Innovation can be used to create more value for money for customers by focusing on creating affordable products that fill a need for the masses. This can be achieved by understanding the needs of the customers, developing cost-effective solutions, and improving the efficiency of the production process. It's also important to innovate in ways that enhance the functionality and durability of the product, thus providing more value for the customer's money.
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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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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.