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Some examples of companies that have successfully innovated for the mass market include Walmart, which has revolutionized retail with its focus on affordable products, and Amazon, which has made online shopping accessible and convenient for the masses. Other examples include IKEA, which has made stylish, functional furniture affordable, and Xiaomi, which offers high-quality smartphones at a fraction of the cost of its competitors.
Question was asked on:
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.
Asked on the following book summary:
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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