Frugal innovation is a way that companies can create high-quality products with limited resources. Once the preserve of firms in poor markets, Western companies are now seeking ways to appeal to cost-conscious and environmentally-aware consumers at home. With an estimated trillion-dollar global market for frugal products, and with potentially huge cost savings to be gained, frugal innovation is revolutionising business and reshaping management thinking. This book explains the principles, perspectives and techniques behind frugal innovation, enabling managers to profit from the great changes ahead. The book explains:
How to achieve mass customisation, using low-cost robotics, inexpensive product design and virtual prototyping software.
How consumers and other external partners can help develop products
How to implement sustainable practices, such as the production of waste-free products.
How to change the corporate culture to become more frugal,
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The book explains one of the most important new business trends of the next decade: how western companies can create high-quality products cheaply.
Navi Radjou is a writer, analyst and consultant specialising in innovation and leadership. He is a Fellow at Judge Business School, Cambridge, and winner of the 2013 Thinkers50 Innovation Award.
Jaideep Prabhu is a writer, consultant and Director of the Centre for India & Global Business at Judge Business School, Cambridge, specialising in marketing, innovation, strategy and international business.
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