Briefly Describe and Explain the Concept of Bottom-Of-The-Pyramid Markets (BOPMs)

question 81

Essay

Briefly describe and explain the concept of Bottom-of-the-Pyramid Markets (BOPMs).C.K.Prahalad and his associates introduced a new concept into the discussion of developing countries and markets -- bottom-of-the-pyramid markets (BOPMs)-- consisting of the 4 billion people across the globe with annual incomes of less than $1,200.These markets are not necessarily defined by national borders but rather by the pockets of poverty across countries.Prahalad's basic point is that these consumers have been relatively ignored by international marketers because of misconceptions about their lack of resources (both money and technology)and the lack of appropriateness of products and services usually developed for more affluent consumers.

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Definitions:

Cephalopod Mollusks

Cephalopod mollusks are a class of shell-less or external shell-bearing aquatic invertebrates, such as octopuses, squids, and cuttlefish, known for their intelligence and complex behaviors.

Bipolar Cell

A type of neuron in the retina of the eye; receives input from the photoreceptors (rods and cones) and synapses on ganglion cells.

Ciliary Muscle

A ring-shaped muscle in the eye's middle layer (uvea) that controls the lens's shape for focusing and accommodation.

Lateral Line Organs

Specialized sensory organs in fish and amphibians, consisting of a system of fluid-filled canals and sensory hair cells to detect movement and vibration in the surrounding water.