product (noun, prod-uct, \ ˈprɑːdʌkt \) led (verb, led, \ lɛd \)
Definition: is a type of business strategy that a company employs when it develops and manufactures a product or service before it can determine its market with certainty. This strategy is commonly used for product categories that the business has never worked with before (such as web hosting equipment, furniture, kitchen appliances, smartphones, etc.). Metaphorically speaking, this is the equivalent of making a key and then searching for a lock that it will fit.
In a Sentence:
- Since the get-go, Open Space has shown to be a product led company. They offer a new type of service every two months and only then start building demand for it.
- The management of Prime Formula possesses an engineering mindset, which resulted in them adopting a product led strategy. They always come up with a new fresh concept for an electronic device and identify their customers after the release.
Synonyms and related words: market-led, asset-led, product management, product-based planning, consumer-led
