Not long ago Dr.C K Prahlad used to passionately advocate the concept of ‘Bottom of the Pyramid’ and had explicitly established that given the right business model, this consumer segment had far more untapped potential – both, in terms of profitability and the market size.
He also used to establish that so-called ‘poor’ nations in fact did not suffer because of paucity of resources. They suffered because they are not utilizing their resources efficiently and effectively. This calls for invoking the instincts of innovation, inherently available in every human being but generally remaining very dormant.
Not many years ago, when there was hardly any presence of private enterprise – generally presumed to be efficient and innovative – many of the products and services of the public sector in the fields of education, health care, TV, Radio etc. were exemplary.
However, surprisingly the advent of private sector in these fields in last 20 years seem to have deteriorated the performance and standards of performance. This is considered to be the most adverse comment on the free-market orientation of deployment of resources. The free-market mindset seems to be highly pliable to path of least resistance. The practitioners of free-market orientation need to read Robert Frost’s poem – The Uncharted Road.
in fact, reaching out the bottom of pyramid , the so-called “Aam Aadmi”, is the Challenge of 21st Century, as evidenced by Occupy Wall Street movement and the likes.
What incentives the young professionals of 21st Century need to take up this challenge?