Stage 2: Optimizing Solutions. Identifying the opportunity is never enough. Comp

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Stage 2: Optimizing Solutions. Identifying the opportunity is never enough. Companies face significant challenges when they seek to introduce products that adequately get the innovation job done. Companies need to carefully balance price and features to deliver a product that people are willing to buy. A staple in the marketing tool kit is the customer survey or focus group designed to identify “what customers really want.” All too often, these exercises result in wish lists that if accommodated will create an all-capable, and often very expensive, offering that is desirable to no one. Understanding the ways in which customers determine value can highlight the tradeoffs between features and price customers will consider tolerable. For example, consider the insights a major consumer health company gleaned through applying the jobs-to-be-done methodology in the area of nutritional products. The company’s initial research efforts surfaced important and unsatisfied jobs ranging from treating heart disease and cancer to maintaining basic health. The company’s initial inclination was to create a “do everything” product to try to—at least tangentially—stave off many of these conditions. However, more in depth research identified that consumers really wanted solutions that were specific to them as individuals. A do everything product would actually provide too much performance on some dimensions and too little on others. The company recognized this issue and is now pursuing focused formulations for specific high demand health conditions that tend to coexist in the population.

Explain what you learned from reading the section (that adds new understanding to marketing);

Explain the role of the jobs-to-be-done framework and how it can be used for segmentation and targeting (in the "science of marketing");

Include examples from real companies (that you can get anywhere, except the article itself -- get from our textbook, the internet, practical experience, etc.) that illustrates the points in number 1.

Explanation / Answer

To get all the opportunities in a specific market a company should be able to conduct surveys as well as understanding those specific surveys and creating a quality based product structure is a must for an organization.
Intense research before launching any product is also a major requirement for an organisation to achieve a successful product portfolio.Meeting with high demands and focusing on the specific conditions is also an essential part of any company.Setting a correct price point and flow of the product range is very essential for any company to be effective in the market.It is also defined as Know your customer theory.

Job to be done framework can be defined as a concept with innovation guidance for improving the pre existng solutions with the help of the proper research and analysis.Job to be done is a extender version of how the purpose for which the customers are tend to buy product.
By analyizing different parts of the market and customer needs, A company can easily segment its overall product ranges according to the profile analyzed by the Job to be done framework. This specific segmentation works widely for increasing the overall oppertunity for the specific company.

Example from internet -

Theodore Levitt used to tell his students, “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!” Every marketer we know agrees with Levitt’s insight. Yet these same people segment their markets by type of drill and by price point; they measure market share of drills, not holes; and they benchmark the features and functions of their drill, not their hole, against those of rivals.

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