During Product management interviews a lot of interviewers ask 'How will you market a product?' Reason is a lot of positions require interaction with the marketing teams, hence the question. For these type of questions, its best to answer with some frameworks. Here are 3 such frameworks to help construct your answers.
- AIDA
- REAN
- Marketing mix – 4Ps
AIDA:
This framework is useful for convincing the customer to buy your product. Here is the description of each of its phases- Attention: Get customer’s attention.
- Interest: Get them interested in your product by telling them how it is going to solve the problem.
- Desire: Make customers want your product by telling them how it will help them.
- Action: Enable them to purchase the product.
REAN:
This framework is useful to maintain the relationship with the customer and keep them engaged so they remain your loyal customer.- Reach: Reach out to existing or new customers.
- Engage: Engage with them by understanding their needs and relate it to the product features.
- Activate: Motivate customer to purchase your product.
- Nurture: Keep engaging with them to know their pain points and solve it at regular intervals.
Marketing mix – 4Ps
- Product:
- What are the product’s features and how does it caters to the customer’s needs.
- Price:
- Determines the customer personas who are buying the product or willing to buy the product.
- How many customers purchase the product.
- Different prices for different channels like online, offline, retail stores, door to door marketing, etc
- Promotion:
- All forms of Ads, PR, word of mouth, sales,
- Place:
- Online or offline or at home. For ex:
- Online: Amazon or ebay or retail site
- Offline: Physical store, kiosk at mall
- At-home: Gym instructor coming to home for personal training.
Hope you liked this cheat sheet as it will come in handy for the interview process. If you want cheat sheets on more topics, then please comment down below. I will be happy to create them for you.
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