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Innovation and Quality: Drivers of Successful Ventures that Seek Success in Catering to Consumers who Live in Poverty

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  • Chattopadhyay Satya P.

    (Associate Professor of Marketing Arthur J Kania School of Management, University of Scranton, USA)

Abstract

The next big challenge in a global marketplace is to engage the very large segment of world population which survives on less income than the defined poverty level by any measurements that may be applied. This segment in the past has been the focus of aid and charities and been at the receiving end of poverty alleviation programs created by a variety of international donor agencies, with very limited success. It is time now to take a different approach. A radical re-thinking of the problem now has resulted in a novel approach: that of engaging them as customers like any other. The underlying assumption is that folks in this segment still spend billions of dollars in the aggregate and are now able to critically examine offerings and choose to go after quality and value just like any other segment. The opportunity to tap into this huge market lies in innovative entrepreneurial efforts that make goods and services available to this segment without compromising on performance and quality. This paper explores the nature of innovation that is likely to result in entrepreneurial success in what is called the Base (Bottom) of the Pyramid marketplace.

Suggested Citation

  • Chattopadhyay Satya P., 2014. "Innovation and Quality: Drivers of Successful Ventures that Seek Success in Catering to Consumers who Live in Poverty," Nang Yan Business Journal, Sciendo, vol. 1(1), pages 10-14, November.
    • Handle: RePEc:vrs:nybujo:v:1:y:2014:i:1:p:10-14:n:2
    DOI: 10.2478/nybj-2014-0002
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