C.K. Prahalad - Amazon Best|
Business Book 2004
C.K. Prahalad's Book Named Best Business Book of the Year
Businesses can help eradicate poverty and make a profit by selling products, services to the poor.
ANN ARBOR, Mich. C.K. Prahalad's new book, "The Fortune at the Bottom of the Pyramid: Eradicating Poverty Through Profits," was recently named the best business book of the year by Amazon.com.
In his book, Prahalad argues that private-sector businesses can help alleviate poverty and, at the same time, make a profit by turning the poorthose at the bottom of the economic pyramidinto consumers and developing viable markets for innovative products and services in under-served and long-neglected areas.
"What is needed is a better way to help the poor," said Prahalad, professor of corporate strategy and international business at the Stephen M. Ross School of Business at the University of Michigan. "a way that involves motivated participants on both ends and incorporates innovation to achieve sustainable win-win scenarios where the poor are empowered and the companies providing products and services to them make a profit."
Such a way, he says, already exists and has gone beyond the idea stage as private enterprises have begun to successfully build markets at the bottom of the pyramid as a way of eradicating poverty.
In analyzing 50 years of failed efforts by governments, aid agencies, donor nations and others to solve the problem, Prahalad identifies and counters common misconceptions about the purchasing power, delivery infrastructure and buying habits of the poor that have discouraged companies from entering these markets in the past.
He presents 12 case studies of different businessesamong them, the Avarind Eye Care System, Mexican cement manufacturer CEMEX, prosthesis maker Jaipur Foot and conglomerate ITCthat have become involved in this market and are bringing benefits, beyond just products, to consumers.
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