Self-study|IT|Pre-Int|Lesson 17: Metrics and unit economics
Match the descriptions to the pictures
Choose all the options which you think are correct
Complete the definition of a product manager
💡 Today we’re going to discuss product managers’ responsibilities in detail.
Tick the correct product managers’ duties according to the category
Brainstorm the criteria for evaluating the work of a product manager, then listen to a business expert and compare your ideas. Complete the second column
How is a product manager evaluated?
|Your ideas||The business expert’s ideas|
Look at the picture and say if you know any of these words. Explain them briefly. Then listen to the Skytech product manager and choose the topics he mentions
Listen to the recording again and make notes to answer the questions
Put the questions under the correct heading
You are a product manager in your company. Spin the wheel and answer the question in the text area below
Listen to the recording and explain the given abbreviations and terms
Mark the sentences as True, False or Not Stated
Read the rules and play the game «Improve the profit margin»
- Roll the dice.
- Click on the task with the corresponding number.
- Dо the task.
- For each fully correct answer you will get $300. That is you can earn $1,800 maximum.
- However, each answer consists of 3 points. Failing 1 point, you’ll lose $100.
For example, if you get right 2 out 3 answering Question 1, you’ll earn $200.
- You should calculate the total sum yourself.
Match the words with their definitions to revise the useful vocabulary of the lesson
Complete the sentences with the words from the previous exercise
Read the text and match the 4 elements with the questions they answer
Marketing is one of the most beneficial business knowledge areas for product managers. The thing is, the product’s amazing software and great design will be wasted if it’s never discovered or used by the people it brings the most value to.
Let’s explore one of the areas of marketing, the marketing mix.
The Marketing Mix
The marketing mix is a core marketing model to create a marketing strategy for the product. It consists of 4 Ps:
Each element is linked to other business areas such as advertising, branding, public relations, etc. These areas are general categories to think about when analyzing products from a business marketing standpoint.
The product is about satisfying your customers and users’ needs and finding ways to make this process unique.
The place is about knowing where your customers will look for your product and putting it there. This is typically geared towards physical products involving supply chains and distribution channels. However, software products and solutions can also have various distribution channels (e.g. web, mobile and desktop are all different places where a user might use your product).
The price is about managing the pricing model for your product. Various considerations should be made, including what goals the company is trying to achieve, how to price different user segments, and what ways the product can be monetized. There are also various types of pricing strategies to set the actual price value, which are beyond the scope of this article.
The promotion is about reaching out and acquiring users. This is where advertising comes in, which is extremely useful to product managers. Important advertising concepts include marketing channels, which are mediums users can be acquired from (e.g. Facebook, Twitter, etc.), and advertising metrics.
Since advertising is about awareness and engagement, concepts here can be applied to features (e.g. measuring conversion rates for a shopping cart feature), which is why it’s a great benefit to product managers.
Read the four stories of the worst implementations of the 4 Ps of marketing and choose the elements that weren’t applied correctly
Complete the phrases which will help you express your opinion in the next exercise
Read the task and prepare your speech on the topic «Product management in my company»
Read the questions and interview the product manager in your company or (if you are a PM) answer the questions yourself.
- What are the main responsibilities of the product manager in your company?
- What is the unit of your company?
- What key metrics are measured in the company?
- What hard and soft skills are important to do the job well?
- What are the main challenges of this job?
Record your speech. Use the voice recorder
Look at your roadmap and see your progress
- Let's start!
- The duties of a product manager
- Complex things in simple words
- Useful questions
- What are metrics?
- Let's play a game!
- Homework 1
- Homework 2
- Homework 3
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