Day 12 - Product Strategy Questions
How to solve product strategy question in a PM interview...
Hello learners!
Welcome to the 12th lesson of the series 30 Days of PM Interview by Crework! Till now, we have covered product design, guesstimates and behavioral questions. Today, we will start talking about another type of questions that are asked in PM Interviews - Product Strategy.
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Product Strategy
You must be thinking “What is product strategy exactly?”
Have you came across question like this - “Should Ola enter the food delivery business?” This question is a product strategy question. Just like product design question, there’s no “right” answer to this question that you can come up with in the short time. What matters is the process through which you got to the answer.
Interviewers pose these questions to evaluate several key competencies of the candidate:
Strategic Thinking: Your capacity to assess market opportunities, anticipate industry trends, and formulate long-term plans.
Problem-Solving Skills: Your ability to identify and prioritize critical issues, devise innovative solutions, and address business challenges effectively.
Decision-Making Ability: Your aptitude for making informed decisions based on data analysis, market research, and strategic considerations.
Vision and Leadership: Your capability to inspire teams, communicate a clear vision, and mobilize resources to achieve strategic objectives.
Let’s talk about the “How”
When answering product strategy questions in a product management interview, it is essential to follow a structured approach to ensure that you provide a comprehensive and well-thought-out response.
Here is a step-by-step guide that you can use to answer product strategy questions:
Analyze the Problem: Start by breaking down the problem into its key components. Understand the underlying issues, market dynamics, and strategic implications before formulating your response.
Develop a Framework: Establish a structured framework to guide your analysis and decision-making process. Consider factors such as market demand, competitive landscape, customer needs, and technological trends.
Consider Multiple Perspectives: Explore different angles and perspectives when evaluating potential strategies. Anticipate potential challenges, risks, and opportunities associated with each approach.
Prioritize Actionable Insights: Focus on identifying actionable insights and recommendations that can drive tangible business outcomes. Prioritize strategies that are feasible, scalable, and aligned with organizational goals.
Communicate Effectively: Articulate your strategic vision, rationale, and action plan in a clear, concise manner. Use data, examples, and compelling arguments to support your recommendations and engage the interviewer.
Here is an example of a strategy question: Should Netflix get into the video game industry?
Here are some things to consider when answering this question:
Customers: Who are Netflix's customers? What are their needs and pain points?
Company: What is Netflix's mission and vision? What are its strengths and weaknesses?
Competitors: Who are Netflix's competitors? How would they be affected if Netflix entered the video game industry?
Suppliers: Who are Netflix's suppliers? How would they be affected if Netflix entered the video game industry?
Environment: What are the trends in the video game industry? How is consumer behavior changing?
By considering all of these factors, you can come up with a well-thought-out answer to the question.
For the next 3 days, we will practice product strategy questions and I will try to give you a probably solution to the questions.
Day 12 - Completed ✅
Congratulations on completing the 12th lesson of the series 30 Day of PM Interview. 🥳 Now, you know what to do. Share your learnings with the world and be accountable.
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