Elements of the Product/ Market Fit Hypothesis
What is product/market fit?
Making a product or service that many people want.
What is a business required to provide if it wants to maintain customer satisfaction?
Quality products
What do you do before creating your product?
Gather information from people who've made that product and start the process of product research.
What may a business use to improve its products and cut down expenses?
Value engineering
What does this process ensure?
It ensures you deliver a consistent, quality service or product to your customers.
How do you know when you've reached product/market fit?
When your sales volume is high and continues to grow because customers buy your products and recommend them to others.
What is quality measured by?
By how well your product or service successfully functions for its purpose.
What do you research creating a product?
A products manufacturing needs, materials required, and where to acquire materials needed.
How does a business use value engineering?
By replacing high quality components with low costs components while simultaneously meeting the products lifetime duration and basic purpose.
What do you first determine?
Your quality standards
What's the first phase a company goes through to get a product/market fit?
The idea phase
What does a MVP serve as?
A prototype
Before creating a service, one should what?
Research your customers' needs and acquire required equipment.
What does having your own software allow you to do?
Have complete control over the functionality and allows you to get what you want and need.
What do you use your own knowledge to create?
Internal quality standards
What happens during the prototype phase a company goes through to get a product/market fit?
Identify how your product or service solves customers problems by creating a MVP that is tested and refined until it is user-friendly and ready for the market.
What does an MVP test?
Ease of use and functionality to help in determining users' experiences and ultimately improving a user's experience.
Don't make a product or service without what?
Sufficient preparations
They do not give total control of the product and platform may not meet all your needs. They also usually require subscriptions
Where can quality standards be from?
The outside, such as the government.
What happens during the launch phase a company goes through to get a product/market fit?
The business is legally formed, and sales start to occur
What does MVP stand for?
Minimum Viable Product
What are the cons of having your own software?
Very time consuming and requires knowledge and experience. As well as costs and maintenance require more staff and money.
What can Saas help in determining?
If a building to buying option is worth purchasing for the business
What do you do to improve and refine the standards as much as possible?
Make sure they're measurable, then establish the method of testing, and finally review the results