Explain the term ‘reverse innovation’?
Most international firms realize that evolving markets have become the last source of growth today. But what they are doing is modifying and exporting products developed in their own country. In order to take advantage of the full potential of emerging markets, they must be clearly innovated and move in the opposite direction.
Reverse Innovation is a strategy to start in evolving markets and distribute these innovations in developed markets. Most companies in developing countries such as China and India develop and distribute products internationally. As the impact of cross-economic dependence increases, and cross-border production and marketing competence become more credible and effective, it will further motivate globalization.
Step by step
Solved in 3 steps
