Demand:

• Exists with or without you.
• The project or goal customers already prioritize over everything else.
• Not just pain points — it’s what causes action.
• You can only find it by talking to customers in context.

Supply:

• Everything you control — product, service, features, pricing, delivery.
• Only relevant if it matches demand.

Distribution:

• The repeatable way you reach your customers.
• Can be outbound, inbound, events, referrals, partnerships, etc.

PMF happens when:

• One demand → one supply → one distribution channel that works.