Chapter: The Market at the Bottom of the Pyramid

Quote:

They need to be exposed to the range and variety of opportunities that inclusive globalization can provide. The poor represent a “latent market” for goods and services. Active engagement of private enterprises at the BOP is a critical element in creating inclusive capitalism, as private-sector competition for this market will foster attention to the poor as consumers.

What I expect to learn:

To define what is it really that secludes the market at the bottom of the pyramid from those at the top of the economic pyramid.

Review:                    

It’s cool how crucial it is to really consider the bottom of the pyramid as the first marketing target for your business. True that it is the biggest area of the marketing pyramid so targeting that for your products will not only serve great purpose but it will also become one of the greatest technique you can do especially when you are just starting out. It may not be obvious but analysis of the market is essential not only to those who are trying to maintain their stance in the marketing industry but to those who are planning to start a business of their own. As a student, of course the thoughts of starting my own business has been roaming around my mind for quite some time now and all I need to know for me to start my own business is what will be my business in the first place. Reading this chapter of the book was very helpful for me not because it pointed out what business I should focus on and pursue but it helped me focus on the people that I should be targeting to buy my products or services in the future. This time, I know that I should not consider going to the high part of the pyramid because it is not the stepping stone of what I should be pursuing but I should focus on the many, focus on those who has the largest number and figure out the best things there is to offer for them.

What I learned:

·         The power of dominant logic

·         The influence of dominant logic

·         The economic pyramid

·         The nature of the BOP market

·         There is money at the BOP

·         The poor and high-cost economic ecosystems

·         Access to BOP markets

·         The BOP markets known to be brand-conscious

·         The BOP market is connected

·         BOP consumers accept advance technology readily

·         The market development imperative

·         Creating the capacity to consume

·         The need for new goods and services

·         Benefits to the private sector

Integrative Questions:                          

1.    What I the meaning of dominant logic?

2.    What did the chapter meant of the power of dominant logic?

3.    What is the influence of dominant logic?

4.    Explain the concept of the Economic Pyramid.

5.    Where are the poor in the Economic Pyramid?