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The potential risks of not properly identifying underserved needs include missing out on potential market opportunities, failing to meet customer expectations, and losing out to competitors who better understand and cater to these needs. This could lead to a decrease in customer satisfaction, loyalty, and ultimately, revenue.
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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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