THE IMPORTANCE OF INNOVATIONS FOR THE POOR PEOPLE IN MANAGEMENT ON THE WAY OF THE ECONOMIC DEVELOPMENT OF THE DEVELOPING MARKETS

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THE IMPORTANCE OF INNOVATIONS FOR THE POOR PEOPLE IN MANAGEMENT ON THE WAY OF THE ECONOMIC DEVELOPMENT OF THE DEVELOPING MARKETS

Journal Title: Молодь і ринок - Year 2018, Vol 165, Issue 10

Abstract

The purpose of the article is to analyze the problem and identify innovations for poor people, as well as the processes that accompany them. Finding the answer to these research questions will help to obtain the information about the essence of innovation on the problems of globalization, production technology and other pressing problems of the XXth century, especially in the markets that have the largest number of poor people. This article explores how multinational corporations run their businesses and direct manufactured goods and services to the “BoP market”. The article focuses on the problem of developing the possibilities of joint working out of business-concepts and models with the involvement of the poor people. The article analyzes the “bottom” problem of the “Bottom of the Pyramid”, which made it possible to conduct a multifaceted consideration of issues related to the functioning of markets for the poor people and identify the challenges facing the modern economy and society. The article provides examples of effective actions in the BoP market for the development of entrepreneurship of the “bottom of the pyramid” community, namely microfinance, which is popular not only in developing countries. The study presents the views of M. Yunus to explain the “Bottom of the Pyramid” and the new way of economic thinking, which must be used constructively to create innovative and managerial strategies. The “Jugaad innovations” that are implemented in India, as well as in the countries of the BRICS group and other countries with developing economies have been analyzed. It is summarized that for the implementation of standard business processes and innovation management they use such methods and innovations as Six Sigma or the Stage-Gate method, introduce Reverse innovations, embedded innovations, etc.

Authors and Affiliations

Lukash Makovskiy, Andzey Kokel

Keywords

the innovations for poor people; the economic growth; the developing markets; BoP market; the product market; the innovations.

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EP ID EP639205
DOI 10.24919/23084634.2018.146986
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