Question

Exemplifying the phenomenon of ______________, companies like GE have committed significant resources to developing products that meet the needs of developing nations, products that deliver adequate functionality at a fraction of the cost. Interestingly, these products have subsequently found considerable success in value segments in wealthy countries as well.

Answer 1

Answer:Reverse innovation

Explanation:Reverse Innovation is the strategy of innovating in emerging (or developing) markets and then distributing/marketing these innovations in developed markets. Many companies are developing products in emerging countries like China and India and then distributing them globally.

The multinationals today, in their attempt to survive, sustain and succeed over the competition are fast adopting reverse innovation as their approach to make a mark on the world market as this facilitates them to open the new avenues of growth through creation of an entire new demography through tapping the new.