The Fortune at the Bottom of the Pyramid – C.K. Prahalad

Book Review Chapter 2:

Products and Services for BOP

Library Reference: N/A

Amazon:

http://www.amazon.com/Fortune-Bottom-Pyramid-Eradicating-Publishing/dp/0131877291/ref=sr_1_1?ie=UTF8&s=books&qid=1234441981&sr=1-1

Quote:  “Innovation in the BOP markets requires significant investments in educating customers on the appropriate use and the benefits of specific products and services. Given the poor infrastructure for customer access, innovation in the educational process is vital.”

    As we all know how the world has turned into, it is very important for everyone to be educated on the matter. Of course basic education is required but the education specifically needed here is that the people should know the current situations and what needs to be done for the situation to get better.

Learning Expectation:

    I expect to learn more about the Bottom of the Pyramid. As we have learned in the first chapter that the Bottom of the Pyramid is a strategy that will help make the world better because it can be a viable growth market. 

Review:

    This chapter I think is the most interesting chapter for me because this chapter talks about the Twelve Principles of Innovation for the Bottom of the Pyramid Markets, which are the following:

1. Price Performance

2. Innovation                                            

3. Scale of Operations

5. Sustainable Dev.: Eco Friendly              

6. Identifying, Functionality                      

7. Process Innovation

8. Deskilling of Work                       

9. Education of Customers

10. Designing for Hostile Environments

11. Distribution Assessing the Customer   

12. Challenge Conventional Wisdom

    These are the Twelve Principles of Innovation for the Bottom of the Pyramid Markets, which will help companies change their process in a way where all the people would benefit from and make the world better. If companies would follow these twelve principles, then there would be an improvement in the overall market and those at the bottom of the pyramid would not suffer as much as they are now. In my opinion, I think that it would really be best if companies would follow these principles as they are pretty good and I think would be very effective and I think would change the world in a big way. Although it would take time, I think it’s worth the wait.

What I’ve learned:

    I have learned that there are Twelve Principles of Innovation for the Bottom of the Pyramid that would help the world become better and I think that it should be implemented in all companies as a standard rule.

Questions:

1.    How effective will these principles be?

2.    Did Prahalad think of all these?

3.    If companies implement these principles, how long will it take for the world to be better?

4.    How long did Prahalad come up with these principles?

5.    Is it really that effective?

Citation: (C.K. Prahalad, 2006)