Domain 3 Lesson1

Page 35 Lesson Review

Drag-n-Drop to fill in the missing words according to the information presented by the video. Video section titles are found in the brackets. 

 [Elements of the Product/Market Fit Hypothesis] 

1. When a company has product/market fit you can expect their sales volume is ( low or high)?

2. Product/market fit is making a product or (market or service)? that many people want.

[Performance and Quality Criteria] 

3. A business must provide customers with quality products to maintain customer (survey/satisfaction) ? . 

4. A Minimum Viable Product (MVP) is a (prototype/machine)? used to test ease-of-use and functionality to help determine the user's experience and ultimately improve the user's experience with the product.t. 

Page 36 Product/Market Fit

Product/market fit is making a product or service that many people want. One has reached product/market fit when their sales volume is high and continues to grow because customers buy the products and recommend them to others. Companies go through different phases to reach product/market fit. These phases are the idea stage, the prototype stage, the launch stage, the traction stage, the monetization stage, and the growth stage.

Drag-and-Drop Questions: 1? In which stage should one develop a value hypothesis? 2? In which stage do sales gain momentum? 3? In which stage is a Minimum Viable Product (MVP) created? 4? In what stage does one find their product/market fit? 5? In which stage does one start to earn revenue? 6? In which stage does one develop a concept for a product or service? 7.?What is a value hypothesis?

Page 37 Quality

A business must provide customers with quality products to maintain customer satisfaction. Customers do not want to purchase products that are difficult to use or prone to breaking. Purpose Drag-n-Drop ?

1? What is the International Standards Organization’s definition of quality?

2? Which two aspects of a product do Minimum Viable Products (MVPs) test?