Briefly describe and explain the concept of Bottom-of-the-Pyramid Markets (BOPMs).C.K.Prahalad and his associates introduced a new concept into the discussion of developing countries and markets -- bottom-of-the-pyramid markets (BOPMs)-- consisting of the 4 billion people across the globe with annual incomes of less than $1,200.These markets are not necessarily defined by national borders but rather by the pockets of poverty across countries.Prahalad's basic point is that these consumers have been relatively ignored by international marketers because of misconceptions about their lack of resources (both money and technology)and the lack of appropriateness of products and services usually developed for more affluent consumers.

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The Answer of Briefly describe and explain the concept of Bottom-of-the-Pyramid Markets (BOPMs).C.K.Prahalad and his associates introduced a new concept into the discussion of developing countries and markets -- bottom-of-the-pyramid markets (BOPMs)-- consisting of the 4 billion people across the globe with annual incomes of less than $1,200.These markets are not necessarily defined by national borders but rather by the pockets of poverty across countries.Prahalad's basic point is that these consumers have been relatively ignored by international marketers because of misconceptions about their lack of resources (both money and technology)and the lack of appropriateness of products and services usually developed for more affluent consumers.

Briefly Describe and Explain the Concept of Bottom-Of-The-Pyramid Markets (BOPMs)