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Module 4

QuestionAnswer
Lean Start Up Model An approach focused on rapid experimentation, iterative product development, and validated learning for real customers to quickly test business hypotheses and build successful companies with minimal waste.
Iterate Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved only partially correct, and you should refine the product and startup model before moving forward.
Persevere Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved correct and you should move forward with your product and startup model.
Pivot Based on your Value Proposition, Target Market, and Minimum Viable Product in the customer discovery and test market phases, your assumptions were proved materially flawed, and you should redesign the product and startup model and repeat the process.
Minimum Viable Product A product that has the least amount of features that your target market would accept and support.
Prototype An early sample, model, or release of a product built to test a concept or process.
Value Proposition What you promise to deliver to customers post-purchase; what are your customers buying.
Customer Goals Functional, social, emotional, and basic needs of the customer.
Customer Pains What the customer finds too costly, difficult, challenging, or risky.
Customer Gains What the customer finds beneficial, positive, or successful.
Value Proposition Features The features offered the customer (tangible, intangible, digital, or financial)
Value Proposition Value Offering more value to the customer based on better outcomes, better performance, positive social consequences etc.
Product Market Fit Is the point where your product satisfies a strong market demand and the product meets the needs of your customer so well that they can’t live without it
Created by: user-1902110
 

 



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