How To Ace The Product Strategy Interview Questions For Product Managers

The process of becoming a product manager isn't for the faint of heart. Since the industry is so competitive, it takes an in-depth knowledge of the application process to ensure you make the best impression and land the job. Unfortunately, one area in which many potential product managers come up short is in the product strategy interview. Many applicants spend hours searching through product strategy interview questions and answers only to feel defeated. 

Maybe you've tried using an online framework to answer the often complicated questions, only to lose your offer. If you find yourself not having the success you want, chances are you're using the wrong framework for answering the hyper-specific questions that come during the interview process. In this article, we'll discuss how to ace every product strategy interview question so you can start your career as a product manager faster than you ever imagined possible! 

The Right Framework Makes All the Difference

During your product strategy interview, you'll be asked numerous open-ended questions like,

• "Should Lyft enter the food delivery market?"
• "What does the future of Google offices look like in the next ten years?"
• "Should Facebook launch the Facebook portal product?"

These questions are difficult to answer because you don't know exactly what the interviewer wants to hear. That's why you need a proven framework that ensures you're prepared for any question, propelling you to the top of the "hire list." What is that framework exactly? 

Understanding the GUCCI Framework 

The GUCCI framework was created by Dr. Nancy Li and is designed specifically to help you answer any product strategy interview question! To start, you need to familiarize yourself with the type of questions FAANG companies ask during their interview process. By preparing yourself for the most commonly asked questions, you can enter your interview feeling confident. The GUCCI framework stands for:

G - Goals and Mission

U - Unmet Needs

C - Competition

C - Customer Segmentation

I - Integrated Ecosystem

Using each point in the GUCCI framework will help you prepare for the toughest interview question. We'll use the question, "Should Lyft enter the food and delivery market," as an example:

G - Goal and Mission

For our first point, you'll want to talk about Lyft's goal in taking on this new role. Is it to increase revenue or help people? Does it align with their mission? You'll want to bring these questions up and use this as an opportunity to ask clarifying questions. Doing this shows the interview you can think outside the box and aim to better understand the unique needs of both the customer and the company you work for. 

U - Unmet Needs

Think about people currently in the food service industry, working for companies like Grubhub and Uber Eats. A Lyft product manager would have to identify current needs in the market that they can solve for the consumer. You'll want to talk about specific unmet needs, not just general needs within the industry, along with future needs the customer may have. You can learn more about how important focusing on a company's unmet needs are in this FREE comprehensive product manager course.

C -Competition 

When it comes to competition, you want to research competitors in the market so you can better understand their product offerings, strengths, and weaknesses. You'll want to consider whether it's a blue ocean strategy or a red ocean strategy. Currently, due to market competition, this is a red ocean strategy. As such, you'll need to figure out how to stay competitive in the market and whether it will continue growing in the future. 

C - Customer Segmentation 

It's important for you as the interviewee and the interviewer, to consider the underserved customers in the market so you can better target and serve them. Understanding the customer segmentation will help lead you into the GTM or go-to-market strategy.

I - Integrated Ecosystem

Considering the target question, you should ask, "If Lyft entered the food delivery market, how can it integrate with the current ecosystem, considering its established ride-sharing business?" Compare the similarities and any other synergies between its existing role and what the competitors do so you can make a well-rounded decision on whether Lyft should enter the food service business.

The Top Mistakes Applicants Make When Answering Product Strategy Interview Questions

Mistake 1 - Only discussing money or basing your answer on your own personal experience - Don't only focus on revenue-based answers or provide narrow-sighted answers that only go after your own experience.

Mistake 2 - Limiting themselves with a small scope of thinking

Be careful to not only consider competitors in the direct market but also to consider the upstream and downstream companies within the ecosystem that your product could affect.

Mistake 3 - Not focusing on the niche customers and only applying the general consulting strategy. Remember, the interviewer is trying to see if you know how to bring the product into the hands of the customer. 

Mistake 4 - Not asking the right questions during your interview.

During the interview, it's important to ask the interviewer to provide greater clarification about the questions they ask. Don't be afraid to sound unknowledgeable; the interviewer wants to see a deep desire to understand the problem so you can create a highly effective solution. 

You can become a top 1% candidate using the behind-the-scenes knowledge laid out in The Top 10 Clarifying Questions To Ask A Product Management Interviewer.

Examples of Product Interview Questions

Here are a few examples of common product interview questions used by FANG companies to help you prepare for your interview.

• How would you improve Facebook Reactions?
• Estimate memory needed for Nest cameras for fiscal year 2020.
• How would you improve Google Maps for a logged-in user?
• Design a phone for a 1 to 3-year-old.
• Make an argument for offering some free storage space to Google Photos users.
• How would you design FB Sports?
• Explain recursion to a kid.
• On Facebook, profile pictures are mandatory today. What if it was made optional going forward? Evaluate.
• Imagine you're the PM on Instagram. How would you design a product for finding recipes?

Tips on Preparing for Your Product Strategy Interview 

1. Do your research - Having a deep understanding of the company you're applying for and its competitors will help you answer interview questions more thoroughly and show the interviewer that you're invested in the company.
2. Use your experience - Using your experience is a great way to show the interviewer your abilities and showcase projects you've worked on in the past. 
3. Familiarize yourself with common interview questions - Taking time to study common interview questions used by FANG companies will help you feel more confident and prepare you to provide an impressive answer. 
4. Practice mock interviews - You know the saying, "Practice makes perfect," well, it may not make your interview perfect, but it will help you know what to expect. Mock interviews help you learn how to concisely convey your thoughts and ideas so you can better communicate with the interviewer. 
5. Take notes - Taking notes during an interview is a great way to organize your thoughts and ensure you don't forget any useful information. It can also help you when preparing your answers, allowing you to convey your thoughts effectively.  

Dr. Nancy Li offers comprehensive information for product managers, helping you land your dream job. Through these proven tactics, she provides the insider information you need to nail your interview and succeed. Discover how to reach your product manager goals faster than you ever thought possible with Dr. Nancy Li!