Lecture focuses on understanding the possibilities to use market knowledge to a firm’s advantage, rather than blinding the company actions. While companies sometimes claim that “their product was before its time”, the truth is that their market strategies were faulty, given product-market characteristics. Therefore, lecture discusses different strategies a firm can/should implement given the current/desired product-market fit. Strategies range from understanding consumers and their needs to purposeful management of consumers’ decision-making processes to create preferable market conditions for a firm’s products.