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A company can expand its market size by identifying and targeting new customer segments, developing new products or services to meet unmet needs, expanding into new geographical markets, and increasing marketing efforts to raise awareness and attract more customers. It can also look for opportunities to serve underserved needs in the existing market.
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Why do so many products fail? It's not because they are built or marketed poorly, but because they don’t delight customers. Read this book summary for...
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The market for a product is the set of all existing and potential customers that share a set of related needs. Market size is measured in terms of the number of customers or total revenue generated. The Product Market Pyramid maps the market into an underlying Target Customer segment and followed by an Underserved Needs segment. This is because needs that aren't met can be identified only after selecting the Target Customers.
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