Your product must address a need to be successful. A need relates to a problem that a whole group of people have - this means you need to understand a market's problem in context in order to have a successful business.
Everything in life is a process made up of simple steps + an desired outcome at the end:
Every process is also an experience.
Why? Because people have emotional reactions to even simple tasks. Think about a time when booking a flight (or boarding one) was pleasurable or painful. Or a bad experience at the gym, or a great shopping experience. It's often one or two steps in the whole process that ruins the experience. To understand which steps are problematic, you need to know the whole process.
We use (and need) products to help us do an activity - apps, smart phones, exercise equipment, a gym, a text editor that helps you write code or one for writing a novel.
Products can make or our whole experience.