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Product Development for the BoP : Insights on Concept and Prototype Development from University‐Based Student Projects in I ndia
Author(s) -
Viswanathan Madhubalan,
Sridharan Srinivas
Publication year - 2012
Publication title -
journal of product innovation management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.646
H-Index - 144
eISSN - 1540-5885
pISSN - 0737-6782
DOI - 10.1111/j.1540-5885.2011.00878.x
Subject(s) - new product development , product (mathematics) , business , marketing , bottom of the pyramid , pyramid (geometry) , goods and services , industrial organization , process management , economics , market economy , physics , geometry , mathematics , optics
In recent years, market‐based approaches have been proposed for the base of the pyramid ( BoP ). However, the literature offers little theoretical or practical guidelines for innovative product development for what are radically new market contexts for most businesses in advanced economies. Considering that product development is a fundamental activity in a market economy, and that much BoP consumer welfare potentially arises from innovative and affordable goods and services that can solve critical life needs, this is a substantial gap in knowledge. This paper attempts to address this gap by using an analysis of 13 year‐long university projects on BoP ‐focused concept and prototype development conducted between 2006 and 2010. An inventory of research propositions is developed that identifies factors necessary for effective product development for BoP markets. Implications for new product development research and practice are discussed.