What is it about?
The Bottom of Pyramid market in ASEAN region has a huge potential since the population of BOP market in ASEAN region is huge and gigantic level. The problem to sell the products to BOP customers needs a new perspective in other workds firms are needed to design the product with drastic price cutting and at the same time maintaining the quality of product. It means to point to frugal innovation.
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Why is it important?
The size of the market in developed market already began to shrink. In contrast, the size of the emerging market is getting larger and larger. The rate of economic growth in emerging market surpass those of developed markets. ASEAN market is one of the important emergin markets. For the penetration to ASEAN market it is necessary to develop the product based on frugal innovation.
Perspectives
South Korea is looking for new territory of overseas market. In former times, most of SMEs in South Korea, visitied China. However, the wage rate of China is sharply incresing. Faced with cost upsurge, Southeast Asian market is getting importance in the near future. In this connection, the utilization of frugal innovation is promising for the developmet of new product satisfying BOP customers in this region.
Yongkyun Chung
Kangwon National University
Read the Original
This page is a summary of: 아세안 BOP시장 진입을 위한 제품개발전략: Frugal Innovation을 중심으로, 동남아연구, May 2019, Center for Southeast Asian Studies, HUFS,
DOI: 10.21485/hufsea.2019.29.1.002.
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