The Explainer: Creating New Products For Emerging Markets | HBR

Reference: Harvard Business Review. (2019, July 16). The Explainer: Creating New Products for Emerging Markets [Video]. YouTube.

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Discover the secrets of creating successful products for emerging markets!

Creating New Products for Emerging Markets: Learn from the success of HBR and Jeffrey R. Immelt on how to identify and create new products for emerging markets. In this Explainer Video from Harvard Business Review, Jeffrey R. Immelt, the former CEO of General Electric, explains the importance of understanding customer needs as the basis for creating innovative new products. Immelt shares his experience with GE Healthcare's success in creating tailored products to help emerging markets achieve better outcomes. He stresses the need to make products both accessible and affordable in order to truly benefit a market. With this knowledge, organizations can create new products that meet the needs of emerging markets, while also reaping the rewards of success.

Learning Outline

1. Identify existing market opportunities for a product that meets customer needs.
2. Develop a product to fill the gap in the market.
3. Understand the target customer, their needs and wants.
4. Research the product and market to determine the best approach.
5. Design a unique, attractive, and functional product.
6. Execute a comprehensive marketing strategy to reach the target customer.
7. Monitor customer feedback and refine the product accordingly.
8. Ensure product quality and customer satisfaction.

Instructional Content

The explainer video on ‘Creating New Products for Emerging Markets’ provides an in-depth look into how companies can create successful products for new and growing markets. The video begins by discussing why emerging markets are so attractive to businesses, noting their growing population, their need for new and innovative products, and the potential for profit. The video then moves on to explain the importance of understanding the target market, identifying the customer needs, and creating products that meet those needs. It also touches on the importance of designing products with scalability in mind, as well as the need to create products that are both affordable and of high quality. Finally, the video explains the importance of developing a comprehensive marketing plan, testing the product before launching, and tracking customer feedback to ensure success.

Overall, this explainer video provides valuable insight into how companies can successfully create products for emerging markets. It emphasizes the importance of doing market research, designing products with scalability in mind, and creating a comprehensive marketing plan. It also stresses the importance of testing the product before launching and tracking customer feedback to ensure success. By understanding the target market, identifying customer needs, and creating quality products at an affordable price, businesses can create products that will succeed in emerging markets.

Leadership

Inspire Innovative Leaders

In today’s digital world, there is a growing demand for creative and innovative products that meet the needs of emerging markets. The Explainer: Creating New Products for Emerging Markets video provides an excellent guide to developing leadership skills in learners in order to meet this demand.

The video starts with a discussion on creativity and innovation, and how important it is to be able to think strategically and come up with innovative solutions for emerging markets. The video then goes on to discuss how to develop a startup and entrepreneurship mindset, and how to create a team of experts that can help to develop and implement innovative solutions.

The video then focuses on the importance of strategic thinking, and how to develop a comprehensive plan for an organization that takes into account the specific details of each scenario. This includes looking at the market opportunity, the customer needs, and the competitive landscape. The video then explains how to build the right team and create a culture that is focused on innovation and creative problem solving.

Finally, the video emphasizes the importance of leadership in the process of developing innovative solutions. It explains the need for strong leadership that can inspire, motivate and guide the team towards success. The video also emphasizes the importance of communication, collaboration, and teamwork in order to ensure that the team is working together towards the same goal.

Overall, the video provides an excellent guide to developing leadership skills in learners in order to create innovative products for emerging markets. By focusing on creativity and innovation, strategic thinking, and startup and entrepreneurship, the video provides an excellent basis for learners to develop the skills necessary to be successful in today’s digital world.

Creativity and Innovation

Can Creativity Innovate?

When it comes to personal growth and professional development, creativity and innovation are key components. This video explains how creating new products for emerging markets can help you upskill yourself in order to become more successful.

First, it is important to understand the needs of the target market. The video explains that emerging markets often have different needs than developed markets, so it is important to identify these needs and develop products that meet them. Understanding consumer trends in these markets can also help you create products that will be successful.

Second, the video explains that creativity and innovation are essential to success in emerging markets. To create successful products, you need to be able to think outside the box and come up with creative solutions. You also need to be able to stay ahead of the competition by introducing new products and ideas.

Finally, the video emphasizes the importance of collaboration in developing new products. Working with other experts in the field can help you come up with innovative solutions and create products that are successful.

In conclusion, creativity and innovation are essential skills for personal growth and professional development. This video explains how creating new products for emerging markets can help you upskill yourself and become more successful. Understanding customer needs, thinking outside the box, staying ahead of the competition, and collaborating with other experts are all important steps that can help you create successful products.

Strategic Thinking

Can Emerging Markets Innovate?

This video demonstrates the incredible potential of strategic thinking in creating new products for emerging markets. Strategic thinking is a key skill for success in personal growth and professional development. It involves analyzing the situation, breaking down problems into manageable components, and developing creative solutions.

For example, the video explains how a company created a new product to address a need in the market. Through strategic thinking, they identified the problem, identified the market opportunity, and developed the product to meet the need. This process is applicable to any industry or sector and can be used to come up with innovative solutions to everyday problems.

Moreover, strategic thinking can also be used to identify trends and develop new strategies to capitalize on them. By understanding the market and customer needs, businesses can develop products and services that will be successful in emerging markets. This is especially important for entrepreneurs, who need to stay ahead of the competition and be able to adapt quickly to changing markets.

Overall, strategic thinking is an invaluable tool for personal growth and professional development. It helps individuals and businesses to analyze the situation, identify opportunities, and develop creative solutions. With this skill, entrepreneurs can develop new products and services that are successful in emerging markets, helping them to stay competitive and achieve success.

Startup and Entrepreneurship

Can Startups Innovate?

Creating new products for emerging markets is an essential component of upskilling yourself for personal growth and professional development. It requires a unique combination of creativity, innovation, and business acumen. This video highlights several key points to consider when attempting to create a successful product for such markets.

First, entrepreneurs must identify a gap in the market. This could be a need that is not currently being met or a problem that needs to be solved. It is important to be realistic and consider the resources available. Utilizing available resources, such as local talent, or leveraging existing infrastructure can help to minimize the risk of failure.

Second, entrepreneurs must have an understanding of the needs of the target consumer. Understanding the culture, language, and customs of the target consumer is essential to creating a successful product. Having a deep understanding of the consumer will help to ensure the product is tailored to their specific needs.

Finally, entrepreneurs must be agile and adaptive. It is essential to be able to quickly pivot if the product is not resonating with the consumer. This could involve changing the design, pricing, or marketing strategy.

In conclusion, creating new products for emerging markets is a complex yet rewarding process. It requires entrepreneurs to identify gaps in the market, understand the needs of the consumer, and be agile and adaptive. Successful entrepreneurs are those who utilize these skills and are willing to take risks.

For Learners

As a life long learner, watching The Explainer: Creating New Products for Emerging Markets video is a positive benefit to me. By understanding the content of this video, I will have a better grasp on how to create new products in emerging markets. Additionally, I can learn how to maximize profits while staying within budget. Not watching this video would be a detriment, as I would miss out on learning the strategies and tactics that successful companies use to remain competitive in these markets.

The ‘what’s in it for me’ approach to watching this video is that I can gain a deeper understanding of emerging markets and how to create products that will be successful in these markets. This can be beneficial to my personal growth, as I will have a better understanding of how to create products that are relevant and in demand in these markets.

The ‘what’s in it for them’ and ‘what’s in it for us’ approaches to learning the content of this video is that I can help my company or clients succeed in emerging markets. I can use the knowledge I gain from watching this video to help my company or clients create products that will be successful in these markets.

Finally, the ‘what’s in it for the world’ approach to learning the content of this video is that I can help create products that benefit society. By understanding the strategies discussed in this video, I can use my knowledge to create products that are beneficial to society, such as products that are more environmentally friendly or products that help improve access to education and health care.

Overall, watching The Explainer: Creating New Products for Emerging Markets video is a positive benefit to me, as it can help me gain a deeper understanding of emerging markets and how to create successful products in these markets. It can also help me to use my knowledge to help my company or clients succeed in emerging markets, as well as benefit society by creating products that are beneficial to society.

For Employers

Watching the video ‘The Explainer: Creating New Products for Emerging Markets’ is essential to gain a better understanding of the current market and its potential opportunities. By learning the content of this video, you will be able to differentiate yourself from your competitors and stay ahead of the competition. You will also be able to better understand your customers’ needs and create products that meet their exact specifications. Moreover, you will be able to use the new product development process to create products for emerging markets, as well as create products that are unique to your business.

By learning the content of this video, you will have a greater understanding of the current market and the potential opportunities that come with it. Your customers and clients will perceive you as an innovative business leader and will be more confident in your products. Furthermore, you will be able to create products that are tailored to their needs, which will result in increased customer satisfaction.

Ultimately, watching the video ‘The Explainer: Creating New Products for Emerging Markets’ will be beneficial for both the present and the future. You will be able to stay ahead of the competition by creating products that meet the needs of your customers, while also creating products that are unique to your business. The power of the ‘what’s in it for the present, the past, and the future’ approach in copywriting will ensure that your products are successful and that your business is seen as a leader in the industry.

Career Path

Completing a course on Leadership based on competencies such as Creativity and Innovation, Strategic Thinking, and Startup and Entrepreneurship will be a great way to open up new career paths and gain valuable credentials to become more employable and promotable. Taking the time to level up your skills by watching the video, "The Explainer: Creating New Products for Emerging Markets," will help close the Skills Gap and equip you with the necessary knowledge to succeed in high growth industries. This will provide you with the opportunity to develop meaningful work, increase your employability and maximize your potential. Additionally, learning about these topics will give you the confidence to take on new challenges and reach for higher goals. By investing in yourself and enhancing your skills, you can become a more valuable asset to your employers, and reach your ultimate career goals.

Meaning

This famous quote by Mahatma Gandhi summarizes the main takeaway from the video: “Be the change you wish to see in the world.” In the video, we’re shown how to create new products for emerging markets. It’s a reminder that you can make a difference by taking a proactive approach. To do this, you need to think outside the box and be able to identify opportunities. This requires creativity, perseverance and the ability to take risks.

This quote is relevant to employers and learners alike. It encourages us to be the catalyst for change, to think creatively and to take risks. It’s a reminder that the world is ever-changing and that we need to be able to keep up with the pace of innovation. This quote serves as an inspiration to strive for success and make a positive impact in the world.

Takeaway

Creating a product for an emerging market requires thoughtful consideration of the unique needs of the market. Companies must be flexible and agile, innovating and tailoring products to ensure they are meeting the needs of their target customers.

 The Explainer: Creating New Products for Emerging Markets

This video is about creating new products for people in countries that are not as well off as some of the richer countries. It's like cooking a meal for a big group of people. You have to make sure it's tasty, but you also have to make sure you're not using too many ingredients or it will be too expensive for everyone to enjoy. It's about finding the right balance between what people need and what they can afford.

Quotes

"The way we think about emerging markets is quite different than the way we thought about it even 10 years ago." - Jeffrey R. Immelt

"It's really about understanding the customer. It's about listening to the customer and understanding their needs." - Jeffrey R. Immelt

"It's about finding the unmet need, and then making sure that you have the capabilities to deliver on that unmet need." - Jeffrey R. Immelt

Competencies

1. Creativity and Innovation
2. Strategic Thinking
3. Startup and Entrepreneurship

Learning Outcomes

1. Remember: Identify the key elements of creating a successful new product in an emerging market.
2. Understand: Explain the role of research and customer feedback when creating new products.
3. Apply: Develop strategies to effectively target customers in emerging markets.
4. Analyze: Compare the advantages and disadvantages of different strategies for creating new products.
5. Evaluate: Assess the risks and rewards of launching a new product in an unfamiliar market.
6. Create: Design a plan for successfully launching a new product in an emerging market.

Sample Answers

1. From this video, I learned that creating new products for emerging markets can be a great way to help solve existing problems and meet the needs of a growing customer base. To do so, it is important to understand the customer's needs and preferences, and use this information to design a product that fits their needs. Additionally, it is important to develop partnerships with local stakeholders to ensure a successful product launch.

2. Furthermore, I learned that it is necessary to focus on the customer experience when developing a product. This includes the product design, delivery, and customer service. Additionally, it is important to use feedback from customers to improve the product and ensure that it meets their needs.

3. Finally, I learned that it is important to consider the environmental and cultural impact of the product. Companies should focus on sustainability and creating a product that is beneficial to the environment and the local culture. Additionally, they should also consider ethical and legal implications to ensure compliance with local regulations.

Jeffrey R. Immelt

Jeffrey R. Immelt is the former Chairman and CEO of General Electric (GE). He was appointed to the position in 2001 and served until 2017. He has a Bachelor of Arts degree in Applied Mathematics from Dartmouth College and an MBA from Harvard Business School. He is an expert on creating new products and HBR due to his extensive experience in leading GE in their product innovations over the course of his career. He was responsible for launching GE's Ecomagination initiative (a program to create more efficient and environmentally-friendly products) and their Healthymagination initiative (a program to create more affordable and accessible healthcare products). Immelt also served on the boards of several companies and organizations including The Coca-Cola Company, The Home Depot and the American Red Cross. GE

Learning Design

These competencies are important to learn for the Leadership course because they are essential for successful leadership in any capacity. Creativity and innovation are important for leaders to be able to effectively problem solve, develop new ideas, and create solutions. Strategic thinking is important for leaders to be able to analyze a situation and plan accordingly. And startup and entrepreneurship are important for leaders to be able to take risks and launch successful projects.

A framework or pedagogy that students can use to help build these competencies is the Design Thinking methodology. Design Thinking is an iterative process in which students can explore problems, generate solutions, prototype and test their solutions, and ultimately come up with a successful solution. This process will help students to learn the creative and innovative skills needed to become successful leaders. Additionally, the process of Design Thinking will help to develop students' strategic thinking skills as they are able to analyze a problem and come up with a plan to solve it. Finally, Design Thinking will help to develop students' entrepreneurial skills as they are able to come up with an idea, prototype it, and eventually launch a successful project.

Assessment

Q: What is the first step to consider when creating a new product for emerging markets?
A. Understand the needs of the local population
B. Research the current market trends
C. Develop a marketing strategy
D. Create a prototype

Answer: A. Understand the needs of the local population

Questions

Common Hypothetical Questions:
1. What are the key elements of creating a successful product for emerging markets?
2. How can a company ensure that the product meets the needs of the target market?
3. What are some potential challenges companies may face when developing a product for an emerging market?
4. How can companies ensure they are adapting to changing customer needs in emerging markets?

Real-Life Examples and Scenarios:
1. How has your company successfully applied the principles discussed in this video to a product or service you have created for emerging markets?
2. How did you adapt the product to meet the needs of the target market?
3. What challenges did you face when creating this product for emerging markets and how did you overcome them?
4. How did you measure the success of the product in the emerging markets?

Keywords

Emerging Markets, Product Development, Long-Tail Keywords

Facts

1. Many emerging markets have lower incomes, which can make it more difficult to create and market products.
2. Companies have to understand the local culture and needs of a particular market in order to create successful products.
3. Companies may also have to modify their products to make them more affordable and accessible to customers in emerging markets.

Trends

1. Developing a product line specifically tailored to emerging markets that uses local resources and materials to provide unique, cost-effective solutions.

2. Creating an online platform to match entrepreneurs in emerging markets with potential investors and customers.

3. Hosting workshops or boot camps for entrepreneurs in emerging markets to help them create, market, and sell new products.

4. Partnering with local communities to develop a microfinance program to help entrepreneurs in emerging markets start their own businesses.

5. Developing a mobile app that provides entrepreneurs in emerging markets with access to training and resources to help them create new products.

Source

This learning instructional guidance was formulated using the GPT-3 language model created by OpenAI.

Share


Creating new products for emerging markets is essential for success. #Tips & #Tricks from this #Explainer: research local trends, understand the customer & their needs, find the right pricing structure & distribution channels. 💪💡 @Accredicity

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