Study for ESB Domain 3

Put the Phases of the Product/Market Fit Hypothesis in order [1. idea state]

• We develop an idea (conceptualize) for a product or service.
• middlemen in the indirect distribution channel (wholesalers, retailers, agents, and brokers)

Put the Phases of the Product/Market Fit Hypothesis in order [2. Prototype phase]

• Identify how your product or service solves customers problems. You will create a MVP product.
• We develop an idea (conceptualize) for a product or service.

Put the Phases of the Product/Market Fit Hypothesis in order [3. launch stage]

• Company is legally formed and sales start to occur. Your company will create a value hypothesis to articulate why customers should use your product.
• Identify how your product or service solves customers problems. You will create a MVP product.

Put the Phases of the Product/Market Fit Hypothesis in order [4. traction]

• Sales gain momentum. Growth begins. This is the MONETIZATION phase
• Company is legally formed and sales start to occur. Your company will create a value hypothesis to articulate why customers should use your product.

Put the Phases of the Product/Market Fit Hypothesis in order [5. customer development]

• Analyze customer feedback. Change markets. Explore new product lines.
• Sales gain momentum. Growth begins. This is the MONETIZATION phase

Put the Phases of the Product/Market Fit Hypothesis in order [6. growth]

• Continue to refine and evaluate your product market fit.
• Analyze customer feedback. Change markets. Explore new product lines.

when do you know that you have reached Product/Market Fit? Choose 2

• when customers tell others to buy your product/ service, sales volume is high and continues to grow
• Continue to refine and evaluate your product market fit.

What are the 4 parts of product research?

• manufacturing needs, required materials, where to acquire materials, cost of materials
• when customers tell others to buy your product/ service, sales volume is high and continues to grow

quality standards [1]

• establish the product quality testing method
• manufacturing needs, required materials, where to acquire materials, cost of materials

quality standards [2]

• refine & improve quality methods and measures as needed
• establish the product quality testing method