ESB - DOMAIN 3 QUESTIONS WITH DETAILED ANSWERS

Product/Market Fit - ANSWERSMaking a product that many people want Product/Market Fit Hypothesis - ANSWERS1. Product/Market fit exists when you have the right solution to a problem worth solving 2. A fit exists when people need your product rather than just seeing a potential benefit of using it 3.When users love your product so much they tell other people to use it Value Hypothesis - ANSWERSWhy you believe customers are likely to use your products BY promoting product features, pricing details, business model, and problems your product solves. Must be clear and specific regarding group of ppl your product is best suited for. Phase of Product Market Fit - ANSWERS1. Idea - conceptualize products 2. Prototype - identify how your product or service solves customer problems 3. Launch - company is legally formed 4. Traction - sales gain momentum 5. Customer Development - analyze customer feedback 6. Growth - continue to refine and evaluate your product market fit SaaS (Software as a Service) - ANSWERSa pre-built service; used to deliver applications like Dropbox and Google Apps over the internet; owner of Saas charges users a subscription fee for using their products Leasing Equipment - ANSWERSfewer upfront costs but costs more in the long run because of the long-term interests and markup fees Buying office space - ANSWERSrequires a down payment upfront, eventual ownership, ow