market-fit

Vocabulary Word

Definition

'Market-fit' is a business term which means matching a product with a market. It's when a product correctly meets the demands or needs of a certain market audience.

Examples in Different Contexts

In the tech industry, 'market-fit' means the product satisfies a pressing need. A tech CEO might say, 'Our app's rapid user growth indicates we've found our market-fit.'

Practice Scenarios

Marketing

Scenario:

We need to fine-tune our campaign strategy to reach our key audience effectively. Let's tailor it to the consumers' evolving preferences.

Response:

Sure, studying market trends can inform our campaign to create a more streamlined market-fit.

Business

Scenario:

The next product launch should ideally tick all the boxes for our target demographic. We need to ensure it resonates profoundly.

Response:

Exactly. To claim market-fit, our product must cater to customers' needs and provide more value than other options.