limitations and strengths
Last but not least, involve them as you make tough decisions to ensure everybody understands what and why something is happening.
What parameters do product managers base on the performance of a product?
Generally, you base the performance of a product on four essential aspects:
- Product Usage: Define the users either monthly or annually and the features they prefer
- Product Quality: based on the customers’ feedback as the company understand what is going on and the improvements to make
- Product Development: The parameter focuses on information on resource availability, on-time delivery, and the time it takes to develop the product
- Business Performance: It deals with details on the costs, revenues, profits, product demand, and customer experience