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Make money with the poor. (Economics And Business).(analysis of 'Serving the World's Poor, Profitablly' by C.K. Prahalad and Allan Hammond in the September 2002 issue of the Harvard Business Review)(Brief Article)
C. K. Prahalad and Allan Hammond, "Serving the World's Poor, Profitably," in Harvard Business Review, September 2002 (hbr.com)
Shantytowns and ghettos across our planet house nearly 4 billion people subsisting on less than $2,000 per year. Despite their lack of income, however, the world's poor represent a vast untapped market for profit-making business. C. K. Prahalad, a University of Michigan business professor, and Allan Hammond, who works for the World Resources Institute, argue that companies could realize significant profits by working harder to serve people with very low incomes.
Barriers to sales to the poor are not insurmountable, Prahalad and Hammond claim. Among their points:
The poor have un tapped purchasing power: Although family incomes are low, poor people must still buy everything from food to transport services. High population densities produce lots of spending money even in shantytowns.
Prices are too high in poor areas: The authors compare one area of India with a Miami suburb and find that ...
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