Published by MBA Skool Team, Last Updated: January 03, 2014
What is Problem Identification?
With the increase in cut throat competition and commoditizing of a large number of products, marketers need to target the customer with products that best help solve the consumer’s problem. Often certain products make a consumer realize the existing problem that they never visualized before. The best products are those that can solve a problem that no one else in the category has solved so far. Many set a guidelines exist to help identify the problem. One such is discussed as follows.
One should begin by asking the right set of question. These questions should all target at what need of consumer you are fulfilling. Post which note down and make a list of the various problems identified by the target market. It should be followed by shortlisting the key problems meant to best fit your organizations goal and then analyze them and make problem identification and validation routine habit. Often marketers make a mistake by focusing only on revenue stream, innovation and competition or just customers in order to identify a problem.
For example a study showed that while none of the television user’s stated that losing the remote was a problem they faced, it however accounted to be a major problem faced by the users.
Hence, this concludes the definition of Problem Identification along with its overview.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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