<<Previous
Products and Services for BOP
Once marketers get to know the importance
of the BOP market, the next step is to decide on the products and
services categories for that market. What kind of products and services
should they offer to that market? Prahalad opines that companies need to
be selective and think strategically when it comes to selling their
products and services in the BOP market.
The BOP consumers do have liking for the branded products but they curb
their interests as they cannot afford to buy those products. Hence, a
marketer’s job is to offer products with good quality and prices, which
are affordable to the BOP consumers. Marketers should ensure that they
do not risk their profitability factor while serving the BOP market. In
order to adhere to these (offering affordable products and still being
profitable), companies need to come up with more innovative products. |
|
Prahalad, in his book, has suggested some twelve
principles of innovation for BOP marketers. They are:
• Companies need to focus on price performance of their products and services
• Innovation requires hybrid solutions
• Operations in this market must be scalable and transferable across different
markets
• Sustainable development: Ecofriendly; focus on conserving resources
• Identifying Functionality: Is the BOP different from developed markets?
• Process Innovation
• Deskilling of Work
• Education of customers about product usage is a key factor
• Designing for hostile infrastructure
• Interfaces
• Distribution: Accessing the customer
• BOP markets essentially allow us to challenge the conventional wisdom in
delivery of products and services.
More >>
|
