Backward innovation - An opportunity to extend product life cycles on a global basis?

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Emerging economies present significant growth opportunities for multinational corporations (MNCs) facing saturated markets in developed countries. However, many MNCs struggle to adapt their strategies to these unique markets, often relying on outdated products and incorrect assumptions about market development. The concept of backward innovation, which involves simplifying existing products to meet local needs, emerges as a viable strategy. This approach can effectively extend the lifecycle of products that are in decline in their home markets while addressing the specific requirements of emerging markets.