S. Africa can show way in selling to new world
Tuesday, July 18, 2006
Excerpt: SIXTY-ONE countries comprising about 40% of humankind are officially classified as low-income countries (LICs) by the World Bank (2005). While many of these countries were ignored as viable destinations for business previously, today the globalisation of markets has focused attention on these ?base of the pyramid? countries. Why would anyone be interested in a group of countries in which per capita gross national income is below $800 a year? The answer is growth and market saturation. LICs, and low-income segments in middle-income countries, are large, fast-growing, unsaturated markets that are worth hundreds of billions of dollars annually.
These opportunities have got marketers thinking about how to maximise performance in LICs and low-income segments. One way to achieve this would be to focus more attention on market orientation.