- Management Basics
- Management Functions
- Organizational Behaviour
- Marketing
- People Management
- Personnel Management
- Human Resource Management
- Human Resource Development
- Compensation Management
- Job Analysis & Design
- Performance Management
- Rewards Management
- Competency Based Assessment
- Employee Development
- Training & Development
- Participative Management
- Employee Relationship Management
- Career Development
- Talent Management
- Human Capital Management
- Knowing Your Employees
- Relationship Building
- Employee Behaviour
- Workplace Efficiency
- Employee Engagement
- Knowledge Management
- Employee Retention
- Social Entrepreneurship
- Youth Entrepreneurship
- Operations
- Supply Chain Management
- Inventory Management
- Enterprise Resource Planning - I
- Enterprise Resource Planning - II
- Business Process Management
- Globalization
- International Business
- Business Process Outsourcing
- Disaster Recovery Management
- Business Continuity Management
- Project Management
- Production & Operations Management
- Management Information System
- Database Management System
- Business Process Improvement
- Total Quality Management
- Six Sigma - Introduction
- Six Sigma - Define Phase
- Six Sigma - Measure Phase
- Six Sigma - Analyze Phase
- Six Sigma - Control Phase
- Six Sigma - Team
- Import & Export Management
- Finance
- Economics
What is Social Innovation ?
Later on certain French workers made mention of the same in their writings. In the recent literature the term social innovation is frequently found in the writings of some management gurus like notably in those of Peter Drucker and Micheal Young. Some other noted sociologists like Karl Marx and Max Weber also worked extensively on social innovation for bringing about social change. Of late Joseph Schumpeter incorporated it into his concept of creative destruction. He also extended his concept to defining entrepreneurship as a way of creating new product or service by combining the existing elements. Social Innovation at the Bottom of the PyramidOrganizations are globally being attracted to the idea of creating and marketing products and services for those at the bottom of the pyramid. As C.K Prahlad rightly notified us about the fortune at the bottom of the Pyramid, increasingly marketers are driven to the idea of tapping this potential hitherto undiscovered. Nearly four billon people around the world make a living on about two U.S dollars a day and this is magnanimous not only in terms of a business opportunity but also in terms of a reciprocal relationship. Firms cater to the needs of these people and they in turn offer a huge profit opportunity that is dependent on the scalability of the same. The operation may however not be as simple as it appears on paper. There are barriers not in production but in distribution because low income household markets are price sensitive and highly segmented. Global FMCG giant P & G, for example, developed PUR (a water purification system) in partnership with US government which was meant for low income consumers. The product was meant to serve a social need which was to provide clean and hygienic water at places where the drinking water was unsafe. The product failed to serve well and after three years of launch, it was found out that the product was a failure! It clearly appears that cost is not the only factor that acts a barrier to the success of a social innovation. There are yet other examples where out reach (ease of access), distribution channels were ignored and social innovations failed their purpose. The need is of building sustainable models that are operationally well laid out and successful in delivering the goods. Remember cost is not the only factor!
|
Subscribe via Email
