This research is inspired from a situation I have encountered when attempting to achieve ‘Product/Market Fit’ in the context of a project proposed by a ‘Digital Entrepreneurship’ elective course taken at CBS. As 9 out of 10 startups fail and as the main cause for this is proven to be the lack of a good ‘Product/Market Fit’ (Kotashev, 2020), I have considered that attempting to uncover some methodologies to validate this fit would be useful for practitioners and would fill in a knowledge gap in the academic literature.
My available means, in terms of my involvement in my own startup and some experience with digital marketing, have helped frame this study within a proper problem formulation. The research question proposed by this paper is “How can a born global startup offering digital products test and achieve a good ‘Product/Market Fit’ by combining models proposed by academic literature with modern digital marketing tools?”.
In order to answer the research question formulated and make use of my available means, a multi-phased longitudinal study was conducted, following a methodological choice named ‘action research’. This was done by testing different digital marketing tools and applying selected models proposed by academic literature on my own startup, StudyStrategizing.com, for the purpose of achieving a good ‘Product/Market fit’. This study included four phases in total and was based on multiple data sets that have been collected for each of the steps.
The research concludes in presenting several models selected from dedicated academic literature that in conjunction with certain proposed digital marketing tools represent some possible methodologies of navigating towards finding a good ‘Product/Market Fit’.
Further research that is suggested in the final chapter is aligned with the main narrative proposed by entrepreneurship literature, which tells that each phase of any quantitative research involved in validating a ‘Product/Market Fit’ should be followed by a qualitative one. This process would facilitate a more in-depth comprehension of the insights retrieved by the former one. As this paper mainly discusses quantitative data sets, a possible follow-up study ought to focus on the phase naturally following such a stage, by conducting qualitative research.
|Educations||MSc in International Marketing and Management, (Graduate Programme) Final Thesis|
|Number of pages||113|