Product Market Fit
A toy company wants to create a product/market fit hypothesis for a new toy. Which element of the hypothesis involves WRITING A STATEMENT EXPLAINING what the new toy does and how it is different from the competition?
Value Proposition
_______ stage is when sales gain momentum and a business starts to grow.
Traction
Which of the following is the correct order of Phase for Product/Market Fit?
Idea, Prototype, Launch, Traction, Monetization, Growth
How can entrepreneurs test their hypothesis about product/market fit?
By engaging with potential customers, conducting surveys, and observing market responses
How do you measure the performance of an MVP?
Feedback analysis and metric analysis (AARRR Framework)
A minimum viable product is a prototype used to test ease-of-use and_________
______ stage identifies how a product or service solves customer problems.
Prototype
When a product shows strong demand by passionate users representing a sizable market.
An educated guess awaiting validation
What is a hypothesis?
What is one of the first steps you must do before creating a product prototype?
Identify materials
_______ is measured by how well the product or service successfully serves its users’ purpose.
Quality
_____ stage occurs when a business starts to earn revenue.
Monetization
Why is the urgency of the problem or need important for product/market fit?
To ensure there is a substantial market for the product
What is the purpose of testing your MVP?
To see if people like and find value in your product
Using cheaper materials for the cover without affecting overall quality.
What is value engineering?
Kevin owns a toy company. How should he ensure that his customers are receiving a high-quality product?
Test a prototype
_____ stage is when one develops an idea for a product or service.
Idea
Why is it crucial for a product to solve a problem at a price customers will gladly pay?
To achieve product/market fit
Why is the concept “performance and quality criteria” important for a business?
Quality ensures customer satisfaction and loyalty
What is one of the first steps you must do before offering a new service?
Identify knowledge required
_____ stage is when a business is legally formed, and sales start to occur. (Phases of Product/Market Fit
Launch
_____ stage occurs when one sees growth and continues to grow the business.
Growth
What role does market size play in product/market fit?
It determines if there is a sizable business opportunity
The totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs
What is Quality
What should one research before creating a product?
What is required to make the product