Jugaad Innovation - Jugaad King

Evolution is a constant process. Ages ago business was done purely on the basis of availability; the customer did not get choice of brand or alternative products. Then came the industrial way of doing business, mass production and standardization became the key element of any business. Then the marketing concepts were running the business, big brands were made, markets were researched and products customized. Now welcome to the age of Frugality. It is getting critical to survive in the age of scarcity and the warning signs are all around. It’s worth examining the specific factors that are creating a new era of austerity in many parts of the world. Some of the major factors are: Increasing numbers of frugal customers The recession has made Western middle-class consumers far more cost-conscious than they were in the boom years. In India 70 crore people earn Rs. 100 or less in a day. They may be low earners but they want to gain access to the same products and services enjoyed by th...