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The Tata Nano failed for several reasons: 1) It was marketed and positioned solely as "the world's cheapest car", which gave a negative impression about its reliability and quality. 2) It did not provide enough value to customers beyond just price. Cars are also an aspirational purchase in India, so it needed emotional or performance-based value. 3) The marketing team did not effectively respond to accidents or quality issues, hurting the brand image. The key lessons are that products must provide value across multiple dimensions like performance, relationships, and emotions, not just price, and marketing should be tailored to the target audience's needs and perceptions.Read less