Small Business Term: What Is Product-Market Fit?

By QuickBooks Canada Team

0 min read

How a product fits in to a certain market is also known as product-market fit. For example, the ideal product-market fit occurs when a product perfectly fits into a market. As an abstract concept, product-market fit has a lot of nuances, but successful product-market fit typically refers to a product that fills a need that exists. Striving for great product-market fit is key for small businesses. As an aspiring entrepreneur, you should always identify your target market when creating a service or launching a new product, but you should also think about how your product or service fits into that market. Ask yourself what need or craving it satisfies, and let that guide your marketing strategy.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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