“Doing business with the world’s four billion poorest people- two third of the world’s population – will require radical innovations in technology and business models” (Prahalad & Hart, 2002). The Bottom of Pyramid (BOP) has developed as one of the predominant thoughts in business. In this article “Markets and marketing at the bottom of the pyramid,” authors Katy Mason, Ronika Chakrabarti, Ramendra Singh, provides in-depth knowledge of Bottom of the Pyramid (BOP) in the special issue by showing various themes in study of BOP and looks to create bits of knowledge into BoP showcases by uniting crafted by researchers who are locked in with and think about making great markets at the BoP. The significance of business sectors and how they are performed is believed to be key to improving and more comprehensive social orders and to enhancing the lives of those at the bottom of pyramid (BOP). The article reviews highlight What markets are and how they function to consider how we may re-conceptualize BOP markets, where we may discover them and how our worries about BOP markets are starting to shape understanding, theorising and action (2017). The authors Katy Mason is professor of Markets, Marketing and Management at Lancaster University Management School, UK. Her research focuses on how managers make and shape markets, and the market devices they use to enrol and create boundaries with others. Her interest in bottom of pyramid (BOP) comes from understanding how people organise at the BOP. Ronika Chakrabarti is a lecturer in Marketing at Lancaster University Management School. Her research interests in bottom of the pyramid (BOP) and subsistence markets are situated within her theoretical interest on market creation and sustainable development in informal economies. Ramendra Singh is associate professor of marketing at Indian Institute of Management (IIM), Calcutta, India. He has worked for several years in sales and marketing positions in several companies such as Indian Oil Corporation, Exxon Mobil, SRF Limited and ICICI Bank.
Where are BoP markets?
The monetary essentialist perspective of BOP markets characterizes them as far as buyers living on not as much as US$ 2 daily. This meaning of poverty ends up plainly arranged in low-wage, creating economies, for example BRICs: Brazil, Russia, India, China (Pravin,2013; Prahalad,2006). Creating nations offer gigantic developments openings. Inside these business sectors, the BoP speaks to noteworthy open door. Take China for instance. With population of 1.2 billion and a normal for each captia (GDP) of U.S. $1000, China presently has $ 1.2 trillion economy. Notwithstanding, the U.S. dollar equal isn’t a decent measure of the interest in merchandise and ventures created and expanded in China. If we change over the GDP-based consider along with its dollar obtaining power equality (PPP), China is now a $5.0 trillion economy, making it the second-biggest economy behind the United States in PPP terms (Prahalad, 2009).
Themes in the study of BoP markets:
We have recognized three wide subjects that rise out of the articles in this special issue. The first subject concerns re-conceptualisation of being at BoP and what a BoP advertise is. The second subject concerns the ramifications of various conceptualisations of BoP for the advertising discipline and the ramifications of various conceptualisations of BoP for analysts and experts practically speaking. At long last, in keeping the showcasing administration convention, the third subject traces a scope of BoP intercessions and advertising instruments that individual commitments recognize.
In my opinion, the authors announced no potential irreconcilable circumstances as for the exploration, creation, or production of this article. BoP settings speak to fascinating and critical market destinations to contemplate the inseparably snared nature of the financial, social and political practices, as they crash in key crossroads that come to make, shape and perform BoP markets. Changing conceptualisations of BoP markets, are changing exploration hones, where we search for BoP markets, how we consider them and what questions we ask of them. In view of the drawback of this journal article, future research ought to be done on more contextual investigations, among which: stories of achievement yet in addition disappointment and starting from different kinds of societies and nations. Furthermore, it could be a more noteworthy investigation of the present writing.
Personally, I wouldn’t recommend this article to anyone because its confusing and complex due to its language as a common person wouldn’t understand this. I choose this topic because the title seemed to be very catchy and I thought it would have nice content in it, but it is not that fruitful. Still, I would like to learn the topic Bottom of Pyramid (BOP) in future.