The Definition of a Product and its Importance in the Market

A product is defined as the embodiment of a sellable idea aimed at solving a problem and meeting market demands. Regardless of whether it is built internally or for external customers, the main focus is on creating something that adds value and addresses specific needs. Success in product development hinges on having diverse teams with various backgrounds and perspectives to foster innovation. It is essential to embrace a trial-and-error approach, remain open to new ideas, and avoid getting caught in repetitive cycles that hinder progress.