New product development within the BOP space on the light of Frugal innovation
AuthorMahmud, Abu Sifat
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One of the leading development organization in united kingdom (UK) voluntary service overseas (VSO) working their different development projects around the globe about in 37 countries where the beneficiaries are more than 174000 by the help of 40000+ volunteers. Along with VSO International Citizen Service (ICS), a leading volunteer placement organization initiates a new program named International Citizen Service Entrepreneur in short ICSE where they introduced their project in Bangladesh specifically in Northwest (NW) Rangpur and in Chitagonja Hill Tracks (CHT) where they started their 1st cycle (consisting of 3 cycle) in end of 2014 and 2nd cycle including In Country Orientation (ICO) from end of January 2015. The goals of cycle 2 was to prepare production worker for the entrepreneurs(goal of cycle 1) and train them as well as select their products where this whole report explains about the entrepreneur development focusing on Base of the pyramid (BOP) where there are new product development by innovation in existing market and relating with Frugal innovation. The report talks about the product development in BOP particularly in a rural area named Pairaband, Rangpur. One of the major focuses of the project was to find out two suitable and innovative product and product line for two different entrepreneurs where one of the products was interior design products consisting lamp shades, cushion cover and floor cushion cover whereas other one is school and college bag and grocery bag. Moreover some of the product feature should be jute which is a creative step and thus there were significant amount of market research with detailed information about the product. This report also explains about the stages of production with different help from mentors and the stages were covered by the selected production workers which was other major focus of the project. Finally through this report reader will find how new product development helped the BOP in terms of both the market and beneficiaries as well as it will give an insight about market changer by considering lower portion of the pyramid of the economy.