 Did you spend hours searching the product strategy interview questions and answers, but feel defeated at the end of the day? Did you try to use a consulting framework and to answer the product strategy question and end up losing your offer? And it's because you guys use the wrong framework to answer the product strategy interview questions. Hey guys, this is Dr. NCD director product from DrNCD.com. I help people transition from worker B to a product manager and business leader. If you want to learn the most effective way to become a product manager, you just subscribe to the channel and turn on the bell button. So be notified every time I introduce a new video every Wednesday. If you'd like any of the framework I teach you today, please do not forget to smash the like button so that more people will see this organic content. During the product strategy interview process, you will be asked these kinds of questions. For example, should Lyft enter the food delivery market? Was the future of Google offices looks like in the next 10 years? Should Facebook launch the Facebook portal product? These questions are very open-ended question, which is also very hard to understand what the interviewers want to hear. However, my students have to use the framework I invented to get offered from Google and Amazon through those product strategy interview questions. Today, let me share with you my Gucci framework specially invented by DrNCD to answer those kinds of product strategy interview questions. All of you guys get familiar with the type of interview questions that fan companies in my last video, I gave you the top 20 interview questions at Google. I want all of you guys to use those interview questions of practice and get ready for those important interviews coming up. Now let's introduce you to this Gucci framework. So Gucci framework stands for G goals and mission. U stands for unmet needs. C stands for competition. And the second C stands for customer segmentation. And I stands for integrated ecosystem. Now let me teach you how to use a Gucci framework to answer the specific product strategy interview questions. So let's dive into the G. G stands for goal and mission. Let's use this interview question as an example. Should Lyft enter the food delivery market? You should talk about why was the goal of Lyft doing that? It is because Lyft want to generate more revenue or because want to help people during COVID. And there's a line with a mission of Lyft. And especially I can imagine during this pandemic, there are not many people taking Lyft for ride sharing business. So maybe there's a lot of opportunities for Lyft to pivot the business model, generate new revenue. So all this question can be discussed during the interview and you need to bring this up. On top of that, you should also take advantage of this opening opportunity to ask any clarifying questions. I have talked to you guys the clarifying questions in my prior videos and you can directly download the top 10 clarifying questions you need to ask at the interview. And I'm going to link the questions at the description of this video. U stands for unmet needs. You should think about for people like right now in the food delivery market, is there any unmet needs for people ordering food today because they already have Uber Eats and Grubhub and many different services. It is very important for Lyft's product manager to think about is there any unmet needs currently in the market that Lyft can solve so they become a great opportunity for them to enter this market. A very important reminder for all of you guys at interview is that you need to talk about the unmet needs, not just the needs of food delivery in general, because the problem, the needs has been addressed by Google Eats and other competitors. So unmet needs are the key. If you were asked those kind of questions, for example, like what does the Google offices look like in the coming 10 years, you can also think about any future needs for people coming up in 10 years and also any other trend that might happen in the coming 10 years. All those new needs are something you need to discuss in the interview. You have tried to apply for jobs for a while, but you never hear back from the hiring manager. It's very likely use the wrong strategy. And I suggest all of you guys take a look at my free webinar. We'll talk about how I land for put a manager job within 60 days without applying for jobs online. I'm going to link the free webinar in the description of this video. C stands for competition. So when we talk about competition, you need to look up what are the different kind of competitors in this market today? What are their strengths? What are their product offerings? For example, there's already Google Eats and Grappa. How do they offer it differently from each other? And what are the reputation in this market? You should also think about is it a blue ocean strategy or red ocean strategy? I'm going to make an in-depth video teaching you guys what is a blue ocean strategy and red ocean strategy. But in a high level right now, I can tell you guys, this is a red ocean strategy. It is because this market has become very competitive. There's so many product offerings in this market today. Now, if it's a red ocean strategy, as a live product manager, you need to think deeply about what the unique competitive advantage off-lift in this red ocean strategy. On top of that, you should also think about if this, the entire market going to continue to grow or how it's going to change after the pandemic is over. If the entire food delivery market has grown, let's say five times bigger, which means it's likely there will be room for another new competitor, even if it is a red ocean strategy already. So you need to figure out the projection of the market size in this process as well. Of course, what if the projection went up and after the pandemic projection went down? Do you have a specific strategy to understand if you can survive in this environment? If you'd like any of the tips I shared with you guys so far, please make sure to smash the like button so that more people can see this organic content. The next part of Gucci Framework is second C stands for customer segmentation. It's very critical for the interviewer and also the interviewee to think about what a different type of customer segmentation and out there who are underserved right now so that they could be the potential early adopters of live service if they do decide to go into this market, which also lean to your GTM strategy, the go-to-market strategy for you to enter the specific segment. So pay close attention to your customer segmentation. So I stands for integrated ecosystem. Think about this, if lived enter the food delivery market, how can it integrate with existing ecosystem? In this case, lived already have the right sharing business. Maybe there's lots of synergies between right sharing business and also food delivery business. Of course, I believe there's lots of synergies out there. So you should also think about any other synergies between existing services within this and any other partners ecosystem. Those that you can make a full rounded decision for lived to decide if they should enter the food delivery market or not. The typical mistake when people answer product strategy interview questions is, first of all, they only talk about money and the personal experience. For example, oh, yeah, lived want to enter this market because they want to maximize revenue. However, there's other reason they may enter this market. When they talk about the future offices of Google, they only talk about their personal experience, maybe as a student, as a young professional, but they're not thinking big enough in terms of other different kind of users in this market. The second mistake people usually make is that the scope of thinking is too small. For example, when we talk about the integrated ecosystem, people should pay close attention, think about what different kind of partner in the value chain, not just deliver food, making offices, who are in the upstream downstream, who can be part of the entire ecosystem that could impact the result as well. The third mistake people always make when they answer product strategy question is that they didn't focus on the niche customers, customer segmentations. They just try to apply the general strategy, consulting strategy framework, only talk about high level stuff. But as a product manager, the reason we designed this kind of strategy question to see if you know exactly how to bring the product into hands of the customer. So want to listen more regarding the insight of GTM, GoFmarket strategy, the niche market, who are the early adopters? Seems like this is very critical when you answer those kind of interview questions. If you have any questions regarding how to apply the Gucci framework and combine with all the examples I told you, feel free to comment in the description of the video and more than happy to answer any questions you guys have. The product management recruiting season is coming up in one month. I recommend all of you guys to use the best framework to land your next product management job offer. If you're interested in learning the profit framework, I invented to help over hundreds of student land their product management jobs. Feel free to go to my webinar down below and learn about how the profit framework works that can help you to land the job offer very quickly as well. If you like the Gucci framework and advice I shared with you today, please make sure to smash the like button and share this video with aspiring product managers and subscribe to the channel because I'm going to publish more interview preparation content for all of you guys coming up very quickly. This is Dr. Nancy Lee. I'm going to see you next time. Bye.