What Are BOPMs? According to

Essay

What are BOPMs? According to
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. These 4 billion consumers are, of course, concentrated in the LDCs and LLDCs, as defined in the U.N. classification scheme, particularly in South Asia and sub-Sahara Africa. Prahalad's basic point is that these consumers have been relatively ignored by international marketers because of misconceptions about their lack of resources, both in terms of money and technology, and the lack of appropriateness of products and services usually developed for more affluent consumers.
C. K. Prahalad, why have they been ignored by international marketers?