The by now well-known Bottom-of-the-Pyramid concept of marketing to the poor and marginalized was first suggested in 1998 by the late professor CK Prahalad and professor Stuart L Hart of the University of Michigan. In 2002, the two management gurus published a pioneering article in Strategy+Business magazine that introduced their ideas about marketing to the BOP.
October 03, 2013 | By Deepak Manchanda
Professors Prahalad and Hart postulated that the poor of the world (two-thirds of humanity, if you consider the poor populations of India and China) present a huge, untapped business potential. They suggested that if corporations work to produce products especially for the poor, they can help to eradicate poverty and make a profit too. In 2002 this was considered a revolutionary idea with little field evidence and had few takers. However, gradually the idea began to catch on.
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