C. K. Prahalad and associates introduced the concept of a global market, not necessarily defined by national borders but rather by the pockets of poverty across countries, and consisting of 4 billion people across the globe with annual incomes of less than $1,200. They refer to these consumers, concentrated in the LDCs and LLDCs, as _____ markets.

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C.K. Prahalad and associates introduced the concept of "bottom-of-the-pyramid" markets, consisting of the 4 billion people across the globe with annual incomes of less than $1,200, concentrated in the LDCs and LLDCs. This term emphasizes that these consumers are not just living in poverty but also represent an untapped market opportunity for businesses that can create affordable products and services that meet their needs.

C K Prahalad and Associates Introduced the Concept of a Global