As a junior member of your company\'s committee to explore new markets, you have

Question

As a junior member of your company's committee to explore new markets, you have received a memo from the chairperson telling you to be prepared at the next meeting to discuss key questions that need to be addressed if the company decides to look further into the possibility of marketing to the B.O.P. segment. The ultimate goal of this meeting will be to establish a set of general guidelines to use in developing a market strategy for any of the company's products to be marketed to the 'aspirational poor.' These guidelines need not be company or product specific at this time. In fact, think of this final guideline as a checklist series of quesitons that any company could use as a starting point in evaluating the potential of a specific B.O.P. market segment for one of its products.

Explanation / Answer

The aspirational poor are those who aspire to consume so many articles with the limited income at their disposal. These people earn less and are called the people who occupy the bottom of the pyramid and spend heavily on consumables with the hope that their income increases. Hence it is very important to bring in an inclusive approach to marketing and a brand consciousness that belongs to all and in a manner that encompasses all needs.

The checklist for this would be:

1. Do the mass recall the brand?

2. What does the brand offer to the people?

3. Is the market an open and a free one and if so the nature of competition?

4. Does brand play an important part of marketing to the masses?

5. Is the product a premium product offered at affordable prices?

6. Can the consumer relate the product to everyday use?

7. What kind of a good is this?

8. Can this product afford itself to niche marketing?

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