Download and customize hundreds of business templates for free
Examples of existing alternatives that a product needs to outperform for achieving product-market fit could include direct competitors in the market, substitute products or services, or even the option of the customer doing nothing or solving the problem themselves. The specific alternatives would depend on the product and market in question.
Question was asked on:
Most products fail due to poor product-market fit. Product-market fit can be achieved when a product meets customer needs in better ways than existing alternatives, and as a result creates significant customer value. The Lean Product Process is an actionable framework to achieve this product-market fit. It breaks the process down into six steps: identify target customers, select underserved needs, define Product Value Proposition, shortlist Minimum Viable Product feature set, build a prototype, and test with customers. This process minimizes rework as it facilitates rigorous step-by-step product thinking. To achieve product-market fit, keep the problem space separate from the solution space. The problem space identifies essential customer needs while the solution space focuses on product design. Multiple solutions can solve each problem in the product space. The first step in the Lean Product process is to identify the customer segment. Target customers are defined with key attributes...
Asked on the following book summary:
Why do so many products fail? It's not because they are built or marketed poorly, but because they don’t delight customers. Read this book summary for...
Download and customize hundreds of business templates for free
How can you effectively capture new markets and acquire demand against ever-so-fierce competition? Blue Ocean Strategy steers the focus away from your current marketplace and instead tread new territories that make existing competition irrelevant. Use this presentation to learn and implement Blue Ocean and innovate your business strategies.
Decision-making is a critical skill that can make and break your team’s success. Originally developed by management consultancy Bain, the RAPID model suggests a process for effective decision-making and delivery. Use this presentation to sequence the relationship between stakeholders and ensure that responsibilities are clearly defined and achievable.
How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools and frameworks from how to create a price sensitivity matrix, define your total addressable market, conduct a cost benefit analysis, prioritize your ideas with MoSCoW, and make use of a Kano diagram to launch successful products.
Does your team struggle to meet your most important business objectives?KPIs are vital for performance metrics as they create organizational accountability for what’s needed to reach critical goals. Us this KPI and Performance Metrics presentation to sync your team, instill self-reliance in individual members, and keep critical goals top of mind as decisions are made.