Social Entrepreneurs: Correcting Market Failures – Essay Example
The paper "Social Entrepreneurs: Correcting Market Failures" is an excellent example of a business essay.
A market failure is often characterized by a production that has a lower value than those favorable products out in the market. In the case “Social Entrepreneurs: Correcting Market Failures”, three social entrepreneurs proposed how their products and/or services are being marketed to the public considering its impact on society. The primary questions are how they will be able to maintain sustainability, affordability, sponsors and differential pricing. Project Impact, OneWorld Health, and Benetech indeed have the potentials to remain standing in the market and be profitable enough because they offer products that belong to the “needs” of the consumers.
Extending help to the society and the market segment that really needs these products particularly succeed because they provide alternatives that address the “needs” of the people such as creating affordable hearing aids for the deaf. However, as described in the article “Disruptive Innovation for Social Change”, in some point these products and/or services may not be sufficient or may lack features; but still, it offers a lower cost. Disruptive innovation makes a great impact on the society in all aspects of the industry but these social changes are not intentional. Achieving a break even through social marketing is not difficult because the products benefit the consumers most especially when it comes to the health industry. The social entrepreneurs just have to maintain the factors such as the donations coming from the sponsors and social responsibility in order to get the market’s loyalty to the brand.