One of those is to make a product that fills a heretofore unmet market need, and to do it better, faster, and cheaper than the competition
That's note quite true. You might choose to compete on, say, price, but that certainly isn't required. Likewise, you don't necessarily have to have a better product, if you are so much more operationally efficient that you can sell you product cheaper than the competition. It would be better to say that you need to be better than your competition in some combination of "better, faster and/or cheaper".
For more on this topic, I recommend The Discipline of Market Leaders by Fred Wiersema and Michael Treacy.
That's note quite true. You might choose to compete on, say, price, but that certainly isn't required. Likewise, you don't necessarily have to have a better product, if you are so much more operationally efficient that you can sell you product cheaper than the competition. It would be better to say that you need to be better than your competition in some combination of "better, faster and/or cheaper".
For more on this topic, I recommend The Discipline of Market Leaders by Fred Wiersema and Michael Treacy.