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Customers are increasingly seeking "low-cost, high-quality" or what
is known as frugal products that meet the buyer's needs while
reducing the associated cost of ownership. This book examines the
developing principles and theories of frugal innovations across the
globe. The authors identify frugal innovation (FI) using a
multi-method approach to data analysis. They argue that the concept
of frugality as a societal/ethical value has undergone several
changes and propose a differentiated model of frugal innovations.
They address frugal innovations that have never been accessible to
the public. Hands-on case studies across various industry sectors
and countries, supported by theory, provide multiple learning
opportunities. The authors explore the relationship between FI and
digitalisation and technology, and discuss how FI can be applied in
the context of contemporary issues such as food security. Further,
they articulate the mechanisms by which FI beliefs and values can
be incorporated into organisational culture. The final chapters
address both ethical and controversial views of frugal innovation.
The book is a valuable resource for students in business courses,
for industry professionals wanting to improve their triple bottom
line, and for educators wanting to influence and change the
mindsets of the younger generations to effectively deal with
today's and tomorrow's challenges.
Customers are increasingly seeking "low-cost, high-quality" or what
is known as frugal products that meet the buyer's needs while
reducing the associated cost of ownership. This book examines the
developing principles and theories of frugal innovations across the
globe. The authors identify frugal innovation (FI) using a
multi-method approach to data analysis. They argue that the concept
of frugality as a societal/ethical value has undergone several
changes and propose a differentiated model of frugal innovations.
They address frugal innovations that have never been accessible to
the public. Hands-on case studies across various industry sectors
and countries, supported by theory, provide multiple learning
opportunities. The authors explore the relationship between FI and
digitalisation and technology, and discuss how FI can be applied in
the context of contemporary issues such as food security. Further,
they articulate the mechanisms by which FI beliefs and values can
be incorporated into organisational culture. The final chapters
address both ethical and controversial views of frugal innovation.
The book is a valuable resource for students in business courses,
for industry professionals wanting to improve their triple bottom
line, and for educators wanting to influence and change the
mindsets of the younger generations to effectively deal with
today's and tomorrow's challenges.
This book explores the new product development process of firms
developing frugal innovation for the base-of-the-pyramid (BOP)
markets in developing countries. Frugal innovations are products
characterised by an affordable price-point, durability, usability
and core functionalities that are highly adapted to BOP consumers'
needs. Frugal products have the potential to drive the development
progress and living standards of low-income consumers. With an
innovation framework developed from worldwide frugal case studies,
this book provides detailed insights through two in-depth start-up
firms in Indonesia that have successfully launched frugal products
for the low-income market. These two start-ups have addressed two
major development challenges for not just Indonesia, but also the
global BOP market - traditional methods of cooking and access to
clean drinking water. A detailed roadmap is developed from insights
into the processes and management decisions of these two start-ups
and combined with previous studies on frugal products. Providing a
detailed roadmap across the different phases and stages of the new
product development process when developing frugal products, this
book will be insightful to not only innovators but also investors
and government agencies supporting their activities.
This book explores the new product development process of firms
developing frugal innovation for the base-of-the-pyramid (BOP)
markets in developing countries. Frugal innovations are products
characterised by an affordable price-point, durability, usability
and core functionalities that are highly adapted to BOP consumers'
needs. Frugal products have the potential to drive the development
progress and living standards of low-income consumers. With an
innovation framework developed from worldwide frugal case studies,
this book provides detailed insights through two in-depth start-up
firms in Indonesia that have successfully launched frugal products
for the low-income market. These two start-ups have addressed two
major development challenges for not just Indonesia, but also the
global BOP market - traditional methods of cooking and access to
clean drinking water. A detailed roadmap is developed from insights
into the processes and management decisions of these two start-ups
and combined with previous studies on frugal products. Providing a
detailed roadmap across the different phases and stages of the new
product development process when developing frugal products, this
book will be insightful to not only innovators but also investors
and government agencies supporting their activities.
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