INNOVATIONS FOR LOW INCOME MARKETS
Keywords:INNOVATIONS, LOW INCOME MARKETS
The concept of serving the Bottom of the Pyramid (BOP) people has now gained importance among academicians and business entrepreneurs owing to its effect on billions of the poor across the world. Considerable opportunities are available for MNCs to generate profits & simultaneously making a social contribution & social innovation through serving 4 billion people occupying the lowest tier in the world’s economic pyramid (Prahlad and Hart, 2002). In fact BOP segment has a great potential for expansion and growth of companies. This requires a lot of innovation efforts resulting in Affordability, Acceptability, Availability and Awareness for the low income consumers. This article emphasizes on major challenges faced by multinationals and private entrepreneurs to invest in emerging markets. Multinationals may have tremendous opportunities to invest in low income markets; basically they have to focus on serving profitably to the poor section of the society.