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Lean Product Play Book
Product Market Fit
Marc Andreesen: PMF means being in a good market with a product that can satify the market.
What is Product -market fit?
Product meets real customers needs and does so in a way that in better than the alternatives in the market.
Creating Value vs Capturing Value
In order to capture value, you first need to create value.
Goal of a Product Manager
It is to identify the underserved needs of the target customers, build a product that delivers the value proposition by building the right features with great User Experience ( UI/UX)
Product Market Fit - Pyramid
Product (UX, Feature Set, Value Proposition) : It is the offering intended to meet the specific needs of a target customer. It comprises the top 3 sections of PMF Pyramid
Market(Target Customer, Underserved Needs):
Set of existing or potential customers, who have needs. Different customers in the market select a solution that will meet their needs. Customers are going to judge you against the existing solution.
You need to understand the needs of the customer and then understand the target customer and then the size of the opportunity.
PMF Pyramid
Name
Definition
UX
This is how the user will experience the product functionality or the feature
Feature Set
Feature is built to meet customer need, Group of such features forms the Feature Set
Value Proposition
Set of needs you intend to meet with your product leverating the feature set.
Underserved Needs
Problems/needs that are not addressed by the existing solutions in the right way
It may be a need that the customer isn’t even aware of
Target Customer
Customers who are facing the problems and the size of the market.
There are no rows in this table
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