Companies can balance the need for profitability with the desire to serve larger, less affluent markets by focusing on value innovation. This involves creating products or services that provide good value for money, thereby attracting a larger customer base. They can also adopt a cost leadership strategy, which involves minimizing costs to offer products at lower prices. Additionally, they can invest in research and development to innovate affordable products that meet the needs of the masses.
Innovation is more than creativity; it is a process that is structured, with rules and best practice...
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