Focusing too much on profitability in innovation efforts can lead to several pitfalls. It can lead to neglecting the needs of a larger, less affluent market that is looking for value for money. It can also result in a lack of affordability in products, which can alienate potential customers. Furthermore, it can stifle creativity and risk-taking, as the focus is primarily on safe, profitable outcomes rather than groundbreaking ideas.
Innovation is more than creativity; it is a process that is structured, with rules and best practice...
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