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Marketing to the Bottom of the pyramid - Case Study Example
Author : hcollins
Pages 7 (1757 words)
This research is being carried out to evaluate and present different approaches required by different market segments. The paper will explore such approaches as market development approach; rethinking marketing mix strategies and guidelines for market mix strategies…
In accordance with the issues discussed in the paper thinking about the “bottom of the pyramid” can lead us to create an impossibly low-cost yet a high-quality new and robust business model. A sound marketing strategy directed towards the people at the bottom of the pyramid (BOP) can help the company to provide cheaper products and enhanced access to technology thereby providing the necessitous people with an opportunity to become entrepreneurs and educate them. This can be viewed as a mutual benefit process, given that it will provide the company with a huge market as a source of revenue stream. Alongside giving the company a top-line revenue growth, cost saving and innovations will also influence the existing business models and management practices of the company. But one thing that the management needs to be well aware of is the fact that selling into BOP markets is difficult and the hardest part is to continue the work responsibly and consistently. Being a highly unexplored market, the strategy has to be formulated in such a way that it brings real benefit to the impacted communities as well as the company. However, in order to ensure that, the company should follow important guidelines and lessons from leaders in the industry known to have set examples of successful expansion in the BOP market. Prahalad had coined the term BOP, referring to a population which is largely ignored by the private sector in terms of providing services. ...