The Value Flame and the Base of the Pyramid (VFBOP): Identifying and Creating a Valuable Market

Robert L. Williams, Ujvala Rajadhyasha, Maktoba Omar

Research output: Chapter in Book/Report/Conference proceedingChapter

2 Citations (Scopus)

Abstract


Addressing potential markets in emerging countries is an important development in international marketing, and over the last decade research has been energized by the model of the Bottom of the Pyramid (BOP). More recently the focus has shifted away from defining the BOP potential in terms of identifying the market at the BOP, and toward creating a market at the BOP, concurrent with the rephrasing of the potential as the Base of the Pyramid. The Value Flame at the Base of the Pyramid (VFBOP) model discussed here stresses not only that a leap in mindset and analysis is necessary to operate in the BOP, but that principles of mutual value and co-venturing are necessary, that is, not only enter into the BOP but collaborate within the BOP. Twenty-one VFBOP characteristics are summarized into four categories: (1) change the mindset; (2) don’t compete; (3) align all organization activities in pursuit of differentiation; and (4) create and capture new market demand. These characteristics can be a template of considerations for a company when designing and marketing a product or service to profitably meet the demands of the BOP market. To illustrate the VFBOP model and characteristics a case study is presented. Through the VFBOP model it can be seen that enormous opportunities may be available in these emerging economies.
Original languageEnglish
Title of host publicationAdvances in International Marketinh
Subtitle of host publicationInterdisciplinary Approaches to Product Design, Innovation & Branding in International Marketing
EditorsK. Scott Swan, Shaoming Zou
Pages267-279
Number of pages14
Volume23
ISBN (Electronic)978-1-78190-017-8
DOIs
Publication statusPublished - 2012

Keywords

  • Value Flame at the Base of the Pyramid
  • emerging markets
  • market strategy
  • VFBOP
  • co-creation

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    Williams, R. L., Rajadhyasha, U., & Omar, M. (2012). The Value Flame and the Base of the Pyramid (VFBOP): Identifying and Creating a Valuable Market. In K. Scott Swan, & S. Zou (Eds.), Advances in International Marketinh: Interdisciplinary Approaches to Product Design, Innovation & Branding in International Marketing (Vol. 23, pp. 267-279) https://doi.org/10.1108/S1474-7979(2012)0000023017