Product management involves overseeing the entire lifecycle of a product, from ideation to launch and beyond. This includes gathering and analyzing market research, identifying customer needs and pain points, developing a product strategy, creating a roadmap, working with cross-functional teams to develop and launch the product, and continually monitoring and optimizing its performance. Regarding the question "Is the customer ever wrong?", it's important to remember that customers are the source of revenue for a company, so their feedback and needs should always be taken seriously. However, it's also important to balance customer feedback with data-driven insights and industry expertise in order to make informed decisions about product development. When a product fails in the market, there can be a variety of reasons, including poor market fit, inadequate market research, misaligned product strategy, lack of differentiation from competitors, or executional issues during development and launch. It's important to analyze the reasons for failure in order to learn from mistakes and improve future product development. A strong product roadmap should align with the overall product strategy and vision, prioritize features and initiatives based on customer needs and business goals, and provide clear and measurable objectives. It should also be flexible and adaptable to changing market conditions and customer feedback. Knowing whether you have the right product requires a deep understanding of your target customers, their needs, and the competitive landscape. It's important to conduct thorough market research, gather feedback from customers and other stakeholders, and continually track and analyze performance metrics in order to make informed decisions about product development and optimization. Source: https://ai.productmanagement.world/1400-product-manager-interview-questions-answers This document was last edited on August 14, 2023 at 4:26 AM by Cellares.