What are the characteristics and features of Bottom of pyramid market? What are the 4 A's of rural market?
What are the characteristics and features of Bottom of pyramid market?
Bottom of the Pyramid (BOP) is a model that bases on the marketing of the economic development that serves to eradicate poverty by bringing in tremendous growth opportunities and profits for multinational corporations. Also, it consists of two-thirds of the poorest economic human pyramid, where innovation has to be adhered to by focusing on attention of management on embracing awareness, access and affordability thus alleviating poverty. As one of its main features it divides the world by keeping the privileged at the top and the needy at the bottom. Besides, it encourages businesses to adopt new or innovative ways of carrying out businesses in a market consisting of many poor customers.
What are the 4 A's of marketing?
A's of marketing are the components that marketers have to consider in order to meet the needs and requirements of rural customers. They include; affordability, availability, acceptability and awareness. In terms of Affordability a company should consider packaging consumer products at an modest price so as to capture the price-sensitive customers since they have low income. Goods should be readily available in rural areas to avoid customers shifting to a substitute product. Goods should be friendly designed for the consumers such that the needs of the consumer are satisfied. Marketers have to create awareness for rural consumers and get their attention towards the product.