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Article
Publication date: 7 November 2008

Robert J. Allio

This interview of C.K. Prahalad, one of the world's leading strategic thinkers, aims to offer corporate leaders a practical look at the radical concepts presented in his The New

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Abstract

Purpose

This interview of C.K. Prahalad, one of the world's leading strategic thinkers, aims to offer corporate leaders a practical look at the radical concepts presented in his The New Age of Innovation (HBP, 2008), written with M.S. Krishnan. A lengthy review of the book is also in this issue.

Design/methodology/approach

The questions for this interview were researched by a team of Strategy & Leadership contributing editors. The interview was conducted by Robert J. Allio, a consultant who has previously been a senior executive at major US and Canadian corporations and a business school dean.

Practical implications

Prahalad believes that many businesses will undergo a transformation in the near future as value shifts from offering products to providing co‐created personalized experiences.

Originality/value

Because his new ideas explore the cutting‐edge of management innovation, managers will likely appreciate having Prahalad explain how his new model works. It posits that value will be determined by one customer co‐created experience at a time, defined as n=1; and to compete successfully in this environment, firms must access resources from multiple outside sources, either local or global, defined as R=G. In this interview he discusses the practical steps needed to ready a company to compete in this new business landscape.

Details

Strategy & Leadership, vol. 36 no. 6
Type: Research Article
ISSN: 1087-8572

Keywords

Article
Publication date: 1 December 2004

C.K. Prahalad is the Harvey C. Fruehauf Professor of Business Administration and Professor of Corporate Strategy and International Business at the University of Michigan Business…

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Abstract

C.K. Prahalad is the Harvey C. Fruehauf Professor of Business Administration and Professor of Corporate Strategy and International Business at the University of Michigan Business School. Previous appointments include a visiting professorship at INSEAD and a professorship at the Indian Institute of Management, Ahmedabad where he was also Chairman of the Management Education Program. Here he talks to Sarah Powell about the concept of co‐creation.

Details

Strategic Direction, vol. 20 no. 11
Type: Research Article
ISSN: 0258-0543

Keywords

Article
Publication date: 1 March 2006

Brian Leavy and Deependra Moitra

Strategy & Leadership asked the originator of the concept of co‐creation of unique value with customers to explain how it works in theory and practice.

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Abstract

Purpose

Strategy & Leadership asked the originator of the concept of co‐creation of unique value with customers to explain how it works in theory and practice.

Design/methodology/approach

Questions for this interview were prepared by both academics familiar with C.K. Prahalad's concepts and managers struggling to innovate new value propositions.

Findings

Co‐creation theory asks a basic question. What if: Consumer ≥ the Firm? Instead of assuming that their firm can innovate unilaterally, managers are learning to depend on the consumers to be involved. They shift from product innovations to experience innovations.

Research limitations/implications

Case studies of the development of new experienced‐based value propositions need to address issues such as sustainability of competitive advantage.

Practical implications

The theory points the way to new growth opportunities. If we accept the role of the consumers in helping us create their own experience then finding new markets is not all that onerous. Look at Starbucks–coffee, credit cards, music, and wireless.

Originality/value

Raises basic and provocative questions about the role of the customer in the future of the firm.

Details

Strategy & Leadership, vol. 34 no. 2
Type: Research Article
ISSN: 1087-8572

Keywords

Abstract

Details

Review of Marketing Research
Type: Book
ISBN: 978-0-85724-723-0

Book part
Publication date: 4 January 2014

Jenny Hillemann and Alain Verbeke

The purpose of this chapter is to demonstrate that sound, mainstream international business (IB) thinking should be applied when assessing the economic opportunities available to…

Abstract

Purpose

The purpose of this chapter is to demonstrate that sound, mainstream international business (IB) thinking should be applied when assessing the economic opportunities available to multinational enterprises (MNEs) in Bottom of the Pyramid (BOP) markets.

Design/methodology/approach

We describe and evaluate critically the key points made in the BOP literature about the alleged attractiveness of BOP markets, and the alleged strengths of MNEs to penetrate these markets successfully. We revisit the managerial implications from the BOP literature using an internalization theory lens.

Findings

We demonstrate the weak conceptual grounding of conventional BOP thinking, which suggests that MNEs from developed economies should be very entrepreneurial and should systematically serve BOP markets with new products and business models. We also show the fallacy of the idea that a “success template” in one BOP market would be easily replicable in other BOP markets and would allow the MNE to earn economies of scale and scope.

Research implications

IB researchers should start conducting serious studies on the attractiveness of BOP markets for MNEs. They should also analyze seriously the micro-foundations of successful knowledge recombination in BOP markets and the limits to the transferability of success templates. Mainstream IB theory, namely internalization theory, is particularly well equipped to analyze the costs and benefits of entering BOP markets, building upon a comparative institutional logic.

Practical implications

Senior MNE managers should not allow themselves to be blinded by BOP gurus, advocating the alleged great benefits of penetrating BOP markets. BOP markets may be especially challenging international expansion targets for MNEs because of large institutional voids, high uncertainty, high “distance” vis-à-vis the home country market and the difficulties of transferring relevant knowledge from one BOP market to another.

Originality/value

This chapter is the first to show that mainstream IB research can be usefully applied to analyze the “real” attractiveness of BOP markets for MNEs. Comparative institutional analysis is proven to provide substantially more insight to make BOP market penetration work than past guru-talk on BOP markets.

Content available
Book part
Publication date: 18 November 2016

Abstract

Details

Social Recruitment in HRM
Type: Book
ISBN: 978-1-78635-695-6

Article
Publication date: 1 March 1996

C.K. Prahalad and Larry Bennigson

As recently as 24 months ago, the principal focus of management attention was cost reduction. Today, the captivating target is growth. How do you account for this rapid shift in…

Abstract

As recently as 24 months ago, the principal focus of management attention was cost reduction. Today, the captivating target is growth. How do you account for this rapid shift in interest?

Details

Strategy & Leadership, vol. 24 no. 5
Type: Research Article
ISSN: 1087-8572

Article
Publication date: 17 June 2006

Timothy Kiessling and Michael Harvey

As organizations have expanded globally, control mechanisms utilized in the past may need to be supplemented with a new type of personnel, that of the inpatriate. Expatriates were…

Abstract

As organizations have expanded globally, control mechanisms utilized in the past may need to be supplemented with a new type of personnel, that of the inpatriate. Expatriates were the most widely used staffing for corporate control, but due to various issues, a complementary set of employees to facilitate corporate goals could be utilized. Inpatriation, as a practical and conceptual means to augment expatriation, is discussed, compared with, and contrasted to, expatriation. This research explores the use of inpatriates in facilitating global control.

Details

Multinational Business Review, vol. 14 no. 2
Type: Research Article
ISSN: 1525-383X

Keywords

Book part
Publication date: 3 December 2018

Wasana Jayawickramarathna, Kaleel Rahman, Rajendra Mulye and Tim Fry

The market-based approach to catering for the poor mainly focusses on companies making profits while helping the poor enhance their lives. This concept presented the possibility…

Abstract

The market-based approach to catering for the poor mainly focusses on companies making profits while helping the poor enhance their lives. This concept presented the possibility of there being a ‘fortune’ to make at the Bottom of the Pyramid (BoP) market that was an opportunity for both businesses and consumers. The notion of the BoP market has been widely studied using urban and rural contexts as distinct classifications; yet many argue that the opportunity does not in fact exist in the rural BoP markets. In this chapter the authors examine the prospects in the rural BoP in Sri Lanka through a qualitative study using insights provided by industry practitioners who operate at the BoP level. Findings show that a large percentage of the income of multinational companies is derived from rural BoP markets. Compared to the urban sector, the rural BoP market indicates relatively higher disposable income and is viewed as an attractive market segment by industry practitioners. The findings also show that rural BoP people have more resources and skills than their urban counterparts, although the former commonly have lower levels of education. Moreover, the youth segment in both the urban and rural BoP markets was found to heavily consume social media. The authors conclude their discussion by providing several key proposals for organisations looking to seize opportunities in this market.

Details

Bottom of the Pyramid Marketing: Making, Shaping and Developing BoP Markets
Type: Book
ISBN: 978-1-78714-556-6

Keywords

Article
Publication date: 1 January 2004

Yonggui Wang and Hing‐Po Lo

Unlike previous studies which emphasize market oriented performance from the perspective of firms or customers, but mainly internally, the paper proposes that firms should…

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Abstract

Unlike previous studies which emphasize market oriented performance from the perspective of firms or customers, but mainly internally, the paper proposes that firms should prioritize customer‐focused performance defined totally externally from the perspective of targeted customers, which are the fundamental drivers of purchasing or repurchasing behaviors of customers and consequently the key to successful competition in the customer‐centered era. Then, the role of customer‐focused performance in the overall business performance system is examined. After the components and dynamics of customer‐focused performance are analyzed, much attention is given to its key determinants in perspective of a resource‐based view, which aims mainly at bridging the current gaps between strategic management and service management. In addition, important propositions are presented and future implications are discussed.

Details

Competitiveness Review: An International Business Journal, vol. 14 no. 1/2
Type: Research Article
ISSN: 1059-5422

Keywords

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