Authors

1. Ganesh N. Prabhu

Affiliation

• Professor, Indian Institute of Management, Bangalore

Abstract

India today presents a vast opportunity for firms to either create differentiated products suited to the requirements of Indian customers, or to create good cost effective innovative products for mass consumption. The central problem for most Indian firms is that they lack the innovative capability to exploit these emerging opportunities by creating and marketing products and services that garner superior profits. In this paper we identify a variety of product innovation opportunities in India and elaborate on the strategic imperatives for Indian firms that attempt to exploit these emerging opportunities. Products innovations in India require tight control on the price-performance equation as Indian customers are price sensitive and demand good value. There is a higher chance for success in marketing adequate functionality or minimal feature products that communicate a clear benefit for users. We suggest that Indian firms can gainfully adopt a focus cost leadership strategy in niche markets where they can gain first mover advantages, as this provides the highest potential for Indian firms to exploit these emerging product innovation opportunities. We present a road map for Indian firms to identify product innovation opportunities and to develop their capabilities and implement processes to exploit them effectively.

Keywords

Emerging Opportunities, Innovation Opportunities

References

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