Making Your Products Accessible to Underserved Markets


When a certain problem gets overt focus, others tend to get overlooked. Case-in-point: the Bottom of the Pyramid theory, created by Indian-American researcher and author CK Prahalad. Prahalad argued that the world’s poorest people constituted the “bottom of the pyramid” (BoP) and presented a massive opportunity for the world’s wealthiest companies. He posited that this segment was an untapped market opportunity and that companies, by developing products and services accessible to them, could create sustainable and profitable ventures, while also improving the lives of the poor. It brought focus to the money scarcity problem (meaning, products were not reaching low-income groups because they were not designed to cater to them) and helped create new market segments and increase product accessibility. But in doing so, it also drew attention away from other inclusion gaps. This resulted in an “identity problem” with certain other groups getting marginalized on the basis of gender, race, caste, religion, disability, sexual orientation, and ethnicity. Management leaders need a clearly defined Side of the Pyramid (SoP) strategy to optimize the available opportunities and develop more inclusive products and services.

 



Source link: https://hbr.org/2023/10/making-your-products-accessible-to-underserved-markets

Sponsors

spot_img

Latest

Cardano Regular: ADA Recovery, Catalyst Success, TPS Drama

Cardano Bulls have made a triumphant return after weeks of absence. Cardano Community stirs controversies and...

83% of organizations paid up in ransomware attacks 

Join top executives in San Francisco on July 11-12, to hear how leaders are integrating and optimizing AI investments for success. Learn More Today,...

Losing culture? Mbappe’s PSG reflect on latest Champions League failure

Paris Saint-Germain were convinced that persuading Kylian Mbappe to stay would finally deliver them Champions League glory, but the failure to build a...

Prophesee teams with Qualcomm on faster event-based smartphone cameras

Check out all the on-demand sessions from the Intelligent Security Summit here. Prophesee has partnered with Qualcomm to bring a new kind of fast...

Andy Murray still feels he can compete against the best players on the planet

© Bradley Kanaris / Stringer Getty Images Sport "The body is old but I still like it, and I still like training and...