Product Management

Core Topics Study Guide

Interview Preparation for Infinite Locus

Associate Product Manager Role

■ Table of Contents

• 1. How to Build a Product (Product Development Process)

• 2. KPI (Key Performance Indicators)

• 3. Product Spec/PRD (Product Requirements Document)

• 4. How User Flow is Built

• 5. RICE and MoSCoW (Prioritization Frameworks)

• 6. Potential Interview Questions

• 7. YouTube Resources & Crash Courses

• 8. Pro Tips for Your Interview

1. How to Build a Product

Product Development Process

The Framework:
Discover → Define → Design → Develop → Deploy → Iterate

A. Discovery Phase
• Identify the problem/opportunity
• Conduct user research (interviews, surveys, observation)
• Analyze competitors
• Understand market size and potential

B. Define Phase
• Create user personas
• Write problem statements
• Define success metrics
• Create PRD (Product Requirements Document)

C. Design Phase
• Create user flows and wireframes
• Design mockups/prototypes
• Get feedback from stakeholders
• Conduct usability testing

D. Development Phase
• Work with engineering team
• Break down features into sprints
• Prioritize using frameworks (RICE/MoSCoW)
• Regular check-ins and demos

E. Launch Phase
• Beta testing
• Go-to-market strategy
• Launch plan
• Monitor metrics
F. Iterate Phase
• Analyze user feedback
• Track KPIs
• A/B testing
• Continuous improvement
2. KPI (Key Performance Indicators)

Definition: Measurable values that show how effectively you're achieving business objectives.

Business KPIs:
• Revenue/ARR (Annual Recurring Revenue)
• Customer Acquisition Cost (CAC)
• Lifetime Value (LTV)
• Churn Rate
• Monthly Active Users (MAU)

Product KPIs:
• Activation Rate
• Feature Adoption Rate
• Time to Value
• Retention Rate (Day 1, Day 7, Day 30)
• Net Promoter Score (NPS)

Engagement KPIs:
• Daily Active Users (DAU)
• Session Duration
• Actions per Session
• Conversion Rate

Key Concept: Input vs Output Metrics

Input Metrics: Actions you control (emails sent, features released)
Output Metrics: Results you want (revenue, user growth)
Good PMs focus on output metrics but track input metrics to understand drivers
3. Product Spec/PRD

Product Requirements Document

What is it? A document that outlines what you're building and why.

Key Components:
• Problem Statement - What problem are we solving?
• Goals & Success Metrics - How will we measure success?
• User Stories - As a [user], I want [feature] so that [benefit]
• Requirements - Functional and non-functional requirements
• Design/Wireframes - Visual representation
• Technical Considerations - API, database, etc.
• Timeline & Milestones - When will this ship?
• Dependencies & Risks - What could go wrong?
4. How User Flow is Built

Definition: Visual representation of the path a user takes to complete a task.

Steps to Build User Flow:

A. Identify the Goal

• What is the user trying to accomplish?
• Example: 'Sign up for an account'

B. Map Entry Points

• Where does the user start?
• Homepage, email link, ad, etc.

C. Define Steps
• List all actions the user takes
• Include decision points (if/else)

D. Show Different Paths

• Happy path (everything works)
• Alternative paths (errors, edge cases)

E. Add Context
• What page/screen is this?
• What elements are present?

User Flow Elements:

• Rectangles = Actions/Steps
• Diamonds = Decision Points
• Arrows = Flow Direction
• Circles = Start/End Points

Example: E-commerce Purchase Flow

Start → Browse Products → Select Product → Add to Cart → Decision: Continue Shopping?
→ Yes: Back to Browse
→ No: Proceed to Checkout
→ Enter Shipping → Enter Payment → Confirm Order → Thank You Page (End)
5. Prioritization Frameworks

RICE and MoSCoW

RICE Framework
Used to score and prioritize features/projects.

Formula: RICE Score = (Reach × Impact × Confidence) / Effort

Components:
• Reach - How many users will this impact in a given time period? (Example: 1,000 users per
quarter)
• Impact - How much will this impact each user? (Scale: 3=Massive, 2=High, 1=Medium, 0.5=Low,
0.25=Minimal)
• Confidence - How confident are you in your estimates? (Scale: 100%=High, 80%=Medium,
50%=Low)
• Effort - How much time will this take? (in person-months, Example: 2 person-months)

Example Calculation:
Feature: In-app chat support
• Reach: 500 users/month = 1,500/quarter
• Impact: High = 2
• Confidence: 80%
• Effort: 3 person-months
• RICE Score = (1,500 × 2 × 0.8) / 3 = 800

Higher RICE score = Higher priority

MoSCoW Framework
Used to categorize requirements by priority.

• Must Have - Critical, non-negotiable. Without this, product fails. (Example: Login functionality for
a SaaS app)
• Should Have - Important but not critical. Can be delayed if needed. (Example: Password reset
via email)
• Could Have - Nice to have, desirable. Only if time/resources permit. (Example: Social media
login)
• Won't Have (This Time) - Not a priority now. May revisit in future. (Example: Dark mode in MVP)
When to Use:
• RICE: When you need objective scoring with limited resources
• MoSCoW: When stakeholder alignment is key, simpler to communicate
6. Potential Interview Questions

Product Development:
• "Walk me through how you would build a feature for [specific use case]"
• "How do you decide what to build next?"
• "How do you handle conflicting priorities from stakeholders?"
• "Tell me about a time you launched a product. What was your process?"

Metrics & KPIs:

• "What metrics would you track for [WhatsApp/Uber/Zomato]?"
• "How do you define success for a new feature?"
• "What's the difference between a vanity metric and an actionable metric?"
• "If our conversion rate drops by 20%, how would you investigate?"

User Experience:
• "Design a user flow for [booking a cab/ordering food/etc.]"
• "How do you gather user feedback?"
• "How would you improve [popular app]'s onboarding?"

Prioritization:
• "You have 5 features and can only build 2. How do you decide?"
• "Walk me through how you'd use RICE to prioritize these features: [gives list]"
• "Engineering says a feature will take 6 months. What do you do?"

Behavioral:
• "Tell me about a time you failed as a PM"
• "How do you work with difficult stakeholders?"
• "Describe a time you had to say 'no' to a feature request"
7. YouTube Resources & Crash Courses

Best Comprehensive Courses (Watch These First):

• Google's Product Management Course (Free on Coursera) - Search: 'Product Management
Fundamentals by Google' (~6 hours, covers everything)
• Exponent - Product Management for Beginners (Channel: Exponent) - Playlist with full PM
concepts
• PM School by Y Combinator - Short, practical videos on PM topics

Specific Topic Videos:

• Product Development Process: 'Product Development Process Explained' - Product School,

'How to Build Products Users Love' - Y Combinator
• KPIs & Metrics: 'Product Metrics that Matter' - Lenny's Podcast, 'Input vs Output Metrics for PMs'
- Product School
• User Flows: 'How to Create User Flow Diagrams' - CareerFoundry, 'User Flows vs User
Journeys' - AJ&Smart;
• RICE & MoSCoW: 'RICE Prioritization Framework Explained' - Product School, 'MoSCoW
Method for Product Managers' - Agile Academy

Quick Reads (Before Interview):

• "Cracking the PM Interview" - Gayle McDowell (Chapters 1-5)
• "Inspired" - Marty Cagan (First 3 chapters)
• Medium articles on "Product Management 101"
8. Pro Tips for Your Interview

• Use Frameworks - Always structure your answers (RICE, MoSCoW, etc.)

• Ask Clarifying Questions - Before answering, ask about constraints, users, goals
• Think Out Loud - Show your thought process
• Use Real Examples - Reference popular apps (Zomato, Swiggy, WhatsApp)
• Be Data-Driven - Always mention metrics and how you'd measure success
• User-First Mindset - Show empathy for users in every answer

2-Day Study Plan:

Day 1 (8 hours):
• Morning: Watch Google PM Course (3 hours)
• Afternoon: Study RICE & MoSCoW + Practice calculations (2 hours)
• Evening: Learn User Flow creation + Draw 3 examples (3 hours)

Day 2 (8 hours):
• Morning: Deep dive into KPIs + Metrics (3 hours)
• Afternoon: Practice answering 'How would you build X?' questions (3 hours)
• Evening: Mock interview practice + Review notes (2 hours)

Good luck with your interview at Infinite Locus! ■