think: act STUDY "Innovation in emerging markets"
Organisation: Strategy Consultants
Publish Date: 2012
Country: Global
Sector: Innovation
Method: Creative thinking
Theme: Income
Type: Report
Language: English
Tags: Innovation, Innovation hubs, Emerging markets, Strategies
Competition in emerging markets is growing ever fiercer. Local companies are increasingly investing in R&D and launching competitive products. China and India are the biggest engines driving innovation, together responsible for 20% of global investment in R&D. Simple, cost-effective items – "frugal products" – are particularly successful in the lower and middle market segments. Often these products can later be exported to Western markets, a process known as "reverse innovation". Western companies looking to exploit the great innovation potential in emerging markets should carry out key value-creation activities locally, from development and production to sales. They must focus more on modular products based on standard components.
Located in: Resources