Report of “Session on Achieving Problem solution fit and Product Market fit”

Summary of event:

An important session was undertaken by Resource Person Dr. Pooja Rastogi, Head School of Management, Professor Marketing Head- Alumni relations on achieving problem solution fit and product market fit.

The session was very informative and creative as well as productive. The students learnt many new aspects of identifying the product idea and methods to check market feasibility. Many new aspects about the marketing strategy and brand strategy to grow companies like Starbucks was discussed to explain Problem solution fit Vs Product market fit. 

The resource person discussed about market segmentation in an interesting manner. It was also explained that product market fit is the degree by which a product gets a strong demand in market. It is also the first step to build a successful venture in which the company needs early adopter who are important for the setup of sustainable business. It also means market demand for what you are selling and people are willing to pay for it. Because it is better them alternatives.

Problem solution fit is only about testing ideas and validating them but also the ability to execute them into real products and unique value proposition. The resource person also explained the benefit of your product, how it solves customer’s problem, why it is different from rest and why customer could buy it.

Problem solution fit is based on the principal of lean startup, lazy user model it helps entrepreneurs, marketers co-operate inventor to identify the behaviour pattern and recognized what would work and why emotional benefits provides customer with a positive feeling when they purchase or use a particular brand. Self expressive benefit provides an opportunity for someone to communicate his or her self image. Functional benefit are based on a product attributes that provides the customer with functional utility.

The session ended with lot of new learning for the students under the initiatives taken by the E-cell. It was a very knowledgeable session for the benefit of the young budding managers and entrepreneurs.