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The Global Marketing Environment, Summary
Terms in this set (18)
Based on patterns of resource allocation and ownership the world's national economies can be categorized as
Market Capitalism, Centrally Planned Capitalism, Centrally Planned Socialism, and Market Socialism
The final years of the twentieth century were marked by a transition toward
Market capitalism in many countries that have previously been centrally controled.
Great disparity still exists
Among the nations of the world in terms of economic freedom.
Countries can be categorized in terms of their stage of the economic development
low income- lower-middle income, upper-middle income, and high income.
Gross Domestic Product and Gross National Income
Are commonly used measures of economic development.
The 50 poorest countries in the low-income category
Are sometimes referred to as least-developed countries (LDCs)
Upper-Middle-Income countries with high growth rates
Are often called newly industrializing economies (NIEs)
Market potential for a product can be evaluated
By determining the product saturation levels in light of income levels.
A country's balance of payments
Is a record of its economic transactions with the rest of the world.
Balance of Payments record shows whether a country
Has a trade surplus or a trade deficit.
Value of exports exceeds value of of imports.
Value of imports exceeds value of exports.
Trade figures can be further divided into
Merchandise trade and service trade accounts and a country can have a surplus in both accounts, a deficit in both accounts, or a combination of the two.
Currencies can be subject to
Devaluation or Revaluation as a result of actions taken by a country's central bank.
Currency trading by international speculators
Can lead to devaluation, along with actions taken by a country's central bank.
When a country's economy is strong or when demand for its goods
Is high, its currency tends to appreciate in value
When currency values fluctuate
Global firms face various types of economic exposure.
Firms n manage exchange rate
Exposure by hedging
THIS SET IS OFTEN IN FOLDERS WITH...
Introduction to Global Marketing, Chapter 1, Summa…
An International Marketing Research Checklist
The Global Trade Environment, Chapter 3, Summary
When will China overtake America?
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