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Focusing innovation efforts on affordability rather than profitability can lead to the creation of products that cater to a larger market, particularly those looking for value for their money. This can open up new opportunities and potentially lead to high volume sales. However, it may also mean lower profit margins per unit sold. It's a balance between reaching more customers with affordable products and making less profit per unit, versus targeting a smaller, more affluent market with higher profit margins.
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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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