Conceptual | Comment

What is pain point in business?

This refers to any unsolved problem facing a consumer in the market. Investors and entrepreneurs try to identify consumer pain points in order to decide on making investments and developing new products for an unexplored market. Consumers are not always aware about their pain points, so businesspersons may have to figure out these points on their own through the process of trial and error and sample studies. The study of pain points is common to start-ups which try to find the actual potential of their ideas before committing to making huge investments. It is also the centre of attention of groups that are involved in conducting market research.

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Printable version | Feb 26, 2021 4:30:33 AM |

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