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Case Study example - Marketing to the Bottom of the pyramid
Pages 7 (1757 words)
This paper aims to discuss the marketing strategy to the bottom of the pyramid. 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…
Extract of sample
Prahalad (27-35) had coined the term BOP, referring to a population which is largely ignored by the private sector in terms of providing services. As such, the author had identified the market as prospective and it had become the next segment of increased attractiveness for firms. The author highlighted the huge size of the market in terms of its population cover and its elevated purchasing power and thus, many companies identified a prospective opportunity to serve this market and become profitable.
Different market segments require different approaches and so does the BOP market as it is a largely unexplored area. Consumers in this category are becoming demanding and sophisticated. Thus, the management has to understand that although producing low cost product is a significant factor which is essential for marketing in this segment, it is not the only expectation that consumers have (Barki and Parente 11–23).
Market development approach
The primary task that the company needs to initiate is converting of the BOP consumers from unorganized and inefficient to just the opposite. This is a crucial strategy as it will help the company to elate the benefits for the market if the company is allowed to do business with them. The primary requirement is for the consumers and the company to be on the same pathway. Both the consumers and the company need to have a common belief in order to completely align their requirements and objectives. ...
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