Market Problems
Understanding how to evaluate and respond to market problems is integral to successful product management and marketing. Market Problems are the cornerstone of Pragmatic Institute’s approach to product, and they should be yours, too. When you truly understand your market’s needs, priorities and problems, the products you build will be valuable and lovable solutions.
What are market problems?
Market problems are the challenges, frustrations and unmet needs that your market, including current and potential customers, faces. This concept is so fundamental to successful product management that it’s the first one we explore in the Pragmatic Framework!
Market problems are observable, measurable pain points that drive customers’ decisions to buy. Fundamentally, when people buy products they are seeking a solution to some problem. The final product you create should solve these problems.
How to identify market problems
Market problems are undoubtedly important – but before we can use them in our product strategies, we need to uncover and understand them. Identifying market problems requires research, which can be conducted quantitatively (through surveys or observational data) or qualitatively (through focus group research or customer interviews). Gathering detailed, first-hand perspectives is essential to collecting rich information about the true pain points underlying customers’ buying and product usage behaviors
Download The Pragmatic Framework
Want to learn more about Market Problems and their essential role in the Pragmatic approach? Download the Pragmatic Framework, which explores key concepts in product management and marketing, from market research through development and into product life cycle support.
