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Explanation using 5WHY in the Korean rental market



Explanation using 5WHY in the Korean rental market


What is a rental market?
Rental market is a market where necessary products are rented and used for a certain period of time.


Why do you need a rental market?
Rental markets are necessary when it is difficult to purchase products due to high purchase prices or when renting products due to temporary needs.


Why is the rental market active in Korea?
In Korea, as consumers' purchasing power increased along with economic growth, product diversity and demand increased, and as a result, the rental market where necessary products can be used at low prices through product rental was activated.


What has changed since the rental market grew?
The rental market has developed further with digitalization. It provides more convenient and faster services as digital technology is introduced and improved, such as reservations and payments through mobile apps, various digital channels including customer centers, and customized services using artificial intelligence technology.


What direction will the rental market develop in the future?
The rental market needs continuous innovation and change. We need to be more personalized, more environmentally friendly, and more secure about digital security to actively respond to changes in the era of digital transformation. In addition, the rental market should develop future-oriented products and services to advance the market.


5Why is one of the solutions to the problem, where you need to repeat the question 'why' five times to determine the root cause of the problem. This method can be useful for troubleshooting in your business.

For example, if a product fails in its production line, you can apply the 5Why method to find the root cause of the problem.

Why is the product defective? - This is because the product is not properly assembled on the production line.
Why wasn't the product assembled properly? - This is because the equipment on the assembly line is broken.
Why is the equipment broken? - This is because the equipment was not properly maintained.
Why wasn't the maintenance done properly? - This is because the maintenance schedule is not properly managed.
Why wasn't the maintenance schedule properly managed? - This is because the person in charge of managing the maintenance schedule was absent and the schedule was not properly managed.

Once you have identified the root cause of the problem using the 5Why method, you can then find ways to properly manage maintenance schedules, prevent equipment failures, or respond quickly to them.

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