Current Trends in Management

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Current Trends in Management



Table of content

Sr no.

Title

Page no

1

Acknowledgement

3

2

Executive Summary

4

3

Introduction

5

4

New product Introduction

6

5

BOP principles used

7

6

Research Design

8

7

Sampling and sample size

9

8

Data Analysis

10

Acknowledgement

We would like to thank Prof. Sabiha Fazalbhoy to give us this amazing opportuinity to work on this report. We would also like to thank Symbiosis University to give us this opportunity to work on this subject.

We would also like to thank our friend, families and servants/maids who have supported us throw out the project.

Exectuive Summary

This project was conducted to know about the details of Bottom of Pyramid (BOP) in a small sample of 5 families. To know about the buying behaviour of them for a particular product.

We started off by interviewing the people in the BOP in our neighbourhood including servants, maids or guards. We asked them about their Eye visionary product preferences.

We presented them with questionnaire after which analysis was done.

Introduction

BOP

According to the economics, thebottom of the pyramidis the largest, but poorest socio-economic group. In the global terms, basically it is the 3 billion people who live on less than US$2.50 per day.[1] Bop as a market provides new growth opportunity for the private sectors and a forum of information.

The 12 principles of BOP are as follows:[2]

  1. Price Performance
  2. Innovative hybrid
  3. Scale of operation
  4. Sustainable development
  5. Deskilling of work
  6. Education of customers
  7. Designing for hostile infrastructure
  8. Interfaces
  9. Indentifying functionality
  10. Process Innovation
  11. Distribution methods
  12. BOP markets

New Product Introduction

99 Rupees Glasses

Worldwide, around 250 million people would need a pair of spectacle, but can’t afford to buy a spectacle because of the basic reason poorness. [3] Moreover, in India also this figure is pretty high because of so many reasons such as Lack of knowledge, no proper eye check up, lack of money, lack of resources and so on. They cannot work, cannot study, cannot read properly, cannot face others and cannot provide for their families.

Our solution: The 99 Rupees Glasses. They will be consisted of following:

  • Recycled steel
  • Recycled/new eye glasses [4]
  • Flexible steel spring frame
  • prefab lenses
  • Can be manufactured locally by simple bending machines

As the name says its price would be 99 rupees. It will be of same style frame for all, as it saves the costing and solves the basic purpose of clear vision for all.

Free check up will also be provided for the same in the rural areas in different campaigns and events.

Our tagline would be: Clear vision for all

BOP principles used in our product

There are basically following principles used in our product.

  1. Price Performance
  2. Identifying functionality
  3. Education of customer
  4. Sustainable development – Eco friendly
  1. Price performance: The 99 Rupees glasses would follow cost containment and effective performance model. Price is an important part in the growth of the BOP market. People in the BOP market are very price sensitive. And at the same time theya re very much value counter also for the product. The product should create value amongst the customers in the BOP market. This product will be cost effective and will give solution to a lot of needy people in terms of their vision issues.
  1. Identifying functionality: It is basically recognizing that the functionality required in the product in the BOP market might be different from that available in the different markets is a critical start point.
  1. Education of customers: This will be one of the major factor in the eye visionary product in the BOP markets. Half of the people in the BOP market doesn’t know about the eye check up’s requirements and future benefits of it. Few of them doesn;t know the benefit of spectacles and the outcomes of spectacles in their life style. Few people doesn’t even bother about their vision issues in the BOP market.
  1. Sustainable development: We are using few recycled products in the manufacturing of the eye glasses. Our product is eco friendly also in a way, Not totally but still it’s a start in the eco friendly method. Gradually will figure out to make the entire product as eco friendly.

Research Design

Research Design – a Research Design is a blueprint/structure that the researcher uses as a base for conducting his/her research.

For the purpose of Data Collection and Analysis, the researcher is using Descriptive Research.

Descriptive Research – Descriptive Research is a type of Quantitative Research which is done to reveal patterns in consumer behaviour. It reveals various characteristics of the population being studied.

Methodology – The methodology the researcher is using is Survey.

Survey – It is a method of descriptive research which uses a questionnaire to collect primary data from a representative sample. It requires asking the respondents questions pertaining to their usage of a particular product/service.

Tool – The tool used in this research is Close Ended Structured Questionnaire

Close Ended Structured Questionnaire – A close ended structured questionnaire is one where the survey takers are restricted to a few pre-determined answers set by the researcher, and the questionnaire has a certain structure/pattern to it.

SAMPLING AND SAMPLE SIZE

Sampling: Sampling is the process of taking a certain amount of members from the target population and using them as a representative of the population to question and conduct marketing research.

Types of Sampling:

  • Probability Sampling
    • Simple Random Sampling
    • Stratified Sampling
    • Cluster Sampling
    • Systematic Sampling
  • Non-Probability Sampling
    • Quota Sampling
    • Judgemental Sampling
    • Convenience Sampling

For the purpose of Sampling, we will be using Probability Sampling.

Probability Sampling – This is the process of sampling where every single member of the target population has an equal chance of being selected as a part of the sample size.

Methodology – We will be using Stratified Sampling

Stratified Sampling –Stratified Sampling is the process of dividing the target population into a few sub-divisions/strata on the basis of a certain characteristic, such as age, gender, income level, etc. An equal number of respondents is then selected from each strata.

Sample Size – To conduct this research, we are going to use 5 member of BOP market.

Data Analysis

  1. Name
  1. Gender :
  • M - 3
  • F – 2

""

3 respondents were males while 2 were females

  1. Age Group :
  • Below 18
  • 18-35
  • 35+

""

3 respondents were of the age group 18-35 while 2 respondents were above 35 years of age.

  1. Address : _________________________________

_________________________________

_________________________________

  1. Number of family members : _________

""

3 respondents had 4 members in their family while 2 respondents had 5 members.

\

  1. Occupation :
  • Service
  • Business
  • Government
  • Others, Please Specify ___________________________________

""

All respondents were employed for service

  1. Education :
  • No Education
  • Passed Class X
  • Passed Class XII
  • Graduate
  • Post Graduate
  • Others, Please Specify ____________________________________

""

2 respondents had education up to class XII, 2 were graduates, while 1 had cleared till 6th grade.

  1. Family Income :
  • Below 5000
  • 5000-10000
  • 10000-15000
  • Above 15000

""

4 respondents had family incomes of above Rs 15000 while two families had monthly income between Rs 10000 to Rs 150000

  1. Do you face problem with your vision?
  • Yes
  • No

""

3 out of 5 respondents said they had problems with their vision

(i)Do you get your eyes tested?

  • Yes
  • No

""

3 out 5 respondents get their eyes tested.

(ii) If yes, when was the last time you got your eyes tested?

  • 3 months ago
  • 6 months ago
  • 1 year ago
  • More than a year ago

""

Out of the three respondents who got their eyes tested, 1 got it tested 6 months ago while two got it a year back.

11.

(i) Do you wear spectacles?

  • Yes
  • No

""

Out of the 5 respondents, only 1 used spectacles

(ii) If no, why not? Please Specify

  • No need felt
  • Didn’t get eyes checked
  • Planning to use in the near future
  1. Would you be interested in spectacles for Rs 99?
  • Yes
  • No
  • Maybe

""

4 respondents said that this product could possibly be of interest to them. One respondent said they would buy it.

  1. Would you recommend this product to others?
  • Yes
  • No
  • Maybe

""

3 respondents said they would recommend this product to others, 2 respondents said that they might.

Conclusion

Our survey was done to analyze the willingness to buy our product and to know the knowledge about their eye visionary preferences. We have come to a conclusion where it says that half of the people haven’t ever tested their eyes because of some silly reasons that they didn’t feel like. At the end they said that if the cheap spectacles will be available in the market then they would prefer to have one also because we are going to educate also them pertaining the consequences of the eye care negligence. And they will also recommend this product further.

1


[1] "Bottom of the Pyramid."Wikipedia. Wikimedia Foundation, n.d. Web. 21 Dec. 2014.

[2] "Bottom of the Pyramid (C.K. Prahalad)."Prahalad's Bottom of the Pyramid: Summary, Forum and Expert Tips. N.p., n.d. Web. 21 Dec. 2014.

[3] "This Company Is Bringing Eye Exams (And Glasses) To People Who Can't Afford Healthcare."Business Insider. N.p., n.d. Web. 22 Dec. 2014.

[4] "Join Our Collection Network."Recycle Your Spectacles Support Us Vision Aid Overseas. N.p., n.d. Web. 22 Dec. 2014.

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