Product
Strategy & Business Acumen
Q1. Business Acumen Rounds
Which of the following is a
part of the judgment criteria for product and business acumen rounds in
interviews?
a. Solution of a problem
b. Systematic approach
c. Practical implementation
d. All of the given options
e. None of the given options
Ans: d
Answer: All of the given options
Explanation: Systematic approach, Practical implementation
and Problem solution all are equally important when answering a question
related to product and business acumen.
Q2. Solving a Business Problem
Choose the correct order for the following
statements to be either True or False.
- S1: You need to
understand the business problem well before starting to build a solution.
- S2: You don’t need to
have a clear idea of what you’re trying to achieve. Just a rough mind map
is enough.
- S3: It’s all about
delivering satisfactory results to the clientele at the end.
1. True; True; False
2. False; True; False
3. True; False; True
4. True; False; False
Answer: 3
Explanation: The
option “You don’t need to have a clear
idea of what you’re trying to achieve. Just a rough mind map is enough.” doesn’t
stand true. While solving a business problem you must ask for clarity about the
issue, set a goal for yourself and layout a structured plan before you actually
start investigating and solving the problem.
Q3. Metric Change
Which of the following questions is not related to metric
change in product diagnosis?
1.
Why has the conversion ratio of free
users to subscribers decreased by 10% over the past years?
2.
Why are the customers not visiting the
food courts these days?
3.
Why is the estimated time for cab arrival
3 mins higher than normal?
4.
Why is the average sales of grocery items
down by 4.5% this month?
Answer: 2
Explanation: In
the question, “Why are the customers not
visiting the food courts these days?” we are not specifically talking
about any kind of change in a product metric, unlike other questions, where we
have some number associated with the problem that represents the extent of
change in the metric value.
This question, instead of
being related to change in a metric, better represents a problem that requires
a Root Cause Analysis to be conducted.
Q4. Defining Success
Which of the following questions is not related to defining
or evaluating success of a new product or a feature?
1. How would you ensure that the recommendations generated by our model are
accurate?
2. Which metric would you observe to find out whether we’re making any
progress or not?
3. How can you say that the project is going in the right direction?
4. Should we add improvements to the existing product or build a completely
new one?
Answer: 4
Explanation: The
option “Should we add improvements to the
existing product or build a new one?” stresses on making a decision
on whether we improve our current product by adding some changes into it or
should we start building a completely new product from scratch.
Unlike other options, where
we are talking about whether our product is meeting the set expectations or
not, this option does not lead to defining or evaluating success but instead
making a choice.
Q5. Internal Factor
1. Geography
2. Competitors
3. User Demographics
4. Platform
Answer: 2
Explanation: Geography,
Platform and User Demographics are all internal factors whereas Competitors is
an external factor.
Q6. Importance of Defining Success
Defining success for a new product or feature is important
to..?
1. Validate the product/feature
2. Generate more revenue
3. Attract new customers
4. Estimate the cost
Answer: 1
Explanation: We
cannot say whether our product/feature is performing well or meeting the set
expectations if we do not have a success metric associated with it.
