Product Management 101-Lecture 2- Product Market Fit Video Lecture | Understand Product Management: A Complete Course

let's not talk about something called
the product market fit understanding the
product market fit is crucial for
product managers and the success of the
startups that you work for this is a
concept that was pioneered by Marc
Andreessen the legendary investor in
Silicon Valley and the person came up
with Netscape the world's first browser
so let's deep dive in towards the
product market fit concept
so you've seen a lot of successes in
Silicon Valley and otherwise so the
product market fit strides to identify
what were the key factors for the
success of a start-up and it arrives at
three particular factors the first one
is the caliber of the team and when we
talk about the team here what we're
talking about is the caliber of the CEO
the CTO etc and what is really crucial
to understand as you're talking about
the effectiveness of the team not the
prior experience the second factor is
the product quality this is quite
self-evident but the quality of the
product should be good you cannot sell
him really bad promise and the third and
the most crucial factor is a market one
is that the market size should be
something that is very big which is
worth for these startup to go after this
includes various factors this could be
the potential number of customers this
could be the possibility of revenue
generation all these key things are
important when we discuss the market
so wine really is the market considered
to be the single most important factor
the reason is very simple if you
understand the needs of the market and
fulfill it then you win the money in
terms of your product or in terms of
your team those are things that can be
improved meet the needs of the market
and you will win the market
let me try and explain this to you a
little bit better when a great team
works in a bad market what do you think
the result is the market wins because
the market itself is so bad that it
doesn't matter what the product of the
team is that's one thing which you
should keep your eye out for let's now
consider the second instance a bad team
works in a great market you have chances
of success this is very crucial for a
product manager to understand a great in
a great market if you meet the needs of
the market it really doesn't matter how
good or bad your deal is you just need
to meet the needs of the market
the third thing a great team works in a
great market this is the ideal scenario
and when you do this magic happens
but don't be worried about this I be
taking you through an example of how the
product market fit is really relevant
for the case study