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Product Market Fit

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Master Core Product Management Skills, the Full Product Lifecycle and Become a Certified Product Manager! Learn More About the Online Course: http://280.gr/2kHvqvr This is a snippet from 280 Group's Certified Product Manager – Online Course and Exam. As you come up with ideas for new products, you’ll need to consider whether each one of them is worth pursuing In other words, is there a good “Product-Market Fit.” The first thing to answer is whether there is a problem worth solving. Enough people have to need it AND be willing to pay for it. Your company has to be able to develop and eventually market a product that solves their problem in a compelling way that makes them want to buy it. If the answer is yes, then you need to decide whether your company has, or can build, the right capabilities to successfully bring the product to market. And finally, you need a business model that makes the company money and/or supports your overall strategy. Each corner of this triad has its own discovery process and changes to one corner can affect the other two. Think of it as spinning three plates: one in each hand and one on your foot. It’s hard to keep everything spinning and balanced at the same time. We’ll talk about Product Market Fit a lot in this course so that you become an expert in determining whether to bring new ideas to market. As you work through the first phase of the Optimal Product Process, which is the Conceive phase, it can help to foresee issues you might run into with regard to product market fit. Here we see a grid with four Product Market Fit “Uncertainty Quadrants.” Knowing which quadrant your product is in will help you set your strategy and approach to what the next steps should be. For both the Problem and Product Solution, you can either be in a defined or undefined state. Type I ideas have well-defined problems and solutions and you’re most likely optimizing or improving on an existing idea. If you have a well-defined problem, but the product is new, you fall into Type 2, which is Market Driven. This is where product management is really important. It’s an opportunity to discover customer problems that aren’t being solved today. Customers may not even realize they have a need. Type III is technology Driven. You may have a technology that your engineers have created and you’re looking for a problem to solve with it. Type IV, Visionary, is when both the problem AND the solution are undefined, but there may still be a unique opportunity. An example of this when it first came out was Twitter.
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