Product/Market Fit is a common concept in the startup world. While widely applied in conversations around new high-growth companies, it doesn’t seem to have caught on in the rest of the business world yet.
It deserves to be more widely understood, because it’s a useful Mental Model for the interplay between a business, it’s products, and it’s customers. Learning about Product/Market Fit will help you see the world differently, and inspire new ways to create value for your customers, and growth for your business.
What is Product-Market Fit?
Because it’s such a new concept, there are a few overlapping definitions of Product-Market Fit. We should start with the definition from Marc Andreesen, who originally coined ‘Product/Market Fit’ in his post “The Only Thing That Matters”:Product/market fit means being in a good market with a product that can satisfy that market.
This is a rather vague definition, but it’s a start. What Andreesen says gives us a more vivid illustration of what Product/market fit really feels like. To Read the entire article click: HERE