From Crisis to Opportunity - Rethinking Business Strategies Amidst ScarcityThe recent years have underscored the vulnerability of people to external shocks, particularly those with constrained resources. While some companies have acknowledged these hardships through Corporate Social Responsibility (CSR) initiatives, the connection to business performance is often overlooked. To successfully address scarcity, companies need to understand its various forms and their lasting effects. Chronic Scarcity: The most severe form, chronic scarcity, is characterized by long-term, high-intensity scarcity that consistently prevents individuals from achieving consumption adequacy. By understanding the nature and impact of scarcity, companies can design products, services, and policies that are empathetic, human-centric, and tailored to the needs of their stakeholders.

Source: Forbes October 31, 2023 03:53 UTC