Designing Solutions for the Low Income Consumer Markets: Four Schools of Thought

Abstract

Abstract This chapter adopts the midrange theories schema to expand Pels and Sheth (2017) matrix on business models to serve the low-income consumers (LIC): market adaptation, mission focus, radical innovation, and inclusive ecosystems. To this end, it identifies the underlying general business theories (systems theory and neo-classical economics) and ontological theories (positivism and interpretivist) nested in each of the matrix’s four cells. Understanding the general theories from which concepts and guidelines are drawn allows a two-way contribution. On one hand, it comprehends which other concepts can be integrated into the LIC literature. Alternatively, it highlights what insights generated from the study of the LIC markets bring to these theories.

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