It is not about product ingredients, but something beyond ingredients that we buy a product for. In fact, a product equalizes a “solution to a customer’s problem”. Consumer buy combs to fix messy hair, students enroll in universities to reach their career dreams, we subscribe to banking services as they solve our need for certain financial transactions— all of these choices lead to some sort of problem solving. Inversely, it would be correct to say that identification of customers’ problem may lead to new product ideas. This is where the innovative minds are trained to see “problems” as “opportunities”. Marketing practitioners won’t complain that we have shortage of electricity, rather they would find an opportunity to sell chargeable lights. Marketers won’t whine that customers are not buying expensive cars, rather the opportunity of selling cheaper and smaller cars would be explored. Therefore, to think of your next innovation idea, look for a problem to solve in a unique way!
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