Product Strategy Questions for Product Management Interviews

Business Frameworks and Case-Studies(Myntra, Google Docs, IND Money and Product-Hunt)

Introduction

So, we have discussed so far about frequently asked questions and Tech 101 for Product Managers.

But we have not discussed yet the required business framework for various condition such as

• General Strategy Questions: CXOs level Questions
• Mergers & Acquisition: Looking at synergies in Mergers & Acquisition
• Digital Product Campaign: launching an Ad Campaign for the new or existing product
• Product Launch & Market Entry Cases: Launching a new or existing Product in a new or existing Market
• Pricing Case: Pricing a Product
• Profitability Case: increasing revenue or profit and cutting-out the unnecessary cost.

But why they ask these questions to Product Manager who manages a product and mostly work with Designers & Engineers?

Management Consultants draw strategies generally.

But we should not forget that a Product Manager gets included in each of the areas from Ideation to deployment of the product

• User/Market Research
• Problem Framing
• Pretotyping & Design Thinking
• validating the solution
• designing and developing
• Experiment
• then to launch or deployment

While managing these cross-functional team members and ensuring that product must be customer-centric and should follow the various factors on the basis of the company.

Business Frameworks for Product Managers:

Although! I could include more but following are the basic and essential frameworks for these types of questions:

1. Customer Purchase Making Decision
2. Marketing-Mix(4 P’s)
3. SWOT Analysis
4. 5 Cs (Situational Analysis)
5. Porter’s 5 Forces

Now, let’s break down each framework systematically with real-time case studies and a touch of interactivity. 🛠️

#1 Customer Purchase Decision Framework 🤔

1. Problem Awareness: Understand the customer’s pain point or need.
2. Interest: Generate curiosity and interest in your product.
3. Desire: Create a strong desire or want for your product.
4. Action: Encourage the customer to take a specific action (purchase).

Case Study: Apple’s iPhone

Photo by Alexander Andrews on Unsplash

1. Problem Awareness: Apple recognized that people needed a device that could combine a phone, an iPod, and a computer seamlessly.
2. Interest: Through sleek design and captivating advertising, Apple piqued people’s interest in the iPhone.
3. Desire: They created a desire by showcasing the iPhone’s capabilities and exclusivity.
4. Action: The Apple Store and online shopping made it easy for customers to take action and purchase.

#2 Marketing-Mix (4 P’s) 🎯

1. Product: Define the unique qualities of your product.
2. Price: Determine the pricing strategy that aligns with your target market.
3. Place: Choose the right distribution channels.
4. Promotion: Craft marketing campaigns that reach your audience effectively.

Case Study: Coca-Cola

Photo by Taras Chernus on Unsplash

1. Product: Coca-Cola emphasizes its secret formula and unique taste.
2. Price: They use competitive pricing, making it affordable to a wide range of consumers.
3. Place: Coca-Cola is available virtually everywhere, from corner stores to vending machines.
4. Promotion: Iconic advertising campaigns like “Share a Coke” engage consumers emotionally.

# 3. SWOT Analysis 🤩

• Strengths: Identify your internal advantages.
• Weaknesses: Acknowledge your internal vulnerabilities.
• Opportunities: Explore external avenues for growth.
• Threats: Be aware of external factors that could hinder success.

Case Study: Amazon

Photo by Sunrise King on Unsplash

• Strengths: Vast product selection, efficient logistics, and Amazon Web Services.
• Weaknesses: Overreliances on third-party sellers, counterfeit products.
• Opportunities: Expansion into new markets, like Amazon Prime Video.
• Threats: Competition from other e-commerce giants, regulatory challenges.

#4 5 Cs (Situational Analysis) 📊

1. Company: Understand your organization’s goals and capabilities.
2. Customers: Analyze your target audience and their needs.
3. Competitors: Study your rivals and their strategies.
4. Collaborators: Identify potential partners or allies.
5. Climate: Assess the external market conditions.

Case Study: Tesla

Photo by Dmitry Novikov on Unsplash

1. Company: Tesla’s goal is to accelerate the world’s transition to sustainable energy.
2. Customers: They focus on tech-savvy, environmentally-conscious buyers.
3. Competitors: Traditional automakers like Ford and new entrants like Rivian.
4. Collaborators: Partnerships with companies like Panasonic for batteries.
5. Climate: The shift towards electric vehicles and clean energy policies.

# 5 Porter’s 5 Forces 🌪️

Porter’s 5 forces: Source

1. Threat of New Entrants: Assess the barriers to entry for competitors.
2. Bargaining Power of Suppliers: Understand supplier influence on costs.
3. Bargaining Power of Buyers: Evaluate buyer influence on prices.
4. Threat of Substitutes: Analyze alternatives to your product.
5. Rivalry Among Existing Competitors: Examine the intensity of competition.

Case Study: Netflix

Photo by freestocks on Unsplash

1. Threat of New Entrants: High, with many streaming platforms entering the market.
2. Bargaining Power of Suppliers: Content producers hold significant power.
3. Bargaining Power of Buyers: Subscribers have options but are loyal to quality content.
4. Threat of Substitutes: Cable TV, YouTube, and other forms of entertainment.
5. Rivalry Among Existing Competitors: Intense competition with Amazon Prime Video, Disney+, etc.

These frameworks, when applied systematically, can help businesses navigate their product management journeys with success, just like the examples we’ve explored. 🚀📊🔍

Types of Questions:

There are 7 categories of Product-Case Questions:

1. Product Strategy Questions
2. Product Marketing Questions
3. Product Launch Questions
4. Product Pricing Questions
5. Online Advertisement for PMs
6. Problem-solving Questions

But in this blog we will discuss only top 4 concepts:

Product Strategy Questions(CXOs level)

Product Strategy Questions(CXOs): Approach and Myntra Case Study

Product Marketing Questions

Product Marketing Questions: Google Docs Study

Product Launch Questions

How to Launch a Product as a Product Manager: INDMoney-MiniSave Feature

Product Pricing Questions

Product Pricing Questions: Product Hunt Case Study