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Underserved needs in popular markets can vary greatly depending on the market. For example, in the technology market, an underserved need could be affordable and accessible technology for the elderly. In the food industry, it could be healthy, convenient, and affordable meal options for low-income families. In the fashion industry, it could be stylish and affordable clothing for plus-size individuals. It's important to note that these needs can only be identified after selecting the target customers.
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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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