Market Research & Customer Discovery Flashcards
6 cards from real Product Management Certification Program practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Market Research & Customer Discovery flashcards as text
What is the main goal of customer discovery in product management?
Answer: To validate or invalidate assumptions about customer problems before building solutions
Customer discovery aims to test whether real customer problems exist and whether your proposed solution addresses them before committing significant development resources.
What is a 'Problem Interview' designed to uncover?
Answer: Whether a target customer actually experiences the problem you're trying to solve
A problem interview explores whether the customer genuinely faces the problem you've identified, how painful it is, and how they currently deal with it.
What does 'TAM' stand for in market sizing?
Answer: Total Addressable Market
TAM (Total Addressable Market) represents the full revenue opportunity available if a product achieved 100% market share with no competition.
Which research method involves observing users in their natural environment to understand context?
Answer: Contextual inquiry
Contextual inquiry involves researchers observing and interviewing users while they work in their natural setting, revealing insights that lab studies or surveys miss.
What is an 'early adopter' in the context of a new product?
Answer: A customer segment that is willing to try new products early despite imperfection to solve an acute problem
Early adopters are customers who have an urgent enough problem that they'll tolerate early-stage imperfections, making them ideal for initial validation and feedback.
What is the purpose of a 'competitive analysis' in product management?
Answer: To understand the competitive landscape, identify gaps, and differentiate the product's positioning
Competitive analysis helps PMs understand what alternatives exist, how they are positioned, and where opportunities exist to differentiate or improve upon current solutions.