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Botom Of Piramid Essay

576 words - 3 pages

As a junior member of your company’s committee to explore new markets, you have received a memo from the chairperson telling you to be prepared at the next meeting to discuss key questions that need to be addressed if the company decides to look further into the possibility of marketing to the BOP segment. The ultimate goal of this meeting will be to establish a set of general guidelines to use in developing a market strategy for any one of the company’s products to be marketed to the “aspirational poor”. These guidelines needs not be company or product specific at this time. In fact, think of the final guideline as a checklist- a series of questions that a company could use as a start in evaluating the potential of a specificBOP market segment for one of its products. Right now on this planet there are 2,582 people living for ...view middle of the document...

Even more to this point, for most products, demand is contingent on the customer having sufficient purchasing power. With this in mind, designing a business model to serve the market BOP has tostart with a basic insight rather than tinkering or tailoring a minor detail of the current business model. Firms and companies must understand that the creation of markets out of unmet needs is paramount. Along with this, companies need to ensure that their products are profitable, actually serve the poor and are good for them as well. The BOP is a hard market to crack. Not only do firms have to account for the 4 P’s of marketing but also, they now must accommodate the four challenges of BOP marketing. These challenges, awareness, availability, accessibility and affordability are the obstacles that stand in the way of a product being successful or not. If appropriately traversed, the company can expect to see huge profits. Howeverthis can only be done through a very thorough understanding of this unique market and the appropriate application of practical and pragmatic marketing strategies. The BOP is not for every company. This market is often thought of as dominated by governments, aid agencies, non-profits, etc. Many companies and firms choose to leave this market segment to the aforementioned groups as they deem it as an unnecessary investment. One of the main reasons for this is the fact that the general population is constrained by their income. If the cost of producing a reasonably quality product is high, then the average consumer in this market would not be able to afford it. Not only this, but increasing consumption very well may not be sustainable in these BOP areas. With this in mind, there are many questions a company should ask in relation to the BOP target market. Some guidelines or questions that would be wise to ask in relation to the BOP are:When looking across different product categories the BOP consume, is it only
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