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Product Management Basics > Product Mgmt Warmup > Flashcards

Product Mgmt Warmup Flashcards

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1
Q

What is a product vision?

A

A clear, strategic direction that outlines the future state and purpose of a product, aligned to business goals and user needs.

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2
Q

What is the difference between a short-term and long-term product goal?

A

Short-term goals deliver immediate value (e.g., feature release), while long-term goals align to strategic vision (e.g., user retention or platform shift).

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3
Q

What is a sprint in Agile?

A

A short, time-boxed period (usually 1–2 weeks) where a team delivers a potentially shippable product increment.

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4
Q

What is a KPI?

A

Key Performance Indicator — a measurable value used to track the success of a product or initiative.

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5
Q

What is customer discovery?

A

A process of understanding customer needs, pain points, and behaviours through interviews, surveys, and usage analysis.

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6
Q

What is a user story?

A

A short, simple description of a feature told from the perspective of the user, often following the format: ‘As a user, I want to… so that…’

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7
Q

What is an MVP?

A

Minimum Viable Product — the smallest version of a product that can be released to validate an idea or solve a core user problem.

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8
Q

What is the RICE framework?

A

A prioritisation tool using Reach, Impact, Confidence, and Effort to score and rank features or initiatives.

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9
Q

What is Hotjar used for?

A

A user analytics tool that provides heatmaps, session recordings, and feedback to understand user behaviour on websites or apps.

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10
Q

What is a roadmap?

A

A strategic plan that outlines the vision, direction, priorities, and progress of a product over time.

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11
Q

What is customer journey mapping?

A

A visualisation of the process a customer goes through when interacting with a product or service, used to identify pain points and opportunities.

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12
Q

Name five key stakeholder groups in product development.

A

Business, Customer, Operations, Technology, and Leadership.

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13
Q

What is a product requirement document (PRD)?

A

A document that outlines the objectives, features, functionality, and scope of a product or feature.

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14
Q

What is A/B testing?

A

A method of comparing two versions of a product or feature to determine which performs better.

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15
Q

What is time-to-value (TTV)?

A

The time it takes a user to realise the value of a product after first interacting with it.

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16
Q

What is technical debt?

A

The implied cost of additional work caused by choosing an easy solution now instead of a better one that would take longer.

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17
Q

What is scope creep?

A

When new features or requirements are added to a project after it has started, often without proper review or approval.

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18
Q

What is the difference between qualitative and quantitative research?

A

Qualitative is exploratory (e.g. interviews), while quantitative is numeric and measurable (e.g. surveys, analytics).

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19
Q

What is backlog grooming?

A

The regular process of reviewing, prioritising, and updating the product backlog to keep it clean and actionable.

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20
Q

What is a conversion rate?

A

The percentage of users who take a desired action, such as signing up, purchasing, or completing a form.

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21
Q

What is user onboarding?

A

The process of guiding new users to understand and gain value from a product as quickly as possible.

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22
Q

What is stakeholder alignment?

A

Ensuring that all key parties involved in a product initiative share a common understanding and commitment.

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23
Q

What is product-market fit?

A

When a product satisfies a strong market demand and users consistently find value in it.

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24
Q

What is a use case?

A

A description of how a user will interact with a system to achieve a goal.

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25
What is customer segmentation?
Dividing a user base into distinct groups based on behaviours, needs, or demographics to tailor product decisions.
26
What is a product backlog?
An ordered list of features, fixes, and technical work needed to improve or develop a product.
27
What is technical feasibility?
The practicality of implementing a solution based on current technology and resources.
28
What is a pivot?
A significant change in product strategy based on user feedback, market shifts, or data.
29
What is a dependency?
A condition where one task, feature, or team relies on another to make progress.
30
What is a burn-down chart?
A visual representation of work completed versus work remaining in a sprint or project.
31
What is agile product management?
An iterative approach to product development that emphasizes flexibility, collaboration, and customer feedback.
32
What is a product demo?
A presentation that shows stakeholders or customers the functionality and value of a product or feature.
33
What is UX?
User Experience — the overall experience a person has when interacting with a product.
34
What is a persona?
A fictional, research-based profile representing a key segment of your users.
35
What is usability testing?
Testing a product with real users to observe how easily they can accomplish tasks.
36
What is NPS?
Net Promoter Score — a measure of customer loyalty based on how likely users are to recommend your product.
37
What is a product roadmap used for?
To communicate product direction, priorities, and progress to stakeholders.
38
What is grooming in Agile?
Refining and prioritizing backlog items to prepare them for upcoming sprints.
39
What is a release plan?
A schedule outlining when and how new product features or updates will be delivered.
40
What is an acceptance criterion?
A set of predefined requirements that a feature must meet to be considered complete.
41
What is a retrospective?
A meeting held at the end of a sprint to reflect on what went well and what can improve.
42
What is timeboxing?
Allocating a fixed time period for an activity to promote focus and efficiency.
43
What is a spike in Agile?
A time-boxed research task to explore solutions or estimate effort for a technical or design challenge.
44
What is a value proposition?
A clear statement that explains how a product solves a problem, what benefits it provides, and why it’s better than alternatives.
45
What is customer lifetime value (CLV)?
The predicted revenue a business will earn from a customer over the entire relationship.
46
What is churn rate?
The percentage of users who stop using a product within a given time period.
47
What is a wireframe?
A low-fidelity blueprint of a user interface used in early design stages.
48
What is prototyping?
Creating an early model of a product to test ideas before full development.
49
What is feature parity?
When a new version of a product matches the capabilities of the old one.
50
What is the triple constraint in project management?
The balance between scope, time, and cost.
51
What is a stakeholder?
Anyone who has an interest in or is affected by the outcome of a product.
52
What is the difference between a feature and a benefit?
A feature is what a product does; a benefit is the value it provides to users.
53
What is a roadmap theme?
A high-level category or strategic goal that groups related features or initiatives.
54
What is AARRR?
Acquisition, Activation, Retention, Referral, Revenue — a framework for product growth metrics.
55
What is a customer pain point?
A specific problem that current or potential users are experiencing.
56
What is a go-to-market (GTM) strategy?
A plan for launching a product and reaching target customers effectively.
57
What is a blocker?
Anything that prevents a team or individual from progressing with work.
58
What is beta testing?
Testing a nearly complete product version with a limited audience before full release.
59
What is a sandbox environment?
A safe testing area where users or developers can try new features without affecting live systems.
60
What is dogfooding?
When a company uses its own product internally to validate quality and usability.
61
What is conversion funnel analysis?
Tracking user progression through stages (e.g., visit → signup → purchase) to identify drop-offs.
62
What is continuous delivery?
A software engineering approach where code changes are automatically prepared for a release to production.
63
What is a POC?
Proof of Concept — a small-scale test to validate an idea's feasibility.
64
What is a design system?
A collection of reusable components, standards, and guidelines used to build consistent user interfaces.
65
What is scope definition?
The process of outlining the features and functions to be included in a project.
66
What is user retention?
The ability of a product to keep users engaged over time.
67
What is a stakeholder map?
A visual representation of all stakeholders involved and their influence or interest.
68
What is a success metric?
A specific, measurable indicator used to determine whether a product or feature has achieved its goal.
69
What is a painkiller vs. vitamin product?
A painkiller solves an urgent problem; a vitamin is a nice-to-have enhancement.
70
What is time to resolution?
The time it takes to resolve a customer issue from the moment it's reported.
71
What is the Kano Model?
A framework for prioritizing features based on user satisfaction vs. implementation effort.
72
What is backlog prioritisation?
The process of deciding which features, bugs, or tasks to address first.
73
What is a product strategy?
A long-term plan for how a product will meet customer needs and achieve business goals.
74
What is an epic?
A large body of work that can be broken down into smaller user stories.
75
What is a cross-functional team?
A group with different expertise (e.g., dev, design, product) working toward a common goal.
76
What is qualitative feedback?
Open-ended insights from users, like opinions, preferences, or pain points.
77
What is an OKR?
Objectives and Key Results — a goal-setting framework used to track measurable outcomes.
78
What is a story point?
A unit of measure used to estimate the effort required to complete a user story.
79
What is a feature flag?
A technique to turn features on or off without deploying new code.
80
What is continuous improvement?
The practice of constantly evaluating and enhancing a product or process.
81
What is velocity in Agile?
The amount of work a team completes in a sprint, used to forecast future capacity.
82
What is a user need?
A requirement or problem a user is trying to solve with the product.
83
What is engagement rate?
A metric showing how actively users interact with a product or feature.
84
What is a risk register?
A document that lists potential risks, their impact, and mitigation strategies.
85
What is an outcome vs. output?
Output is what you build; outcome is the result or value it delivers.
86
What is a value stream?
A sequence of steps needed to deliver value to a customer.
87
What is stakeholder buy-in?
Getting stakeholders to support and commit to a decision or plan.
88
What is Lean UX?
An approach that emphasizes rapid experimentation, user feedback, and iterative design.
89
What is a service level agreement (SLA)?
A formal contract that defines the level of service expected from a provider.
90
What is a spike story?
A research task used to gain knowledge or reduce uncertainty in Agile.
91
What is digital transformation?
The integration of digital technology into all areas of a business to improve operations and value delivery.
92
What is scalability?
The ability of a system or process to handle growth effectively.
93
What is a heuristic evaluation?
A usability inspection method where experts review a UI against established principles.
94
What is stakeholder engagement?
The process of involving stakeholders in product planning and decisions.
95
What is an impact map?
A visual tool that links deliverables to business goals and user outcomes.
96
What is a feature request log?
A list of customer or internal suggestions for new features or improvements.
97
What is a release note?
A communication that explains what’s new, improved, or fixed in a software update.
98
What is a design sprint?
A five-day process for solving problems and testing ideas through prototyping and feedback.

Product Management Basics (2 decks)

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