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A product can meet the underserved needs of a market by first identifying the target customer segment. Once this segment is identified, the unmet needs of these customers can be determined. The product can then be designed or modified to address these needs, thereby meeting the underserved needs of the market.
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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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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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