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Market fit is when a product's value proposition fulfills an underserved need. It is often described as a key difference between successful new products and failures. The following are illustrative examples.
ServiceAn airline with superior customer service may fulfill an underserved need if competitors have low customer satisfaction.Digital AccessA mobile app allows customers to order a ride in a market where the tradition system for ordering a taxi was based on an ambiguous system of taxi stands.Supply ShortfallThe only restaurant in a neighborhood that gets a reasonable number of tourists.
LifestyleShifting lifestyle choices such as a growing demand for artisanal foods.TrendsFashion trends such as a sudden seasonal demand for a particular style of dress.Problem SolvingSolving a pressing problem such as managed business software that removes the complexity of owning and operating your own platforms.PricingAn institution that provides a reputable, valuable and marketable education for low cost.
TermsA mobile plan that offers unlimited bandwidth when all competing plans in a particular market charge for data.CultureThe only flight from Tokyo to London that gets Japanese food right.UsabilityA car navigation system that people find a delight to use when competing systems have slow, cumbersome and poorly considered user interfaces.MedicalLow impact shoes for people with a bad back.
MarketsCreating new two-sided markets such as an app that lets people rent out their apartment to vacationers.|
Type | | Definition | | Related Concepts | |
Product Development
This is the complete list of articles we have written about product development.
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A guide to product development.
A checklist for developing a product strategy.
An overview of product differentiation.
The business difference between products and services.
A definition of moment of truth with a few examples.
A definition of product value with examples.
The difference between a product and a feature.
A definition of productization with examples.
A definition of target costing with examples.
The steps to develop and launch a new service.
A list of key marketing strategies.
An overview of 20+ common branding techniques.
A list of common ways to measure marketing results.
An overview of common pricing strategies.
A definition of product positioning with examples.
Common types of brand storytelling.
The common types of cross-selling.
The common types of marketing campaign.
The common types of marketing automation.
The common types of target marketing.
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