Treating the Consumers at Different Levels of the Pyramid
Although in one sense this whole book is about treating global consumers well and satisfying their needs, 21st-century capitalists will have to have a different orientation than their earlier predecessors of the 19th or 20th centuries. Much less emphasis must be put on laissez fairism, and much more emphasis on social capitalism is needed; this difference needs very serious attention. There are a number of critical reasons for this needed attitude change.
First, as discussed earlier, the world’s consumers can be described in the form of a pyramid with five economic tiers. Tiers 4 and 5 are the lower end of the pyramid. These tiers are growing faster than the top of the global pyramid, and they represent the majority of the world’s population (Prahalad 2005; Samli 2004).
Second, the lower tiers combined have substantially large purchasing power which is not paid much attention to, and this purchasing power is increasing rapidly.
Third, the modern capitalist of the 21st century must...
KeywordsConsumer Protection Hierarchy Level Consumer Information Lower Tier International Terrorism
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