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Make Poverty Business

by Craig Wilson

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Product Details

Publisher: Greenleaf Pubns
Publishing date: 20061130
Language: English
ISBN-13: 9781874719960
ISBN: 1874719969

Synopsis

The interest in bottom-of-the-pyramid (BOP) strategies to reach the world's poor is now beginning to stall. The work of C. K. Prahalad and Stuart Hart caused much controversy in academic circles, but the premise of tapping into under-served markets initially received enthusiastic backing from business. But how to proceed? What is the business case? There are many examples of BOP initiatives in the academic literature, but the lack of practical guidance on how initiatives should be identified, developed and put into action has left many corporate leaders nonplussed. "Make Poverty Business" aims to redesign, redefine and reinvigorate working with the world's poor by focusing on numerous low-risk, low-cost recommendations on how business can interact with and positively influence the lives of the poor. "Make Poverty Business" sees the poor in developing countries as more than mere consumers, as much of the BOP material proposes, and instead takes a strategic stance on all of the ways in which a multinational company can strategically engage with the problem of poverty. Poor people in developing countries evidently are potential consumers, but they are also much more: suppliers, employees and community stakeholders. These roles are often ignored by major businesses. This neglect can lead to greater risk, higher costs and lower sales. At the same time, businesses are being asked by governments and poverty activists to make a greater contribution to economic development. Such exhortations are rarely based on a robust business case. This book aims to bridge this evident gap by constructing a rigorous profit-making argument for multinational corporations to do more business with the poor. It takes economic development out of the ghettoes of philanthropy and corporate social responsibility and places it firmly within the core business interests of the corporation and argues that to see the poor only as potential consumers misses half of the story. Based on sound economic theory and emerging good business practice, the authors suggest there are many opportunities to overcome poverty traps and gain access to a larger and often more reliable pool of employees, suppliers and customers. It also deals with the reduction of risk. The poor can also become a threat - both to reputation and security - if relationships are badly managed. The book integrates concerns over political risk, legal failure and physical security into a business case for reducing poverty. It argues that country risk is something that can be actively reduced through having a positive impact on economic development rather than passively managed with lawyers and security guards. "Make Poverty Business" argues that doing business with the poor can be profitably integrated into the core operations of all multinational companies, not only those of consumer manufacturers who see a marketing opportunity or those major corporations who feel under PR pressure to instigate often poorly conceived and cosmetic corporate social responsibility initiatives. The book examines the successes, failures and missed opportunities of a wide range of global companies including Wal-Mart, BP, Unilever, Shell and HSBC when dealing with the poor and with development advocates in the media, NGOs, governments and international organisations. It includes a discussion on how to use a poverty perspective to provoke profitable innovation - not only to create new products and services but also to find new sources of competitive advantage in the supply chain and to develop more sustainable, lower-cost business models in developing countries. This book will be essential reading for international business managers seeking to increase profits and decrease risks in developing countries, development advocates who seek to harness the profit motive to achieve reductions in poverty, and academics looking for practical strategies on how business can implement BOP initiatives in developing countries.

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