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Annotated Bibliography

1663 Words7 Pages

Brittany Flores
BA 101 02
Dr. Bacon
October 27, 2017
Book Review 2: The Fortune at the Bottom of the Pyramid The "Base of the Pyramid" or the "Bottom of the Pyramid" (BoP) is a phrase that is used to describe a socio-economic classification for the 4-5 billion people who live in developing countries with an annual income that is less than $1,500. It is also a developing field of business strategy that focuses on products, services, and enterprises that serve those 4-5 billion people. The efforts in trying to solve the issue of poverty have been misguided. The thought that countries are poor because they have no resources, or the idea that wealthy countries can end poverty with handouts, are sadly, false. The poor are not poor because they …show more content…

The first tier holds 85% of the world’s wealth, but only 20% of the population is a part of that group; the people in this tier typically earn more than $20,000 per year. Most of today's global companies focus on tier one. The second and third tiers are held by the 1.5 billion people globally, who make an annual income between $1,500 and $20,000. The final tier (the bottom of the pyramid), contains the 4 billion people who make less than $1,500 a year. They do not have access to global markets, and therefore have to pay more for goods and services. Large companies do not see them as a feasible market, but this group actually represents the biggest market opportunity in the world, if companies can offer affordable goods and services more …show more content…

This means they have to pay huge amounts of interest to local money lenders, which makes it practically impossible to generate opportunities to create wealth. If lending organizations are able to consider local customs and networks, they could provide cost effective opportunities for the poor to generate sustainable incomes. In a shantytown near Mumbai, India, for example, local moneylenders charge 600% to 1,000% interest. A bank might charge 25% interest, make a very respectable profit and still offer shantytown residents a superior economic alternative. Grameen Bank started as a small community lending organization, and as of 2011 provides loans to more than 25 million people around the world, with a 95% repayment success rate. The center of their success was their ability to focus on local solutions and

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