How does the concept of Underserved Needs relate to customer delight?

The concept of Underserved Needs relates to customer delight in the sense that it identifies the needs of the customer that are not being met. By addressing these underserved needs, companies can exceed customer expectations and create delight. This is because when a company fulfills an underserved need, it not only meets the basic expectations of the customer but also provides something extra that the customer may not have expected, leading to customer delight.

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The Lean Product Playbook

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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A key matrix for a lean canvas company can be identified by focusing on the nine building blocks of the Lean Canvas model. These include:

1. Problem: What are the top 1-3 problems the business is trying to solve?
2. Solution: How does the business propose to solve these problems?
3. Key Metrics: What are the key activities that the business needs to measure to track success?
4. Unique Value Proposition: What makes the business unique and why should customers choose it?
5. Unfair Advantage: What does the business have that can't be easily copied or bought?
6. Channels: Through what means will the business reach its customers?
7. Customer Segments: Who are the business's target customers?
8. Cost Structure: What are the business's major costs?
9. Revenue Streams: How does the business make money?

By identifying and understanding these elements, you can create a key matrix for a lean canvas company.

A company can use the Product Market Pyramid to improve its product development process by first identifying its target customer segment. This allows the company to understand the needs and wants of its potential customers. Then, the company can identify the underserved needs within this segment. By focusing on these underserved needs, the company can develop products that meet these needs, thus improving their product development process and potentially increasing their market share.

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