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The process of innovation differs when targeting affluent markets versus mass markets in terms of the focus. For affluent markets, innovation efforts are often centered on creating high-end, premium products or services that can yield profitable results. On the other hand, when targeting mass markets, the focus of innovation is on creating products or services that are affordable and provide value for money. The aim here is to meet the needs of a larger customer base who are looking for cost-effective solutions.
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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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