Globsyn Pays Tribute To Prof. C. K PrahaladIn economic terms 'Bottom of the Pyramid' means the largest and the poorest economic group in society. Earlier this strata of society was ignore by most of the big companies as they felt that this section was not capable of generating enough revenue for them. the person who has forced these companies to review their strategy of ignoring the 'Bottom of the Pyramid' is Prof. C. K. Prahalad, who in his book 'The Fortune at the Bottom of the Pyramid' showed the world how new business opportunitites could be found among billions of poor people of the society which will not only help companies to generate profits but will also help in eradicating poverty.
This along with other notable contributions of Prof. Prahalad, like - 'The Future of Competition - Co-Creating Unique Value with Customers', 'The New Age of Innovation', 'Weak Signal versus Strong Signal', 'Competing for the Future', and 'The Dominant Logic' etc. were discussed in the event organized by Globsyn Business School to pay tribute to the great thinker in the field of management science. The participants deliberated on the core issues of each of the topics with examples and live case studies taken from different companies like Nokia, Blackberry, Microsoft, Arvind Eye Care, Sony etc.
At the end of the session the participants raised some brain taxing questions for the audience:
- Can the 'Bottom of the Pyramid' model be applied to the Education Industry? If not, what can be a good business model for reaching education to the bottom of the pyramid in a profitable mode instead of a CSR initiative?
- Can we really use the idea of co-creation widely so that all the consumers can be incorporated for better value creation or is it something just meant for a handful of people?