Contents

1. What is Product? ........................................................................................................................... 3

2. What is Product Management? ...................................................................................................... 3
3. Different PM Roles ......................................................................................................................... 4
Key Roles/Positions working with a Product Manager: .................................................................. 5
4. Basic Trending and Must-Know Concepts of the Industry .............................................................. 5
A. Prod-ops .................................................................................................................................... 5
B. Blockchain ................................................................................................................................. 7
C. Sustainability and Green Product Management ......................................................................... 7
D. Cloud Computing ....................................................................................................................... 8
E. Artificial Intelligence & Machine Learning .................................................................................. 9
F. Augmented Reality (AR) .............................................................................................................. 12
G. Virtual Reality (VR) ..................................................................................................................... 12
I. Data Analytics, Product Analytics, and Business Analytics ........................................................... 14
J. Generative AI .............................................................................................................................. 17
5. Product Life Cycle ........................................................................................................................... 19
6. User Persona & Journey ................................................................................................................. 22
7. Product Design Thinking ................................................................................................................. 26
8. Product Management Frameworks/Feature Prioritisation .............................................................. 33
Storytelling .................................................................................................................................... 33
CIRCLES Framework ...................................................................................................................... 34
RICE Framework ........................................................................................................................... 35
MoSCoW ........................................................................................................................................ 36
Metrics Framework ........................................................................................................................ 37
9. Quick Guesstimate ......................................................................................................................... 40
10. References ..................................................................................................................................... 42

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1. What is Product?
Any item or service that satisfies customer needs can be called a product. A product can be a physical
or a virtual entity. Physical product examples can be found all around us whereas virtual products can
be services or experiences like software, education, etc.
Product definition can change based on the industry we are looking at. For example, for an internet-
based company, a product can be a combination of functionality, design, content, and monetization.
For an e-commerce company, product definition can include fulfillment, packaging, customer service,
etc. A person responsible for managing such a product throughout its lifecycle is the product manager.

2. What is Product Management?

Product management involves purposefully coordinating a company's product lifecycle,
encompassing the beginning, development, market launch, and ongoing support and improvement
phases. This strategic approach is crucial for introducing innovations and driving business growth. As
the demand for efficient product management rises, it has evolved into a pivotal function within
organizations, playing a fundamental role in navigating businesses through the dynamic challenges of
the contemporary business landscape. Successful product management ensures products are delivered
on time, fostering adaptability and responsiveness to customer needs, which significantly contributes
to a company's ongoing success and competitiveness.

Product managers are pivotal in guiding a product through its lifecycle, strategically aligning goals
with broader company objectives for cohesive development. Their customer-focused approach
involves using research to enhance user experiences, while collaborating closely with cross-functional
teams ensures successful development. Decision-making is central, requiring prioritization and
addressing challenges. Managing the product lifecycle demands continuous innovation for
competitiveness. Effective communication and analytical skills are essential, enabling them to convey
the product vision and evaluate performance efficiently.

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 Difference between a Program Manager, Product Manager, Project Manager and a Product
Owner

Project Manager

Responsible for overseeing the planning, execution, and completion of projects. They ensure that projects are delivered on time,
within budget, and meet specified objectives.
Activities include: comprehensive project planning, scope management, resource allocation, time management and risk assessment.
They guide teams, address challenges, and ensure quality, playing a pivotal role in achieving successful outcomes.

3. Different PM Roles

Technical Product Manager: Technical Product Managers excel in overseeing products that have
intricate technical components. They possess a profound understanding of technology and
engineering, allowing them to effectively communicate with development teams, make informed
technical decisions, and ensure that the product aligns with both business and technical objectives.
Consumer Product Manager: Consumer Product Managers are dedicated to products that directly
impact end-users. They focus on understanding consumer behavior, market trends, and customer
needs. This role involves translating these insights into product features that enhance user experience,
ultimately driving customer satisfaction and loyalty.
Data Product Manager: Data Product Managers specialize in products centered around data and
analytics. They leverage their expertise to guide the development of data-driven features and
solutions. This includes working closely with data scientists, analysts, and development teams to
ensure that products capitalize on the power of data to deliver valuable insights and functionalities.
Business Product Manager: Business Product Managers focus on products from a holistic business
perspective. They play a critical role in defining overall business strategy, revenue generation, and
maintaining market competitiveness. This role often involves collaborating across different business
units, aligning product development with organizational goals, and establishing strategic partnerships
to drive business success. Business Product Managers are instrumental in ensuring that products
contribute directly to the company's overarching strategic objectives.

Key Roles/Positions working with a Product Manager:

The specific roles that report to or work closely with a Product Manager can vary depending on the
organizational structure. However, some common roles that may collaborate with or fall under the

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 purview of a Product Manager are mentioned below. Effective collaboration between the Product
Manager and these roles is crucial for successful product development and management.
• Associate or Assistant Product Manager: Individuals in these roles may assist the Product
Manager in various tasks, including research, coordination, and project management.
• Product Owner: In Agile development environments, a Product Owner collaborates with the
Product Manager to represent the customer's interests and prioritize features for development.
•
Development Team: Engineers and developers work under the guidance of the Product
Manager to implement product features, ensuring alignment with the product roadmap and
overall strategy.
• Quality Assurance (QA) Team: Collaborates to ensure that the product meets quality
•
• standards and that any issues are identified and addressed during the development process.
UX/UI Designer: Collaborates with the Product Manager to create a user-friendly and
visually appealing product, ensuring a positive user experience.
Data Analyst: Collaborates on data-driven decision-making, providing insights into user
behavior and product performance.
• Marketing Manager: Works with the Product Manager to develop and execute marketing
strategies for product launches, promotions, and overall brand positioning.
• Sales Team: Collaborates to understand market needs, gather feedback, and align product
features with customer demands.
• Customer Support Team: Works closely with the Product Manager to understand customer
issues, gather feedback, and ensure that customer concerns are addressed in product
development.

4. Basic Trending and Must-Know Concepts of the Industry

A. Prod-ops
What is Product Operations (ProdOps)?
Product Operations, or “ProdOps,” refers to several common product management processes that
have been consolidated into a centralized team to achieve operational efficiencies and scale
throughout the product and customer lifecycle. The concept is similar to the practice of aligning
software development teams and operational/hosting teams into a centralized “DevOps” team.

When and Why ProdOps is Important to the Product Team and to the Company as a whole?
As successful products and product management teams grow, they must service the demands of
many more customers and internal partners. The workload of each Product Manager can literally
more than double. Despite – or perhaps, as a result of – this growth, many product teams begin to
experience far greater friction in getting things done, not to mention getting them done correctly,
completely, and consistently. This affects product management team performance.

The need for a ProdOps team includes these common indicators:

Ad Hoc Use of Data: Data-gathering, in-product and elsewhere, is done differently for every
product or service. This is also the case for your data curation, analysis, reporting, and decision-
making. The various Product Managers use data differently, and some don’t use it at all.

Inconsistent Testing and Learning: You know you should practice continuous discovery,
experimentation, and validation, but you’re simply too busy to do this consistently. It feels like
you’re not learning about changing customer and market needs quickly enough.
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 Getting Lost in the Feature Requests: You’re getting buried in product feedback and feature
requests from actual customers, as well as many internal teams and proxies. You’re losing your
ability to acknowledge, prioritize, and position those requests.

Confusion in Commitments: Your team is conveying different messages and roadmap

commitments to other stakeholders. Some decisions are made through back–channels, while
other decisions are “unmade.” Savvy colleagues on other teams are lobbying certain Product
Managers to make commitments for others.

Messy Processes: Your pre-release and release processes are getting sloppy, and you don’t
always meet your release criteria or fully enable your customers and internal teams for product
success.

Pricing and Value Misses: Your pricing is haphazard or stale. You’re not sure if you’re
overcharging or leaving money on the table.

What Do ProdOps Teams Do?

The ProdOps team is responsible for driving customer engagement as well as gathering, curating, and
exposing data for better decisions. ProdOps leverages your tool stack, templates, and best practices
across the product and customer lifecycles, working to reduce the friction and barriers to scaling your
organization.

Their role may be illustrated by the following points:

1. User Adoption: ProdOps helps users find features, get value, and use self-service resources.
They may collaborate with onboarding teams.
2. Roadmap Consistency: ProdOps ensures all roadmaps use the same tool, format, and update
schedule, even though individual product managers own them.
3. Pricing Rules: The Pricing Manager in ProdOps sets the framework for consistent pricing
strategies and reviews across products.
4. User Engagement: ProdOps tracks user journeys within the product, understanding usage
patterns, feature engagement, and drop-off points.
5. Team Alignment: ProdOps equips customer-facing teams (marketing, sales, support) with
information about releases and features.
6. Customer Feedback: ProdOps orchestrates thoughtful and consistent customer outreach to
gather feedback for product improvement.

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B. Blockchain
Blockchain is a distributed database that stores information in blocks that are chained together. This
creates a permanent, secure, and transparent record of transactions.

Here's how it works:

- Transactions: When a transaction occurs (e.g., a payment, a contract signing), it's broadcast to a
network of computers.
- Verification: These computers, called nodes, verify the transaction's authenticity using
cryptography.
- Block Creation: Once verified, the transaction is added to a new block, which also contains a unique
identifier (hash) and the hash of the previous block, creating a chain.
- Consensus: The nodes reach agreement (consensus) on the validity of the block, and it's added to
the blockchain.
- Distribution: The updated blockchain is distributed to all nodes, ensuring everyone has an identical
copy.

Key features of blockchain:

- Decentralization: No single authority controls the data, making it resistant to manipulation and
censorship.
- Immutability: Once data is added, it's virtually impossible to change or delete, ensuring a tamper-
proof record.
- Transparency: All transactions are viewable by anyone on the network, promoting trust and
accountability

The diagram shows a chain of blocks, each containing:

- Transaction data: The details of the transaction (e.g., sender, recipient, amount).
- Hash: A unique identifier for the block.
- Previous hash: The hash of the previous block, linking them together.
- Timestamp: The date and time the block was created.

C. Sustainability and Green Product Management

Sustainability and green product management (GPM) are two intertwined concepts that aim to reduce
the environmental impact of products throughout their lifecycle.

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 Green Product Management (GPM):
Applies sustainability principles to the design, development, marketing, and end-of-life management
of products.

Minimizes environmental impact at every stage:

- Raw materials: Choosing recycled, renewable, or ethically sourced materials.

- Manufacturing: Reducing energy consumption, cleaner production processes, minimizing waste.
- Packaging: Opting for minimal, recyclable, or biodegradable packaging.
- Product design: Creating durable, repairable, and energy-efficient products.
- Use: Encouraging responsible product use and extending lifespan.
- End-of-life: Facilitating easy recycling, reuse, or safe disposal.

Benefits of GPM:

- Reduced environmental impact: Less resource consumption, lower emissions, & minimized waste.
- Enhanced brand reputation: Consumers increasingly value sustainable products.
- Improved resource efficiency: Saves costs and creates new business opportunities.
- Compliance with regulations: Adheres to environmental regulations and standards.
- Increased innovation: Drives development of new eco-friendly technologies and solutions.

D. Cloud Computing
On-demand delivery of computing resources (data storage, servers, software, analytics & intelligence)
over the Internet to offer faster innovation, flexible resources, and economies of scale.

Benefits of cloud computing:

Lower costs: Eliminate the need for capital investment in hardware, and data centers.
Higher speed: Services provided on-demand offer flexibility to businesses through faster access
to relevant data.
Global scale: Access stored resources from anywhere across the globe
Enhanced performance: Regular updates to existing software, improving speed and efficiency of
hardware.
Security & reliability: Easy data backup and disaster recovery making continuity in work easier.

Types of cloud computing:

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 Infrastructure as a Service (IaaS): Basic IT building blocks that typically provide hardware and data
storage space access. IaaS gives the highest flexibility and management control over IT resources.

Platform as a Service (PaaS): Eliminates the need to manage infrastructure & lets users focus on
developing and deploying applications. This helps increase efficiency as much of the heavy lifting
required to maintain hardware and OS is removed.

Software as a Service (SaaS): Focuses on the product's usability without looking at the underlying
infrastructure or software.

E. Artificial Intelligence & Machine Learning

Artificial Intelligence (AI): Simulation of human intelligence in machines programmed to think like
humans and mimic their actions. The term may also be applied to any machine that exhibits traits
associated with a human mind, such as learning and problem-solving.

Machine Learning (ML): Method of data analysis that automates analytical model building. It is a
branch of artificial intelligence based on the idea that systems can learn from data, identify patterns,
and make decisions with minimal human intervention.

Deep Learning: A class of machine learning algorithms that uses multiple layers to extract higher-
level features from the raw input progressively. It involves the concept of neural networks

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Machine learning (ML), artificial intelligence (AI), and deep learning (DL) are transforming product
management by offering tools to optimize customer insights, streamline operations, and enhance
decision-making. ML models can predict user behavior and product trends, helping managers make
data-driven decisions for market positioning and feature development. AI-driven analytics enable
rapid processing of large datasets, revealing actionable insights that guide strategic choices such as
pricing, supply chain management, and personalization strategies. Deep learning, with its ability to
process unstructured data like images, text, and speech, powers advanced applications such as
customer sentiment analysis, visual search, and intelligent chatbots. Integrating these technologies
equips product managers to deliver innovative, market-aligned products while driving efficiency and
growth

Types of machine learning algorithms:

1. Supervised Learning: The task of learning a function that maps an input to an output based on
example input-output pairs. It infers a function from labeled training data consisting of a set of
training examples. For instance, you want to train a machine to help predict how long it will take
you to drive home from your workplace. Here, you start by creating a set of labeled data. This data
includes Weather conditions, Time of the day, Holidays, etc. All these details are your inputs in
this Supervised learning example. The output is the amount of time it took to drive back home on
that specific day.
2. Unsupervised Learning: It is a type of algorithm that learns patterns from untagged data. The
hope is that, through mimicry, the machine is forced to build a compact internal representation of
its world and generate imaginative content. For example, customer segmentation or
understanding different customer groups to create marketing or other business strategies.
3. Reinforcement learning: It is an area of machine learning concerned with how intelligent agents
should act in an environment to maximize the notion of cumulative reward. Unlike supervised
learning, where feedback provided to the agent is the right set of activities for performing a task,
reinforcement learning uses rewards and punishment as signals for positive and negative
behavior. For example: In robotics and the development of a machine learning (ML) project
typically involves several stages.

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Here is a general overview of the key stages in the machine learning development process:

1. Problem Definition:
Clearly define the problem you want to solve or the task you want the machine learning
model to perform.
Identify the goals and objectives of the project.

2. Data Collection:
Gather relevant and sufficient data for training, validation, and testing.
Ensure that the data is representative of the problem and is of high quality.

3. Data Preprocessing:
Clean the data by handling missing values, outliers, and inconsistencies.
Transform and normalize the data to make it suitable for training.

4. Feature Engineering:
Select relevant features or variables that are most informative for the model.
Create new features if necessary to enhance the model's performance.

5. Model Selection:
Choose the appropriate type of machine learning model (e.g., regression, classification,
clustering).
Select a specific algorithm or model architecture based on the problem requirements.

6. Model Training:
Use the training data to train the selected model.
Adjust model parameters to optimize performance.

7. Model Evaluation:
Assess the model's performance using validation data.
Fine-tune the model based on evaluation results.

8. Hyperparameter Tuning:
Optimize hyperparameters to improve model performance.
Utilize techniques like grid search or random search.

9. Model Testing:
Evaluate the final model on a separate set of test data to simulate real-world performance.
Ensure the model generalizes well to new, unseen data.

10. Deployment:
Integrate the trained model into the production environment.
Implement the necessary infrastructure to support the model in a real-world setting.

11. Monitoring and Maintenance:

Monitor the model's performance in production to detect and address any issues.
Update the model periodically to account for changes in the data distribution.

12. Documentation:
Document the entire machine learning pipeline, including data sources, preprocessing steps,
model architecture, and deployment details.

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 13. Feedback Loop:
Establish a feedback loop to continuously improve the model based on new data and user
feedback.

F. Augmented Reality (AR):

Definition: Augmented Reality (AR) overlays digital information, such as images, text, or 3D models,
onto the real-world environment. AR enhances the real world by adding digital elements, typically
viewed through devices like smartphones, tablets, smart glasses, or heads-up displays.

Key Characteristics:

i. Integration of Virtual Content: AR seamlessly overlays digital information onto the real-world
environment, blending virtual and physical elements.

ii. Real-Time Interaction: AR systems allow users to interact with virtual objects or information
overlaid on the physical world in real-time, enabling dynamic engagement.

iii. Contextual Awareness: AR applications adapt virtual content based on the user's location,
surroundings, and actions, providing relevant information in context.

iv. Device-Based Accessibility: AR experiences can be accessed through various devices such as
smartphones, tablets, and AR headsets, making them widely available to users.

v. Enhanced Visualization: AR enhances visualization by providing additional information,

instructions, or digital enhancements overlaid onto physical objects or spaces, improving
understanding and decision-making.

Examples of AR:

a. Industrial Maintenance and Repair: AR aids technicians in industrial settings by overlaying real-
time instructions and visual aids onto machinery through AR glasses, improving efficiency and
minimizing downtime.
b. Architectural Visualization: AR is used in architecture and construction to project 3D building
models onto physical spaces, aiding architects and clients in visualizing designs and making informed
decisions.
c. Remote Assistance and Collaboration: AR enables real-time guidance and support for field
technicians or remote workers by sharing live video feeds with overlaid instructions and annotations,
enhancing problem-solving and knowledge transfer.

G. Virtual Reality (VR):

Definition: Virtual Reality (VR) creates a completely immersive, computer-generated environment

that users can interact with in a seemingly real or physical way. Users typically experience VR through
headsets or glasses that completely immerse them in a digital environment, shutting out the real
world.

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Key Characteristics:

i. Immersive Experience: VR provides users with a highly immersive experience by simulating a

three-dimensional environment that surrounds them entirely, creating a sense of presence and
immersion.
ii. Interactivity: VR enables users to interact with and manipulate virtual objects or environments in
real-time, allowing for hands-on experiences and engagement with the virtual world.
iii. Realism: VR strives to create realistic virtual environments through high-quality graphics, sound
effects, and motion tracking, enhancing the sense of immersion and presence for users.
iv. Spatial Awareness: VR systems track the user's movements and adjust the virtual environment
accordingly, allowing users to move freely within the virtual space and explore from different
perspectives.

Examples of VR:

a. Therapeutic VR: VR is used for therapeutic purposes like treating phobias and PTSD by immersing
patients in virtual environments to confront and overcome fears. Companies like Limbix and Psious
develop VR therapy solutions for mental health treatment.
b. Corporate Training: VR is used for corporate training, simulating real-world scenarios for
employees to practice tasks and procedures. Platforms like STRIVR and Talespin offer VR training
solutions for enterprises.
c. Virtual Museums: VR creates virtual museum experiences, allowing users to explore historical
artifacts and cultural exhibits from their homes. Institutions like the British Museum offer VR tours for
remote access to cultural resources.

Distinguishing Factor:
The main distinction between AR and VR lies in the level of immersion and interaction with the real
world. AR enhances the real world by adding digital information, while VR creates a fully immersive,
synthetic environment.

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 Web 3.0 refers to the next generation of the World Wide Web, building on the concepts and
technologies of Web 1.0 and Web 2.0. While there is no universally agreed-upon definition, Web 3.0 is
often associated with a set of evolving principles and technologies that aim to make the web more
intelligent, decentralized, and user-centric. Here are some key aspects of Web 3.0:

i. Decentralization: Web 3.0 envisions a more decentralized internet architecture, moving away from
central control. Blockchain and other distributed ledger technologies are often considered
foundational for decentralization.
ii. Semantic Web: Web 3.0 aims to make data more meaningful and interconnected. The semantic
web involves structuring information in a way that machines can understand, enabling better data
integration and knowledge discovery.
iii. Interoperability: Web 3.0 seeks to improve interoperability between different platforms and
applications, allowing data and services to seamlessly work together.
iv. Personalization and User-Centricity: There is a focus on creating a more personalized and user-
centric web experience, where individuals have more control over their data and how it is used.
v. Artificial Intelligence (AI): AI and machine learning play a significant role in Web 3.0, enabling
more intelligent and context-aware applications. This can include personalized recommendations,
natural language processing, and automated decision-making.
vi. Smart Contracts: Smart contracts, often facilitated by blockchain technology, allow for
programmable and self-executing agreements. This can automate various processes without the need
for intermediaries.
vii. Tokenization: Tokenization in Web 3.0 refers to the process of representing real-world assets or
digital entities as digital tokens on a blockchain or distributed ledger. These tokens can represent
ownership, rights, or other forms of value, and they enable efficient and secure transfer and
management of assets in decentralized systems.
a. Real Estate Tokenization: Splitting property into digital shares for easy trading.
b. Asset Backed Tokens: Turning physical assets like gold into digital coins for ownership.
c. Tokenized Securities: Converting stocks and bonds into digital tokens for trading online.
d. Intellectual Property Tokenization: Transforming digital art into unique digital tokens for
ownership proof and trading.
viii. Immersive Technologies: Technologies like augmented reality (AR) and virtual reality (VR) are
considered part of the Web 3.0 landscape, providing more immersive and interactive experiences.
ix. Privacy and Security: Web 3.0 emphasizes enhanced privacy and security, empowering users
with more control over their personal information. It's defined by its trustless and permissionless
nature, enabling direct interactions without intermediaries or central authority approval. Enabled by
blockchain and decentralized networks, this setup promotes user autonomy and creates a more
inclusive digital landscape by removing barriers to entry.

I. Data Analytics, Product Analytics, and Business Analytics

1. Data analytics: It is the practice of extracting insights and patterns from raw data to make
informed business decisions. It involves the process of collecting, cleaning, transforming, and
analyzing data to uncover valuable information that can drive strategic actions. Data analytics
empowers product managers to make data-driven decisions, understand user behavior, identify
market trends, and optimize product performance. Key Components of Data Analytics:

Data Collection - Data analytics begins with the collection of relevant data from various
sources, including databases, spreadsheets, APIs, sensors, social media, and more.
Data Cleaning and Preprocessing - Handling missing values, removing duplicates,
correcting errors from raw data, and transforming data into a consistent format suitable for
analysis.

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 Exploratory Data Analysis (EDA) - Summarizing and visualizing data to gain initial insights
using techniques like descriptive statistics, data visualization, and correlation analysis.
Statistical Analysis - Statistical techniques like hypothesis testing, ANOVA, and regression
analysis are used to analyze data and draw meaningful conclusions, understand
relationships, and make predictions.
Machine Learning - Machine learning algorithms are used for tasks such as classification,
regression, clustering, and recommendation systems. Understanding different algorithms
and their applications is crucial for effective data analysis.
Data Visualization - Visualizing data through charts, graphs, and interactive dashboards
enhances the understanding of complex patterns and trends. Tools like Tableau, and Power
BI are used.

Types of Data Analytics:

Predictive Analytics: Uses data to predict future outcomes, employing techniques like
modeling and machine learning. Examples include linear regression and time series analysis.
Descriptive Analytics: Examines past data to understand past performance and identify
patterns. Common examples include data queries, reports, and descriptive statistics.
Prescriptive Analytics: Recommends actions based on predictive analysis, suggesting
decision options to capitalize on predictions. It not only anticipates outcomes but also
explains why they occur and suggests how to take advantage of them.
Diagnostic Analytics: Analyses the historical data to identify patterns and dependencies,
providing insights into problems or questions. Techniques include data discovery, mining,
and correlations.

B. Product analytics is a robust set of tools that allow product managers and product teams to
assess the performance of the digital experiences they build. Product analytics provides critical
information to optimize performance, diagnose problems, and correlate customer activity with long-
term value.

Why is Product Analytics important?

With Product Analytics, you can:

• See in real time how well you’re meeting user needs.
• Measure the exact success of individual features.
• Make informed decisions on metrics that support business goals.
• Transform your ability to develop ideas and design user experiences.

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What are some specific examples of Product Analytics, and how are they used?

In general, a good analytics tool will give you the following capabilities:

• Behavior Tracking can be automatically applied to user actions across your sites and apps
• Cohorts allow you to identify trends and patterns among user groups based on common
characteristics
• Segmentation teaches you who users are, where they came from, and when
• Profiles let you establish user categories around criteria of your choice
• Notifications permit you to alert product teams and communicate with users
• A/B Testing compares versions of messaging and features for effectiveness
• Dashboards allow you to visualize data in useful and revealing ways
• Heatmaps and Session Recordings let you see hotspots of activity and replay individual user
sessions to observe user behavior and discover their pain points.
• Funnels can be set up to explore different paths to conversions
• Measurement tools allow you to evaluate each feature’s user engagement

Some Product and Mobile Analytics tools:

C. Business analytics involves converting data into actionable insights to enhance decision making. It
utilizes various tools such as data management, visualization, predictive modeling, mining,
forecasting, simulation, and optimization to derive these insights from data.

Key concepts in Business Analytics include:

i. Business Statistics: Analyzing numbers to improve decision-making, covering financial statements,
demographics, and consumer behaviors.
ii. Business Intelligence: Collecting, analyzing, and interpreting data to provide insights for business
decision-making, often presented through reports and dashboards.
iii. Predictive Analytics: Using statistical models to make predictions about future events or
outcomes based on patterns in data.
iv. Data Visualization: Representing data visually through graphs and charts to aid understanding
and decision-making.
v. Marketing Analytics: Applying statistical analysis to understand and improve marketing strategies,
including segmentation, forecasting, and customer relationship management.
vi. Financial Analytics: Applying data analysis in a financial context to evaluate investment
opportunities, manage risk, and optimize operations.

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 Benefits of Business Analytics include:
i. Enhanced Decision-Making: Business analytics provides data-driven insights for smarter decision-
making, optimizing strategies and operations.
ii. Cost Savings: By identifying inefficiencies, analytics helps reduce costs and improve resource
allocation, leading to savings.
iii. Better Customer Experience: Understanding customer needs through analytics enables
companies to tailor products and services, enhancing satisfaction.
iv. Increased Efficiency: Analytics optimizes processes, minimizing waste and boosting productivity
across the organization.
v. Improved Strategic Planning: By analyzing market trends and competitor data, businesses can
develop more effective strategies aligned with market conditions. Differences between data analytics,
product analytics, and business analytics.

Differences between data analytics, product analytics, and business analytics:

J. Generative AI
Generative AI refers to a class of artificial intelligence systems that are designed to generate new
content, such as images, text, or other data, often in a way that mimics or creates content similar to
what a human might produce. These systems leverage various techniques, including neural networks,
to generate novel and realistic outputs. Generative AI is often categorized into two main types:
Generative Adversarial Networks (GANs) and Variational Autoencoders (VAEs).

Generative Adversarial Networks (GANs):

GANs consist of two neural networks, a generator, and a discriminator, which are trained
simultaneously through adversarial training. The generator aims to create realistic data, while the
discriminator's role is to distinguish between real and generated data. Over time, the generator
improves its ability to create realistic outputs, leading to a competitive dynamic between the two
networks.

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Use Cases:
• Image Generation: GANs can be used to generate realistic images that may be indistinguishable
from photographs.
• Style Transfer: GANs can alter the style of images, transforming them into the style of famous
artists or other reference images.
• Data Augmentation: GANs can generate additional training data to enhance the performance of
machine learning models.
• Super-Resolution Imaging: GANs can be used to enhance the resolution of images, making them
sharper and clearer.

Variational Autoencoders (VAEs):

VAEs are a type of generative model that learns to encode input data into a lower-dimensional space
(latent space) and then decode it back to the original data. VAEs are probabilistic models that focus on
learning the distribution of the data in the latent space.

Use Cases:
• Image Generation: VAEs can generate new images by sampling from the learned latent space.
• Data Imputation: VAEs can be used to fill in missing parts of data, such as completing missing
regions in images.
• Anomaly Detection: By comparing reconstructed data with the original, VAEs can detect anomalies
or outliers in datasets.
• Generating Creative Content: VAEs can generate novel and creative outputs in various domains,
such as art and music.

Common Use Cases for Generative AI:

1. Content Creation: Generative AI is used to create content in various forms, including images,
videos, and text, often for creative purposes.
2. Data Augmentation: In machine learning, generative models can be used to augment training
datasets, providing more diverse examples for model training.
3. Style Transfer: Style transfer applications use generative models to transform the visual style of
images, creating artistic or novel variations.
4. Image-to-Image Translation: Generative models can translate images from one domain to
another, such as converting satellite images to maps or black-and-white photos to colour.
5. Deepfake Generation: Controversially, generative models are used to create deepfake videos,
where realistic-looking videos are generated, often replacing a person's face in existing footage.

Generative AI has a wide range of applications, and its capabilities continue to evolve with
advancements in neural network architectures and training methodologies. It's essential to consider
ethical implications, such as the potential misuse of generative AI for creating deceptive content.

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5. Product Life Cycle
What is the product life cycle?

A product life cycle is the total amount of time that a product is available to consumers, from
when it’s first introduced until it’s removed from the market. A product’s life cycle begins when it’s
initially developed and introduced to the market and ends when the product is no longer available for
purchase.

The product life cycle is divided into four total stages, including
Development and Introduction
Growth
Maturity
Decline.

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1. Development and Introduction

Development and introduction are sometimes considered two separate stages, but they are so closely
linked that it’s usually more practical to consider them together.
The development phase of the product life cycle is when raw ideas are refined into a marketable
concept. From a business standpoint, product developers conduct market research, determine whether
the concept is viable, and identify their target audiences. After product ideation, organizations solicit
investments from third-party entities, create prototypes, conduct product testing, and begin to plan the
product’s launch.
The introduction phase of a campaign is the time when consumers are first made aware of a product.
During this phase, it’s critical that marketers use multiple channels to target their ideal audiences. An
introduction comes just before a product’s release and can set the stage for a successful launch. The
importance of this stage is that the Product Market fit is established here.

2. Growth

A product’s growth stage is when consumers begin to believe in its capabilities and view it as
something that will add value to their lives. Demand and profits are both on the rise when a product is
in its growth phase.
This is usually the stage in a product’s life cycle when other businesses will attempt to capitalize on a
competitor’s momentum. Once a business has proven there’s a market for a particular solution, other
organizations in their industry will try to grab a share of the profits. In this stage, companies should
advertise their product’s modifications and highlight how they are enhancing the customer experience
to stay one step ahead of new competition.

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3. Maturity

In a product’s maturity stage, sales grow at a slow but steady pace. The rapid growth period has ended
and supply has balanced out with demand. Competitors have established a foothold and are
threatening the original manufacturer’s market share, but most original producers have mastered the
processes of sourcing raw materials and manufacturing enough to cut prices to encourage continued
sales.
The maturity stage of the product life cycle is also the most profitable. Sales remain consistent while
manufacturing costs drop. Business leaders try to prolong this period of the product life cycle so that
they can maximize their return on investment (ROI). Top-performing products can stay at or near their
peak for years, though there will be some natural fluctuations in sales, especially if a product has a
prolonged maturation phase.

4. Decline

All products eventually reach the end of their life cycle. This period is marked by a decrease in sales
and is most commonly referred to as the decline phase of the product life cycle.
Oftentimes, out-of-date products are replaced by modern alternatives. In these instances, aging
products are more likely to experience a rapid drop in popularity as opposed to a gradual decline.
Some companies can avoid this stage with a strong brand or by retiring the product to introduce a
newer version of it. Sometimes, a product can sit in decline for years without actually being sunsetted,
but eventually, they will reach a point when investing in advertising is no longer pragmatic. At this
point, businesses usually pull the product. When a product is not worth marketing, it has reached the
end of its lifecycle.

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Examples of the product life cycle
The typewriter
Product life cycle stage:Decline
The typewriter was once an innovative product that revolutionized the writing world. It represented a
massive upgrade over handwritten letters, books, journals, and other documents.
The typewriter went through every phase of the product life cycle. As it reached maturity, it became
more cost-effective to produce and as the cost of the typewriter decreased, the technology was more
accessible to households around the world. Although the typewriter remained in the maturity stage for
decades, it eventually transitioned into a
decline after the introduction of the personal computer. Now, typewriters are little more than
decorative pieces of history.

Smartphones
Product life cycle stage:Maturity

Smartphones are a prime example of a product that has reached the maturity stage. Millions of people
use them every day, and the market has become mature enough to not only generate billions in
revenue but also support multiple successful brands.
Smartphones will likely enjoy a prolonged maturity phase. While they’re now joined by wearable tech
like smartwatches, smartphones will likely remain a staple of modern life for the foreseeable future.

6. User Persona & Journey

USER PERSONA
Purpose
This section outlines the archetypal profiles representing key user groups. It helps ensure the
product/service is designed with the target audience's needs, behaviours, and goals in mind.

Template for Each Persona

1. Persona Name:
(A memorable name for the persona, e.g., "Tech-Savvy Alex")

2. Demographics:
Age Range:
Gender:
Location:
Education Level:
Employment/Role:

3. Background & Context:

A brief narrative about their lifestyle, habits, and routines.

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4. Goals and Motivations:
What does this persona want to achieve with the product/service?
Key drivers for engagement.

5. Challenges & Pain Points:

Obstacles or frustrations this persona experiences that the product can address.

6. Tools/Platforms/Technologies Used:
Preferred tools or platforms in their daily life (e.g., mobile apps, software).

7. Behavioral Traits:
Key habits, communication preferences, and personality traits.

8. Use Case Scenarios:

Specific examples of how this persona would interact with the product/service.

9. Relevant Quotes or Anecdotes: (Optional)

Direct quotes or fictionalized statements summarizing their perspective.

Example Persona

Persona Name: Data-Driven Dana

Demographics:
Age Range: 30-45
Gender: Female
Location: Urban city center
Education Level: Master's Degree in Data Science
Employment/Role: Analytics Manager

Background & Context:

Dana is a busy professional who thrives on efficiency. She frequently juggles multiple projects and
uses analytical tools to extract insights.

Goals and Motivations:

Deliver actionable insights to stakeholders quickly.
Streamline her workflow with intuitive and reliable tools.

Challenges & Pain Points:

Struggles with tools that have steep learning curves or poor data integration.
Frustrated by delays in processing or exporting reports.

Tools/Platforms/Technologies Used:
Tableau, Excel, SQL, Slack, and Zoom.

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Behavioral Traits:
Analytical, organized, and detail-oriented.
Prefers asynchronous communication but values quick responses for urgent tasks.

Use Case Scenario:

Dana uses the product to visualize and share real-time analytics dashboards with her team during
weekly meetings.

USER JOURNEY
Purpose
This section illustrates the typical paths users take while interacting with the product, service, or
system. It highlights touchpoints, emotions, and challenges to ensure the design meets user needs
effectively.

Structure of a User Journey

1. Journey Overview:
Brief summary of the journey being described.
Context (e.g., the product feature or scenario the journey focuses on).

2. Key Stages:
Define the main stages or phases the user goes through. For example:
Awareness
Consideration
Onboarding
Engagement/Usage
Retention
Advocacy

3. Touchpoints:
List the interactions the user has with the product or service at each stage. Examples:
Website
Mobile app
Customer service
Emails or notifications

4. Actions Taken:
Describe what the user does at each stage.

5. Goals:
What the user aims to achieve at each stage.

6. Emotions/Thoughts:
Capture how the user feels or thinks during each phase (e.g., excitement, confusion, frustration).

7. Pain Points:
Identify challenges or obstacles encountered at each stage.
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8. Opportunities:
Suggest potential improvements to address pain points and enhance the experience.

User Journey Map Template

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7. Product Design Thinking

Design thinking is a process for solving problems by approaching them from a user's perspective. It
requires you to develop deep empathy for your users and build products/services that solve their
needs.

There are 5 stages in design thinking:

Refer to this video: https://www.youtube.com/watch?v=-ySx-S5FcCI

In short:
Empathise: With the help of user research, your goal is to understand your users, their challenges
and their needs.
Define: Inputs from the user research will be utilised to define a problem statement from a user's
perspective.
Ideate: Come up with ideas for your problem. Think quantity over quality.
Prototype: Build anything tangible (from paper models to high-fidelity designs) that can be tested
with your users.
Test: Show your prototype to real users and collect feedback

Example of a product where design thinking has been applied: Airbnb

In the company’s early days, people weren’t booking rooms, and revenue wasn’t increasing beyond
$200 per week. But, it was a moment of learning about their users that the founders saw as a turning
point in getting the company to where it is today. The early Airbnb team believed that people were
hesitant to book through the platform because photos of listings were low resolution and didn’t
effectively show users where they would be staying. As a result, they traveled to New York to spend
time with hosts and help them take high quality photos, and revenue doubled. According to Joe
Gebbia, the designer of the group, that instance of meeting their users changed the trajectory of the
business.

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Now, we will look into each step of the design thinking:

Empathise
This step is about understanding your users, their motivations, challenges, and needs. If you're able to
understand your users, you'll build products that solve real customer problems. Surveys, customer
interviews, and usability tests are some of the more popular research methods that are conducted.

The research methodology can be split as per the following diagram

Target Audience:
A target group refers to a group of potential customers to whom a company wants to sell its products
and services & fulfill their needs. Target markets are used to gain a better understanding of a
company's current and potential consumer base. Once a target market is identified, it can affect a
product's price, promotion, and distribution. For instance, target groups may be useful when a
company is looking to expand its operations to an international audience. Meanwhile, a company may
choose to tweak a product, such as through its packaging, to attract a health-conscious subgroup.

Example of a Target Group:

Consider a health product company that is working to build its distribution channels. To determine if
its health products will sell, it researches its primary consumers. It discovers that most of its
consumers are in Switzerland, between the ages of 35-55. Consequently, it may focus on advertising
efforts in Swiss health-focused websites which then cater to this audience.

User Persona: Personas are fictional characters that help product managers make these decisions
and guide how the team will build features that customers love.

There are two main types of customer personas - buyers and users.
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Buyer personas represent the ideal profile of a potential buyer, providing insights about the people
who decide to purchase your product or service. User personas represent the people who directly use
your product, bringing them to life in a memorable way that everyone can understand. The buyer and
user maybe the same person — but they will have different priorities based on their user persona and
their buyer persona. The key benefits of defining user personas:

Explain the “why” behind product decisions

Focus on the needs of the most important user groups
Prioritize features that solve actual user problems
Implement new functionality in line with how customers will use it

User Journey Map:

A journey map visualizes the process that a person goes through to accomplish a goal. In its most
basic form, it starts by compiling a series of user actions into a timeline and then fleshing this out with
the user's emotions and thoughts to create a narrative.

Let’s take the example of Spotify to understand the user journey map:
When Spotify wanted to improve the music-sharing experience for its customers, it hired a marketing
firm to create a customer journey map.

The goal of this user journey map was to determine where music-sharing features best fit into the
customer experience

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Throughout each stage and every touchpoint, the user journey shows what a customer is engaging
with, doing, thinking, and feeling (something that's commonly done with an empathy map).

Steps to create the journey map:

Define the scope: Decide on how far you want to zoom in or out of the experience
Choose a persona
Outline the steps: This consists of any experience that the user has to go through within the
journey
Adding lanes: Add images or texts to elaborate on each step

Define
In the define stage, the data that has been collected in the “Empathise” stage, is synthesized for
insights related to the user’s pain points and a problem statement is created. A problem statement is a
concise description of an issue to be addressed. It identifies the gap between the current state and the
desired goal to be achieved.
Refer to this video to understand the importance of defining the problem statement.

Hypotheses testing:
The idea of this is to validate or invalidate all the assumptions you have built through your research
analysis.

Components of a good hypotheses:

What’s the change?
What’s the impact?
For who?
By how much?
After how long?
Example: Reducing the sign up steps from 3 to 1 will increase sign ups by 25% after 1000
visits to the sign up page
Refer this video to learn in more detail.
Finally, while testing, ensure you are cognizant with the level of product analysis you’re
working on:
Are you verifying that a problem exists? Are you testing a specific value proposition?
Are you testing a feature that can deliver on that value proposition or solve that problem?
Are you testing a specific design that implements that feature?
Are you testing the technical feasibility of a design or feature?
Knowing which level you're testing at, helps us to draw better conclusions for our experiments.

Ideation
This step focuses on quantity & diversity. Here, the quantity is prioritized more than the quality and it
is advised to generate as many solutions with as much diversity as possible. Ensure that all the
stakeholders involved in the process have a voice and share their ideas. The trap we fall into as we
seek to achieve a goals is to anchor to a solution. When we do so, our activities and our perception is
biased to make sure that idea is "right." Even more challenging is when those we collaborate with are
anchored to a solution, which creates an echo chamber of repetition and social pressure that can be
difficult to identify or overcome.

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Wrong ideas are dangerous, they squander resources and put our products, our teams, our companies,
and our selves at risk. To combat the human nature of falling in love with ideas, we need a framework
to follow.

Outcome:
These are the fundamental drivers of your product or service. Outcomes can be of various levels of
specificity or organizational level, but they should represent the output or result metric for your
initiative.

Some examples could be: Grow revenue, increase margin, increase MAU, decrease bounce rate,
increase NPS, etc

Problem:
If we're looking for ideas it is because something keeping us from achieving that outcome in the
steady state of our current activities and product offerings. We must identify the problems that are
keeping our outcome from being realized.

Examples:
Outcome: Increase gross margin
Problem: We are losing deals based on price
Problem: Our bill of materials are extremely high

Outcome: Increase our conversion rate

Problem: We have a high bounce rate on our landing page
Problem: We have limited payment options

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Solution:
Solutions are ideas that we will implement and validate. The anchor of your outcome and a strong and
complete list of problem statements are the context you need to not only generate ideas, but to
meaningfully debate ideas, and measure their efficacy.

Example:
Outcome: Increase our conversion rate
Problem: We have a high bounce rate on our landing page
Solution: Add a more prominent call to action
Solution: Add a video to better explain our value proposition
Solution: Offer a trial option in addition to the buy call to action
[Reference: https://alexlowe.io/product-ideation-framework/ ]

Prototyping
This consist of designing of the product/feature that are being proposed. It can be in the form of
multiple ways like:

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Wireframes vs Mockups vs Prototypes

[Reference: https://www.aha.io/roadmapping/guide/product-management/wireframe-mockup-
prototype ]

Testing
In the 5th stage of design thinking test, the final product from the previous stage (prototyping stage) is
thoroughly tested. Although, this is the last step of the initial process of design, in an iterative
approach, the results often prompt potential problems and, therefore, require reevaluation.
The insights attained in this stage allow you to investigate how people use your product and their
feelings about it. This may also lead to revising the earlier design stages for betterment. The entire gist
of this stage is to gain a deep understanding of your offered solution and its users for further
improvements.

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8. Product Management Frameworks/Feature Prioritisation

STORYTELLING
Storytelling is the oldest way to deliver a message – or to explain the world. Ancient people used
storytelling. The Bible uses storytelling. Your uncle uses storytelling. Product Managers use
storytelling. You’re using storytelling for yourself and your business, even if you don’t call it exactly
that. It is the foundation for effective communication in general and a solid foundation for a
couple of the frameworks listed below as well. Storytelling at its most basic structure is about a
Situation / Problem (Hero and Enemy), Needs (Conflict and Pain Points) and a Solution. Well, that’s
right there are 3 integral elements to be managed by Product Managers. If we follow this structure, it
makes it easy for the listener to follow. The story is “a thing that does” rather than “a thing that is”. It
is a tool with measurable utility rather than an object for aesthetic admiration.

In its basic form these are the Steps:

Step 1: You — WHAT, WHO is this story about?

Example: Airbnb
The story of Airbnb begins with its founders, Brian Chesky and Joe Gebbia, who were struggling to pay
rent. They identified their target audience: travelers looking for affordable, unique accommodations
and homeowners needing extra income.

Step 2: Need — Problems, pain points, Needs, Issues, Challenges

Example: Slack
The problem Slack aimed to solve was the inefficiency of workplace communication. Teams were
struggling with scattered information across emails, meetings, and various platforms. The pain point
was clear: fragmented communication leads to wasted time and reduced productivity.

Step 3: Go — Cross the threshold into ‘the upside down.’

Example: Tesla
Tesla stepped into the unknown by addressing the environmental and operational inefficiencies of
traditional gasoline-powered cars. They ventured into an uncharted territory of creating electric
vehicles (EVs) with performance, range, and design at the core.

Step 4: Search and Alternatives — How can “you” achieve your goal?
Example: Netflix
Before Netflix became a streaming giant, it explored alternatives to video rentals, experimenting with
DVD rentals by mail. The search for a scalable solution pushed them to innovate further with on-
demand streaming.

Step 5: Find a Solution — The meeting with the Goddess.

Example: Apple iPhone
Apple's solution was the iPhone, a product that redefined mobile technology. The smartphone
combined music, internet, calls, and apps in a sleek design, solving users’ fragmented tech needs in
one device.

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Step 6: Take / Apply
Example: Spotify
Spotify applied its solution—streaming music through an accessible, user-friendly app—and turned it
into a freemium model that appealed to both casual listeners and audiophiles. They took their product
to market, making music consumption seamless.

Step 7: Return (How does thisrelate to the Goal)

Example: Zoom
During the pandemic, Zoom returned to its core goal of enabling seamless virtual communication,
scaling rapidly to address global remote working needs while continuously enhancing security and
usability features.

Step 8: Wrapping up.

Example: Nike
Nike wraps up its storytelling through campaigns like Just Do It, reinforcing its core mission:
empowering athletes of all levels. Each product ties back to its story of perseverance, performance,
and innovation.

These real-world examples showcase the power of storytelling in product management, where clear
narratives help identify problems, craft solutions, and deliver impactful products that resonate with
users.

CIRCLES Framework
Product managers may prioritize their development efforts and make sure that the most crucial
features are delivered first by utilizing the Circles structure. Assuring that the product is built with the
end user in mind and balancing the needs of many stakeholders, including customers, investors, and
internal stakeholders, may also be done by teams using this framework. A product management
concept called "Circles" helps teams prioritize and concentrate their efforts on the most crucial
features or activities. Product managers assess their comprehension of questions pertaining to design
using the CIRCLES approach. Ultimately, this framework aids product managers in comprehending the
why, how, and what that went into the creation of their product.

“Redesign the Facebook Newsfeed for the Web” or “How would you improve Pinterest?”

In such Product design questions, interviewers look for six key elements in a strong response. These
are Goals & metrics, Target Personal & Pain Points, Prioritization, Creativity, and Development
Leadership.

The CIRCLES framework serves as a checklist for product managers and helps them to cover all the
prerequisite areas of consideration while at the same preventing a disconnect between the business
and the customers.

The seven linear steps of the process from the CIRCLES acronym:

Comprehend the situation - The 5 W's & H also help product managers in asking theright question in
the Comprehend Situation stage and gather information about the problem before jumping to a
solution or some conclusion.
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 Identify the customer - Start the second step of the CIRCLES Method by listing potential
customer personas.
Report the customer’s needs - As a , I want so that .
Cut through prioritization - In the interview, you do not have time to discuss all use cases. So,
you will have to pick one. When you make your choice, it’s an opportunity to showcase your ability
to prioritize, assess trade-offs and make decisions.
List solutions - Come up with at least 3 possible solutions to cater to the user’s need.
Evaluate trade-offs - Gauge the pros and cons of each identified solution above.

Summarize your recommendation - As a final step, provide a summary of your recommendations.

You can also state why your solution is preferable over other alternatives,

Prioritization: Impact vs Effort, RICE, MOSCOW

There are many prioritization frameworks that you could use to decide on how to prioritize features
and decide what matters the most. Here are the most popular prioritization techniques:

RICE Framework
The RICE scoring model is a prioritization framework designed to help product managers determine
which products, features, and other initiatives to put on their roadmaps by scoring these items
according to four factors. These factors, which form the acronym RICE, are reach, impact, confidence,
and effort. This scoring system measures each feature or initiative against four factors: reach, impact,
confidence, and effort (hence the acronym RICE). Here’s a breakdown of what each factor stands for
and how it should be quantified:

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Then, those individual numbers get turned into one overall score using a formula. This formula gives
product teams a standardized number that can be applied across any type of initiative that needs to be
added to the roadmap.

After running each feature by this calculation, you’ll get a final RICE score. You can then use that final
score to rank the order in which you’ll tackle the idea, initiative or featu

MoSCoW

What is MoSCoW Prioritization?

What or which Tasks/Projects should you manage?

MoSCoW Method is a framework to set goals more

efficiently. Goal Setting is important, but setting
the right goals is crucial in the business area to not
lose resources over a task that is less urgent,
unnecessary, or even irrelevant. The Method was
designed by Software Developer Dai Clegg and his
main objective was to solve the problem of
wasting time, especially during the development
stage of a product’s launch. (i.e., the features of a
mobile app)

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Metrics Framework

AARRR (Acquisition – Activation – Retention – Referral – Revenue)

AARRR (Acquire, Activate, Retain, Refer, and Revenue) is the acronym for a collection of five user
behavior key metrics that product-led growth organizations monitor. AARRR achieves two objectives:
it teaches organizations how to focus exclusively on the metrics that have the potential to significantly
impact their company's health. Second, assist these companies in using the appropriate data to assess
the effectiveness of their product management and marketing activities, and then improve the
ineffective ones.

By using the AARRR framework, product managers can identify the areas of the product or feature that
need improvement, and optimize the product for better performance. The framework is known for
measuring the effectiveness of your customer funnel. Of the 1000 people that visit your website, how
many end up as recurring paying customers? Without the framework, it’s hard to determine where in
the funnel you might lose them. Did your ad give a wrong impression? Is there a bug in the mobile
version of your website that makes it impossible to visit the homepage? Is it too complex to sign up?
The AARRR framework helps you to measure every step of the customer journey and helps you to
identify leaks and potential loopholes.

Acquisition
People visit your website
One metric that matters is to grow the number of app downloads. It's a measurable result of
targeting the right audience with messages in your ads & copy
Click-Through Rate, Conversion Rate are other metrics

Activation
They have a great first-time experience
AHA- moment: The exact point in time when a user understands the value they get from a product
or service
E.g. Facebook discovered that a user is most engaged when he/she connects to at least 7 friends
in ten days

Retention
Users come back
The Metric that matters is the retention rate, as it is the best indicator for people coming back to
your app
Other Metrics could be Churn rate, Daily Active Users, and Monthly active users

Referral
Users invite others
Number of apps installed through referral matters the most, as this is a measurable result for
users inviting others via application
Other metrics could be Net Promoter Score (NPS), Number of invitations sent to invite friends,
Number of app installs per invite

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Revenue
Users buy your product
One Metric That Matters is the average order value because this is a measurable result for users
spending money inside your application and a conformation that they understand your value
proposition
Other metrics for this phase could be Average order value per user, Customer Lifetime Value
(CLTV)

HEART
This framework is used to find valuable and user-centric metrics to assess User Experience. These
metrics, which form the acronym, are:

H - Happiness E - Engagement A - Adoption R - Retention T - Task Success

You now must identify Goals, Signals and Metrics against each of the above categories.

Goals: These are broad objectives. For example, under Happiness, increasing user satisfaction could
be a goal

Signals: Indicators that may indicate progress towards achieving the goals. For example, increased
screen time on the app may be a signal under Engagement.

Metrics: These are quantifiable measures that indicate success or failure. For example, for Retention,
a reduced churn rate is a metric.

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North Star Metric
A north star metric represents the core value delivered by a product to customers.
It is crucial to identify and document the variables that contribute to moving this metric.
These variables typically include various stages of the customer lifecycle, such as new user
signups and activations, as well as improving user engagement and retention.
By understanding the interdependent relationship between these variables and analysing current
conversion rates, valuable insights can be gained. This understanding can help identify high
leverage opportunities for driving growth and achieving the north star metric

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9. Quick Guesstimate

FACT CHEATSHEET

Income-wise Split in India

Rural-Urban Split

World: 60 % Rural and 40 % Urban Urban:

India: 70 % Rural and 30% Urban Below Poverty Line - 0%
Lower Income - 40%
Middle Income - 40%
Upper Income - 20%
Age Split
Gender Split Rural:
0-14: 25% BPL- 20%
15-25: 20% Female: 50% Lower Income - 30%
26-59: 40% Male: 50% Middle Income - 40%
60+: 15% Upper Income -10%

Occupation-wise Split

Global:
People of Working Age - 50% of the total population
Blue Collar - 75%, White Collar - 25%

OR
Agriculture and Fishery - 40%
Industry and Allied Sectors - 25%
Services - 35%
OR
Unorganised Sector - 70%
Organised Sector - 30%

Internet Penetration in India: 40%

Population

World: 8 billion
India: 1.4 billion or 140 Cr
Household size
USA: 330 million or 33 Cr
UK: 68 million or 6.8 Cr USA: 2.5
Canada: 4 Cr India: 4.4 (~ 4 in urban and - 5 in rural areas)
Delhi: 3 Cr
Bangalore: 1 Cr

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Calculate the number of queries answered by Google per second

Clarifications:
The mode of searches is Manual via mobile, desktop, app, web, home device. Ignoring any robot/auto
API-based searches.

Geographically, we need to look at the global population?

Analysis: We'll do a top-down approach.

Global Population = 7.5B

Less, Geographies excluded: China, Half of Russia (people here don't use Google as their primary
search engine); Less 1.5B (remaining 6B)

Less, only 50% of people are connected to the internet (remaining 3B)

Less, Google market share with Bing, AOL, and other regional engines: Let's assume it to be about 70-
80% = 75% (remaining 2.25B)

We are left with 2.2B people who are potentially using Google search as their primary search.

Usage Frequency:
We can segment them in their frequency of usage. I would say there are 3 types of searchers:
Aggressive, Active, Passive

Passive searchers are those who don't really use the internet to search daily (like old people,
kids, our moms/dads, majority of the rural population). Assuming this type represents the
majority = 50% = 1.1B people

Active people would search once a day. Assumed to be 25% of population = 550M people

Aggressive searchers are super active searchers who might search 4-8 times a day. Assumed
to be 25% of the total population = 550M people

Total searches per day= 550*1 + 550*6 = 3.8B searches per day = 3.8B / 24 hours / 60 min /
60 sec = ~ 44,000 searches per second

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10. References

• https://uxplanet.org/the-bus-product-design-framework-4e9fb6f81bcf •
https://www.aha.io/roadmapping/guide/product-management/wireframe-mockup-prototype •
https://alexlowe.io/product-ideation-framework/ • https://www.ideou.com/blogs/inspiration/11-
products-made-using-design-thinking • https://www.apptunix.com/blog/how-does-udemy-work-
business-model-revealed/ • https://igotanoffer.com/blogs/product-manager/product-design-questions
• https://www.thebalancecareers.com/what-is-the-star-interview-response-technique-2061629 •
https://www.interaction-design.org/literature/article/google-s-heart-framework-for-measuring-ux •
https://clevertap.com/blog/google-heart-framework/ • https://medium.com/@ginoarendsz/an-
introduction-to-the-aarrr-framework-b8570d6ae0d2 • https://growthrocks.com/blog/aarrr-framework/
• https://canvanizer.com/new/lean-canvas • https://medium.com/@steve_mullen/an-introduction-to-
lean-canvas-5c17c469d3e0 • https://medium.com/@Vincentxia77/wireframe-vs-mockup-vs-
prototype-selection-of- prototyping-
tools-febf826cdd98
• https://copylove.medium.com/customer-journey-map-8a5ac61d6b5e
• https://medium.com/sozial-monster/everything-you-need-to-know-about-customer-pain-points- to-
make-more-money-f4ec4160e2c5
• https://www.aha.io/roadmapping/guide/product-strategy/how-should-product-managers-define-

user-
personas
• https://medium.com/@claudiofuen/what-is-product-management-dfb5ead4d86c
• https://www.mindtheproduct.com/becoming-industry-agnostic-product-manager/
• https://igotanoffer.com/blogs/product-manager/product-design-questions

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