Explain the picture below.purpose of reverse innovationhow it worksexample REVERSE INNOVATIONPURPOSE: Multinationals have traditionally innovated in a richcountry and later sold products in a poor country. Reverseinnovation is doing the opposite. It is currently being applied tovarious industries, including healthcare. Essentially, companiesdevelop products to meet developing countries' needs andthen hope the same idea can later be sold abroad toconsumers in more established countries. It can help connectdeveloping countries with global markets by increasing cross-border production and testing marketing viability in a lower-cost environment."design and develop offerings tomeet those needs.Role of the managementaccountant: Managementaccountants can propose areverse innovation approachas part of a strategic analysisto develop new pathwaysfor profitable growth andinnovation." They can also beinstrumental in measuring andmanaging the performance ofHOW IT WORKS:Strengths: Reverse innovationcan drive growth for companiesin a global market wheremuch growth is occurring indeveloping countries. It differsfrom other tools (e.g., BlueOcean, creating shared value,and disruptive innovation) byfocusing on designing productin developed country markets or service offerings specificallyfor a developing countryreverse innovation initiatives. •Reverse innovation is aprocess of specificallydesigning and developingofferings to fulfill thecustomer needs in adeveloping country and, ifsuccessful there, looking forways to deploy the offeringEXAMPLEOF REVERSEINNOVATIONIn 2009, General Electric(GE) announced a $1,000handheld electrocardiogramdevice and a portable,personal computer-basedultrasound machine thatsells for about $15,000that were both originallydesigned and developed formarkets in India and Chinawhere the key factors wereease-of-use, portability,and low cost. Later, GESuccessfully deployed theseprodu in the U.S. forambufor a second roundof value creation.where there is aIt differs fromhigher likelihood ofa traditionalsuccess.strategy ofadaptingofferings fordevelopedLimitations:Reverseinnovationrequires thecountries withoutadditional challennespecific referenceto the otherwise34 of 42and remoteneeds of the peopierescue environments."those countries.an open-ended aporoach to strategy ofadaptingofferings fordevelopeddesigned and developed formarkets in India and Chinawhere the key factors wereease-of-use, portability,and low cost. Later, GEsuccessfully deployed theseproducts in the U.S. forambulances and remoteLimitations:Reverseinnovationrequires theadditional challengecountries withoutspecific referenceof understandingthe specific needs indeveloping countries and takingan open-ended approach toto the otherwise unmetrescue environments."needs of the people inthose countries.

Question

Explain the picture below.purpose of reverse innovationhow it worksexample REVERSE INNOVATIONPURPOSE: Multinationals have traditionally innovated in a richcountry and later sold products in a poor country. Reverseinnovation is doing the opposite. It is currently being applied tovarious industries, including healthcare. Essentially, companiesdevelop products to meet developing countries' needs andthen hope the same idea can later be sold abroad toconsumers in more established countries. It can help connectdeveloping countries with global markets by increasing cross-border production and testing marketing viability in a lower-cost environment.&#34;design and develop offerings tomeet those needs.Role of the managementaccountant: Managementaccountants can propose areverse innovation approachas part of a strategic analysisto develop new pathwaysfor profitable growth andinnovation.&#34; They can also beinstrumental in measuring andmanaging the performance ofHOW IT WORKS:Strengths: Reverse innovationcan drive growth for companiesin a global market wheremuch growth is occurring indeveloping countries. It differsfrom other tools (e.g., BlueOcean, creating shared value,and disruptive innovation) byfocusing on designing productin developed country markets or service offerings specificallyfor a developing countryreverse innovation initiatives. •Reverse innovation is aprocess of specificallydesigning and developingofferings to fulfill thecustomer needs in adeveloping country and, ifsuccessful there, looking forways to deploy the offeringEXAMPLEOF REVERSEINNOVATIONIn 2009, General Electric(GE) announced a $1,000handheld electrocardiogramdevice and a portable,personal computer-basedultrasound machine thatsells for about $15,000that were both originallydesigned and developed formarkets in India and Chinawhere the key factors wereease-of-use, portability,and low cost. Later, GESuccessfully deployed theseprodu in the U.S. forambufor a second roundof value creation.where there is aIt differs fromhigher likelihood ofa traditionalsuccess.strategy ofadaptingofferings fordevelopedLimitations:Reverseinnovationrequires thecountries withoutadditional challennespecific referenceto the otherwise34 of 42and remoteneeds of the peopierescue environments.&#34;those countries.an open-ended aporoach to strategy ofadaptingofferings fordevelopeddesigned and developed formarkets in India and Chinawhere the key factors wereease-of-use, portability,and low cost. Later, GEsuccessfully deployed theseproducts in the U.S. forambulances and remoteLimitations:Reverseinnovationrequires theadditional challengecountries withoutspecific referenceof understandingthe specific needs indeveloping countries and takingan open-ended approach toto the otherwise unmetrescue environments.&#34;needs of the people inthose countries.

Accepted Answer

Innovation and change have become the key components for the success and failure of any business.…

Explain the picture below. purpose of reverse innovation how it works example