The Antecedents and Consequences of Affordable Value Innovations for Emerging Markets
The Antecedents and Consequences of Affordable Value Innovations for Emerging Markets
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DOI：
10.17863/cam.8656
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发表时间：
2015
影响因子：
10.5
通讯作者：
H. Ernst;H. Kahle;Anna Dubiel;Jaideep Prabhu;Mohan Subramaniam
中科院分区：
文献类型：
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作者：
H. Ernst;H. Kahle;Anna Dubiel;Jaideep Prabhu;Mohan Subramaniam
新兴市场为企业提供了巨大的增长机会。虽然老牌跨国公司通常专注于新兴市场的高端细分市场，但它们往往无法利用新兴市场中所谓“足够好”或低收入细分市场的额外增长机会。这些低收入市场的客户有着截然不同的需求，而且对价格非常敏感。理论和案例研究表明，针对新兴市场低收入人群的创新与针对高端市场或传统西方市场的创新有很大不同。我们认为，成功打入新兴市场的低收入人群需要开发新产品，以满足低价格的期望，同时也为这些细分市场的客户提供价值。我们把这些新产品称为可负担的价值创新。我们分析了新兴市场可承受价值创新的前提条件。我们利用制度理论推导出新兴市场可承受价值创新的三个潜在相关前提。这些是拼凑、局部嵌入和标准化。我们使用来自47家跨国公司的多个信息源数据来检验我们的假设，这些数据涉及103个针对新兴市场低收入客户的创新项目。实证分析表明，三种前因对可负担价值创新水平均有显著影响，其中，拼凑性和地方嵌入性对可负担价值创新水平有正向影响，标准化对可负担价值创新水平有负向影响。我们还研究了可负担价值创新水平与绩效之间的关系。我们为我们的基本假设找到了证据，即公司开发和推出可负担价值创新的能力是在新兴市场取得成功的关键。这表明，一家公司在新兴市场可承受价值创新方面的投资获得了财务回报。最后，对我们的数据进行跨区域比较表明，关于可负担价值创新的先决条件及其对业绩的影响的关键发现在不同的新兴市场并没有差异。总的来说，我们的研究结果为新兴市场低收入群体的创新研究和实践提供了重要的启示。
Emerging markets offer tremendous growth opportunities for firms. While established multinational firms typically focus on premium segments in emerging markets, they often fail to leverage additional growth opportunities in so-called good enough or low-income segments in emerging markets. Customers in these low-income markets have substantially different requirements and are very price sensitive. Theoretical and case-based research suggests that innovating for these low-income segments in emerging markets differs significantly from innovating for premium or traditional Western markets. We argue that tapping successfully into low-income segments in emerging markets requires the development of new products that meet the low price expectations while at the same time offering also value to customers in these segments. We refer to these new products as affordable value innovations. We analyze the antecedents of affordable value innovation for emerging markets. We draw on institutional theory to derive three potentially relevant antecedents of affordable value innovation for emerging markets. These are bricolage, local embeddedness, and standardization. We test our hypotheses using multiple informant data from 47 multinational corporations involving 103 innovation projects that target low-income customers in emerging markets. Our empirical analysis shows that all three antecedents have significant effects on the level of affordable value innovation: while bricolage and local embeddedness are positively related to the level of affordable value innovation, standardization has a negative impact. We also examine the relationship between the level of affordable value innovation and performance. We find evidence for our basic assumption that a firm's capability to develop and launch affordable value innovations is key to success in emerging markets. It indicates that a firm's investments in affordable value innovations for emerging markets pay off financially. Finally, a cross-regional comparison of our data shows that the key findings on antecedents of affordable value innovation and its impact on performance do not vary across various emerging markets. Overall, our findings offer important implications for research on and the practice of innovation for low-income segments in emerging markets.