Towards a higher socio-economic impact through shared understanding of product requirements in emerging markets: The case of the Indian healthcare innovations

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Emerging markets are considered to have huge economic potential, both for entrepreneurs and established firms. To foster innovation in these markets, it is important that customers and companies use the same terminology, with the same understanding of key terms. But is this really the case? Based on eight product requirements, this research empirically analyzes the perception of emerging market innovation terminologies. For this, we use the case of the Indian healthcare sector. On the one hand Voice of Customer method was used to gather the product requirements from the customers. On the other hand, Analytic Hierarchy Process technique was employed to identify the preferences for both product managers and customers. Our results confirm the high level of importance of ‘affordable value innovations’ and ‘ease of use functionality’ for new products introduced in emerging markets. Interestingly, the category ‘products with low or no maintenance or consumables’ comes high on the preference map for the customers but seems to be a blind spot from the manufacturers' perspective. This result opens opportunities for entrepreneurs focusing on new customer bases in emerging markets and also for various corporate entrepreneurship activities.

LanguageEnglish
JournalTechnological Forecasting and Social Change
ISSN0040-1625
DOIs
StateE-pub ahead of print - 1 Jan 2018

    Research areas

  • Bottom of the Pyramid, Corporate entrepreneurship, Emerging markets, Innovation, Multinationals, Product development