market-validation

Vocabulary Word

Definition

Market validation is a process where you test your product idea with potential customers. You ask them how they feel about your product, and if they would be interested in buying it.

Examples in Different Contexts

For product development, 'market validation' involves gathering evidence that a new product will be accepted by the target market. A product manager might explain, 'Through customer surveys and beta testing, we've obtained market validation for our new health tracker, confirming its fit with consumer expectations.'

Practice Scenarios

Business

Scenario:

Our business idea seems promising, but we need evidence to convince potential investors. We should consider collecting data that supports our pitch.

Response:

I agree. A thorough market validation can provide the proof we need for our investors.

Tech

Scenario:

I've been reviewing user feedback on our prototype, and it appears our new feature hasn't received the expected reception. Perhaps we need to revisit our research.

Response:

You're right. We need to conduct a more detailed market validation. Then we can make sure this feature really meets our users' needs.