Global meltdown: Lessons and marketing strategies for India

Globalization brings interdependence and as much an economy is dependent on foreign trade, to the same extent the economy is expected to be the victim of global meltdown. Despite of the fact that no economy could survive or prosper in absolute isolation; the degree of opening of Indian economy to the foreign investors, multinationals and NRI’s should base on the need, compulsion, long term interest and risk involved due to interdependence. The BOP (Bottom of Pyramid) approach to marketing proposed by Prof. C. K. Prahlad offers a fresh and new line of thinking as it focuses its attention to that segment of India that has been neglected in the entire period of globalization and earlier to that. But this strategy will remain a dream, if purchasing power of BOP segment does not increase. To make BOP dream successful, marketers are required to understand the mind set of poor people to know their preferences in consumption. The paper examines the prospects and limitations of BOP marketing strategy along with its consumer behavior and social responsibility aspect. The relevance of Blue Ocean Strategy (BOS) proposed by Prof. W. Chan Kim & Mauborgne has also been briefly discussed.