What are some trends you’re seeing in <your specific> market?

The goal of this question is to test for market expertise. Subject matter expertise (SME) is helpful in building product intuition faster — it reduces the learning curve. But it also makes it easier for the person to fall into the trap of active inertia, i.e. “this is how it was always done” in the industry. I’ve found that when you hire a good product manager who is not an SME but is a quick study, her learning curve actually exposes you to fresh perspectives you might not have had otherwise.