product-market-fit

Vocabulary Word

Definition

'Product-market-fit' is a phrase used when a product meets real customer needs and has found its position in the market competition. It's like finding the last missing piece to complete a puzzle.

Examples in Different Contexts

Ride-sharing apps like Uber achieved product-market-fit by addressing urban transportation challenges, fulfilling a significant market demand.

Practice Scenarios

Business

Scenario:

The product sales are not as promised in the initial projections. Is there a need to change our market strategy?

Response:

Possibly, we need to refocus our market strategy, and reevaluate the product to ensure it has the right product-market-fit.

Tech

Scenario:

The users are finding glitches in the beta version of the app. Does this necessitate reworking the design strategy?

Response:

Undoubtedly, to achieve product-market-fit, paying heed to user feedback and making necessary adjustments is crucial.