Integrated approach to understanding consumer behavior at bottom of pyramid
Article Review: Integrated Approach to Understanding Consumer Behavior at Bottom of Pyramid
The article studies and investigates on the consumer habits of the section of the world that is considered to be the bottom most of the economic pyramid. It looks to address the reasons why they consume, and the different needs that they have in the market. According to the study, “despite income and resource constraints, BoP consumers are sophisticated and creative.” Consumers are good at prioritizing and choosing their consumption patterns. The study concluded that “BoP markets offer profitable opportunities.” (Subrahmanyan & Gomez‐Arias, 2008) This means that firms should concentrate on this lower part of the pyramid that is more often than not ignored, due to the assumption that they are irrelevant in the market. Considering they make a majority of the market, products need to be designed and tailored to suit their specific needs.
“According to Maslow, there are five core human motives that are satisfied hierarchically: physiological; safety and security; belonging; self-esteem; and finally self-actualization.” (Subrahmanyan & Gomez‐Arias, 2008) This rule means that the needs of the consumers are usually satisfied in ascending order. Despite the cultural, geographical, or marketing strategies used in the different locations, consumer needs are tackled from the lowest to the highest (Subrahmanyan & Gomez‐Arias, 2008). “Mas…
Order Original Essay on the Similar TopicOrder Similar
from $10 per-page