This concept dwells upon the idea of focusing on the lowest rung in the pyramid of consumers. A book by C.K.Prahlad – “The Fortune at the bottom of the Pyramid” made a revolutionary change in the way corporate and SMEs think about a forgotten reservoir of consumers. The book moots the idea to formulate business modules catering to a huge consumer base of an estimated four billion people who are below the poverty line.
Innovations in BOP: It is not just enough to give statistics of the huge potential customer base. The action next revolved around formulating business module around this segment with the catch that the end product has to be really economical (affordable). Though any innovation has various criteria to be fulfilled, the innovations in BOP area necessarily have to focus on economic viability. A consumer at the BOP segment has expectations as any other normal consumer, but expects the product/service to be fitting in his/her budget. There have been numerous new business models focusing on this area and are reaping rich rewards both in India and world-over. Financial products, consumer products, mobile solutions, computer and electronics, garments, food products and various other categories have explicit examples which have adopted innovations aimed at BOP domain.
If you have and can share a success story or you have come across about innovations in the area of BOP which would help us for our research.
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