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The potential benefits for a company that focuses its innovation efforts on affordability include tapping into a large market of customers looking for value for their money, creating opportunities for innovation that meet the needs of the masses, and potentially increasing profitability by selling more units at lower prices.
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.
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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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