Product
Product-Market Fit
Definition of
Product-market fit refers to the alignment between a product and the needs, desires, and preferences of its target market. It means that the product solves a real problem or meets a real need in the market, and that there is sufficient demand for the product to make it a viable business. An example of a successful product-market fit is the iPhone. When the first iPhone was launched in 2007, it was a game-changer because it solved a real problem: the need for a device that combined a phone, music player, and internet browser. Apple identified a gap in the market and created a product that filled that gap perfectly, resulting in a huge demand for the iPhone and making it a massive success. In contrast, a product that fails to achieve product-market fit may struggle to find customers or generate revenue, no matter how good the product may be. Therefore, it is essential for businesses to thoroughly research their target market and understand their needs and preferences to create a product that has a good product-market fit.
