<human>:  Explain the purpose of product market fit?
<bot>: The purpose of product market fit is to identify the target market for a product or service by analyzing customer needs and wants, the competition, and the current market trends. It involves an evaluation of how well the product satisfies the needs and expectations of a customer group and can provide crucial insights into how successful it will be with that population. Achieving product market fit is critical for successful product launches, as it can determine the feasibility, scalability, and profitability of a product and enable a business to tailor marketing and product development efforts to ensure success.