And we give those two boxes, those two relationships, a special name.

This test between problem and solution and your features and customers is actually sometimes called product market fit.

You might decide that's a strategy but that's kind of a counter in learning from an MVP.

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And the one we'll be actually talking about in some detail during the series of lectures is that you never actually found product market fit and there's too few people who will buy or will use the product.

And product market fit just simply says what is the match between what you are building and what customers need and want, and who are those customers.

By now to get to this step we assumed you believe you have product market fit.

Much like ranking ranking pain, I want you to think about ranking gains.

And in customer segments, the goal is to understand in detail the customer archetype or persona.

We call that product market fit.

And now we move up to the our item.

In the scaling up, there's an inherent inadequacy to match the needs of the local people, point by point, with the supply that you're making.

Now value proposition is a fancy word for what product or service are you building.

Totally New Product

This is only true for normal goods.

The discount would be 3 dollars.

Well, I sort of...

The goods are exempt from taxes.

Somebody who treats your product like the simple highmargin commodity that it is.

Demand went down.

Waterfall development is just a step by step process that says marketing rights are requirements of what the product should do.

He can ask for additional information.

That's not bad. I mean, you know, considering' marmalade.

eleven, 1 2, 1 3 sixteen, 1 7, 1 8, 1 9....

Item SS4G

661 00ZBG large size floor runner.

Gee, when you buy this product, we'll give you a 20 discount off of this other one, which most consumers would realize, ooh I'd like to have that too, and so thinking about what adjacent products, what products next to the one you're already selling customers can buy is a cross selling strategy.

And, In the end, that actually leads to inflation.

Well, what then happened over the last 50 or 60 years, is that goods have become commoditized.

It wins or loses at that point.

Froogle

Resegmented market well, you have a hypothesis about who the customers are that is you think you understand what your fit is, either in the low cost or there are specific in each needs and so you might have a better fit for them.

I think the real questions start with what type of product do I have.

And this is a key idea, value proposition and customer segments are the first two things you tend to work on with the business model canvas.

it's just coming up.

How would you delight these customers?

First, the famous failure.

A commodity thing, an oil well...

All you care about is selling the war.

We're image consultants. We change the way people see products, companies, people, that stuff.

Now, in the web, it might be the cost my engineers.

Don't touch the goods.

What specifically does your company supply?

These goods are in great demand.

Well, there are customers and there are competitors.