Institutions' Innovative Council - Sri Aurobindo Institute of Pharmacy organized an Innovation Session on "Problem Solution Fit and Product Market Fit" under the coordination of Ms. Kiran Verma (Assistant Professor - SAIP), with Dr. Aditya Parashar (Innovation Ambassador & Assistant Professor - SAIP) as the expert speaker.
The objective of the session was to find solutions to technicalities and learn startup movement and the underlying principle of testing, learning, and pivoting by experimenting with the most basic product prototypes imaginable.
Problem solution fit refers to the degree to which a product or service addresses a specific customer need or pain point. It is achieved when the product solves a real problem that customers are willing to pay for. In other words, the product is designed to meet a clear and validated need in the marketi.
Product market fit, on the other hand, refers to the degree to which a product satisfies the needs and demands of a particular market. It is achieved when the product meets the needs of a specific target market and is in alignment with the customers' preferences, expectations, and behaviours. In other words, the product fits the market and is able to attract and retain a significant customer base.
Problem solution fit and product market fit are two important concepts in the field of entrepreneurship and product development.
To achieve product market fit, it is essential to first achieve problem solution fit. This means that the product must be designed to solve a real problem that customers are willing to pay for. Once this is achieved, the product can then be refined and optimized to better fit the target market, taking into account factors such as price, features, usability and branding.
Ultimately, achieving both problem solution fit and product market fit is crucial for the success of a product. Without problem solution fit, there is no clear need for the product, and without product market fit, the product will struggle to attract and retain customers in a crowded and competitive market.
Benefits for the Attendees in terms of skills/knowledge gained
- Attendees have a complete and detailed picture of the final product.
- There's proof of your product's feasibility.
- You know there will be demand for your product because of the feedback.
- The proof of concept can have a different form, depending on the industry. In essence, it still serves the same function.