These low-income markets are scattered across developing and emerging markets such as South-Asia, Latin America, and Africa. People in these markets face challenges such as lack of market access, financial resource shortage, lack of information, education and basic infrastructure, low level of education, etc.
One of the seventeen sustainable development goals is to eliminate extreme poverty by 2030. We all need to come together and contribute in our way to eliminate the extreme poverty altogether by 2030, and business schools should join these efforts as management education can play an important role in poverty reduction. One of the objectives of management education is to solve society’s most pressing problems. Hence, this center is an effort by Jindal Global University in this direction.
From the firm’s point of view- today’s BOP markets will be an integral part of tomorrow’s middle class and to succeed in BOP markets companies need to understand subsistence consumers, their context, etc. and appropriate marketing strategies should be designed to address their unique needs. This center will also cater to these firms interested in low-income markets and will help in designing their marketing strategies for target BOP markets.
The research center is set up with following objectives
1. Knowledge creation specific to BOP markets- The interest in BOP markets has increased many fold in academia as well as practice in the last decade. Despite the increasing interest, the current knowledge about the functioning of BOP markets, consumption practices, etc. has been limited. The scope of this research center is to foster research activities to create a body of knowledge which can further help in designing sustainable solutions for low-income markets.
2. Knowledge dissemination: This center also seeks to disseminate knowledge through conferences, workshops, seminars, management development programs, etc. to facilitate the exchange of ideas, scholarship, and managerial practices. To sensitize students, a new elective on BOP markets is also being offered to post-graduate students at the Jindal Global Business School.
3. Capacity building of BOP population: This center aims to work towards building long-term sustainable solutions to eliminate extreme poverty latest by 2030 (one of the 17 SDGs). As a responsible business school, we aim to work in this direction by training consumer-merchants in BOP markets through workshops, market-immersion exercises, etc.
Key Activities at the Center
The research center will be organizing various activities around the year including international conferences, workshops, management development programs, etc. This center aims to create a forum where various stakeholders i.e. researchers, educators, practitioners, etc. can engage actively and learn from each other to co-create sustainable solutions for BOP markets. We hope that all these activities at the center for research on BOP markets result in publications such as journal articles, book chapters, etc.