Cost to Frugal and Reverse Innovation †Free Samples to Students

Question: Discuss about the Cost to Frugal and Reverse Innovation. Answer: Introduction: Innovation is one of the most basic needs of the various companies as well as the business organizations and the diverse companies and organizations often take the help of the latest innovations and technologies to bring about an overall growth of their business process (Zeschky, Winterhalter Gassmann, 2014). The advent of globalization has drastically modified the process or style of business followed by the various companies and the business organizations. In a way it can said that the various third world nations like China and others are the experimental grounds where the various first world countries try out the life cycle of a particular product or service and then launch the same product or service in their own native country. The EVs developed in the nation of China are seeking a market in the United States of America and other first world countries of the world in a bid to gain international recognition. The primary strength of the EVs manufactured in the nation of China is its lack of dependence on gasoline and other traditional forms of fuels (Lu et al., 2013). The weakness can be said to the fact that since it has been manufactured in the third world country of China the technology has not been yet adopted by the first world countries of the world. The opportunity is its merger with the other top brands of the world for the creation of better models. The threat is the competition from the rivals which have monopolized the vehicle industry. Therefore, from the above discussion it becomes clear that the advent of globalization and other technological advancement has greatly revolutionized the economic framework of the various nations of the world. References Lu, L., Han, X., Li, J., Hua, J., Ouyang, M. (2013). A review on the key issues for lithium-ion battery management in electric vehicles.Journal of power sources,226, 272-288. Zeschky, M. B., Winterhalter, S., Gassmann, O. (2014). From cost to frugal and reverse innovation: Mapping the field and implications for global competitiveness. Research-Technology Management,57(4), 20-27.