product-market fit means being in a good market with a product that can satisfy that market
Mark Andreessen
title: Product/market fit text: Product/market fit Product/market fit, also known as product-market fit, is the degree to which a product satisfies a strong market demand. Product/market fit has been identified as a first step to building a successful venture in which the company meets early adopters, gathers feedback and gauges interest in its product(s). Marc Andreessen defined the term as follows: “Product/market fit means being in a good market with a product that can satisfy that market.” Many people interpret product/market fit as creating a so called "minimum viable product" that addresses and solves a problem or need that exists. Sean Ellis is often title: Product/market fit text: high degree of product/market fit, or "extreme" product/market fit. Product/market fit Product/market fit, also known as product-market fit, is the degree to which a product satisfies a strong market demand. Product/market fit has been identified as a first step to building a successful venture in which the company meets early adopters, gathers feedback and gauges interest in its product(s). Marc Andreessen defined the term as follows: “Product/market fit means being in a good market with a product that can satisfy that market.” Many people interpret product/market fit as creating a so called "minimum viable product" that addresses and solves a title: Product/market fit text: associated with popularizing the term. He placed product/market fit as a precondition for effectively scaling marketing for a company in his startup marketing pyramid. Steve Blank referred to the concept of product/market fit as a step in between customer validation (step #2 in his book "The Four Steps to the Epiphany") and customer creation (step #3). In Alexander Osterwalder's Business Model Canvas paradigm, product/market fit could be interpreted as a business model's value proposition, customer segment, relationship, and channel are fixed without requiring additional pivots. One metric for product/market fit is if at least 40% percent of surveyed customers indicate title: Market structure text: barriers to entry, identical products with no differentiation, an unlimited number of producers and consumers, and a perfectly elastic (linear) demand curve. The imperfectly competitive structure is quite identical to the realistic market conditions where some monopolistic competitors, monopolists, oligopolists, and duopolists exist and dominate the market conditions. The elements of Market Structure include the number and size distribution of firms, entry conditions, and the extent of differentiation. These somewhat abstract concerns tend to determine some but not all details of a specific concrete market system where buyers and sellers actually meet and commit to trade. Competition is useful because title: Product/market fit text: It is important to differentiate between product/market fit and problem/solution fit when measuring a company's customer base. More specifically, when gauging a customer's desire, companies need to be sure they are measuring desire for the product or service—not just for a solution. Misinterpreting customers' desire for a solution as desire for a company's product or service will end up being a false positive for product/market fit. Product/market fit is not binary. For a fledgling startup, a "minimum" degree of product/market fit will not be adequate in order to achieve market traction and success. Rather, what is actually required is a