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

Startup

Scenario:

We started gaining traction with our app, but we're still iterating on the features based on user feedback.

Response:

Yes, it seems that we still haven't quite achieved product-market-fit. Let's focus on making modifications as per the user input.

Marketing

Scenario:

Our latest marketing campaign hasn't driven results as expected. Would you recommend tweaking the campaign or revising the product features?

Response:

I believe tweaking the campaign should be our first step before moving towards achieving a better product-market-fit.