Understanding the Market

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Understanding the Market

ND036 C1 L2 03 Market Overview

Recap

Understanding the market is critical to building successful products. Some markets are better than others. And some products do a better job than others. You’ll want to make sure that your product satisfies the needs of the market.

Product market fit quiz

SOLUTION:

True

QUIZ QUESTION::

Match the scenarios to things that represent product/market fit or no product/market fit

ANSWER CHOICES:

Scenario	Fit
No Product/Market Fit
No Product/Market Fit
No Product/Market Fit
Product/Market Fit
Product/Market Fit
Product/Market Fit
No Product/Market Fit
Product/Market Fit

SOLUTION:

Scenario	Fit
No Product/Market Fit
No Product/Market Fit
No Product/Market Fit
No Product/Market Fit
No Product/Market Fit
No Product/Market Fit
No Product/Market Fit
No Product/Market Fit
No Product/Market Fit
Product/Market Fit
Product/Market Fit
Product/Market Fit
Product/Market Fit
Product/Market Fit
Product/Market Fit
Product/Market Fit
Product/Market Fit
Product/Market Fit
No Product/Market Fit
No Product/Market Fit
No Product/Market Fit
Product/Market Fit
Product/Market Fit
Product/Market Fit

Markets

Size, growth, and cost of acquisition are factors to consider

Summary

Understanding the market allows you to focus on solving the right problem. Keep in mind that some markets are better than others.

Size: How many people have this problem?
Growth: Is the size of the market increasing?
Acquisition: How much does it cost to acquire customers?

To better understand the market, you’ll want to talk to your users and customers. But before you do, you can look at some of these things to get more familiarity with the market:

Online research
Headlines & News
Similar products
Trends
- Mary Meeker’s Internet Trends
- Google Trends

03. Understanding the Market

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