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Companies can use innovation to create a balance between profitability and affordability by developing products or services that offer high value at a lower cost. This can be achieved by improving operational efficiency, utilizing cost-effective materials or technologies, and optimizing the product design for mass production. Additionally, companies can explore innovative business models that allow for lower pricing, such as subscription services or shared economy models.
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Most innovation efforts focus on creating the most profitable results or appealing to affluent markets. However, there is a large market for inexpensive products driven by customers who are looking for more value for their money. The real opportunities in innovation are the ones that create affordability and fill a need for the masses.
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Innovation is more than creativity; it is a process that is structured, with rules and best practices. This summary gives you some of the key takeaway...
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