We are in an era of massive disruptions in markets, media, management approaches and business models. These disruptions are being caused by rapid technological changes on the one hand and tectonic shifts in customer preferences and societal behaviour on the other. Marketing knowledge and practices have to advance at a significantly higher pace to address the changing context of market behaviour. Handbook of Advances in Marketing in an Era of Disruptions is meant to share ideas and new knowledge that are relevant to this world of disruptions. Leading scholars from around the world, who have keenly observed the changing market environment, business policies, parameters, theories, methods and practices, have put forth their theses on how marketing thinking needs to evolve to keep pace with the market reality.
Chapter 8: Building Sustainable and Socially Impactful Businesses at the Base of the Pyramid
Estimates suggest that four to five billion people live in poverty. Businesses engage with the base of the pyramid (BOP), typically through corporate social responsibility (CSR) efforts. Such efforts are laudable but are limited by their budgets. An alternative model would be to engage with the BOP as a sustainable business opportunity. The BOP can be customers as has been shown through the work of Unilever. The BOP also often own assets, such as small parcels of land or a few head of livestock. Likewise, the BOP has skills and labour. These can be sustainably leveraged ...