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Product Owner : How to handle different client priorities ?

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Ours is a product for public sector needs, We have small number of clients which puts us in the commitment to satisfy each and every individual needs of all customers. What one client asks need not to be there for another, also the management has fear that we may loose client if we delay what they asked. Because of this the team is in frustation that we are more getting into project mode more than product mode. 


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