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Chapter2
TheGlobalEconomicEnvironmentPowerPointbyKristopherBlanchardNorthCentralUniversity2-1IntroductiontoChapterMarketdefinition–Peopleororganizationswithneedsandwants;bothhavethewillingnessandabilitytobuyorsellTheglobaleconomicenvironmentplaysalargeroleinthedevelopmentofnewmarketsfororganizations2TheWorldEconomy–AnOverviewThenewrealities:CapitalmovementshavereplacedtradeasthedrivingforceoftheworldeconomyProductionhasbecomeuncoupledfromemploymentTheworldeconomy,notindividualcountries,isthedominatingfactor3TheWorldEconomy–AnOverviewThenewrealitiescontinued:75-yearstrugglebetweencapitalismandsocialismhasalmostendedE-Commercediminishestheimportanceofnationalbarriersandforcescompaniestore-evaluatebusinessmodels4EconomicSystems4maintypesofeconomicsystemsMarketCapitalismCentrallyplannedsocialismCentrallyplannedcapitalismMarketsocialism5EconomicSystemsMarket CommandMarketCapitalism
CentrallyPlannedCapitalismMarketSocialismCentrallyPlannedSocialismPrivateResourceOwnershipStateResourceAllocation6EconomicFreedomRankingsofeconomicfreedomamongcountriesRangesfrom“free”to“repressed”Variablesconsideredincludesuchthingsas:TradepolicyTaxationpolicyBankingpolicyWageandpricecontrolsPropertyrights7EconomicFreedomFreeHongKongSingaporeIrelandNewZealandUnitedStatesUnitedKingdomNetherlandsAustraliaSwitzerlandRepressedBosniaVietnamLaosIranCubaIraqLibyaNorthKoreaCongo8StagesofMarketDevelopmentWorldBankhasdefinedfourcategoriesofdevelopmentHigh-incomecountriesUpper-middleincomecountriesLower-middleincomecountriesLow-incomecountriesBaseduponGrossNationalProduct(GNP)9StagesofMarketDevelopment10BigEmergingMarketsChinaIndiaIndonesiaSouthKoreaBrazilMexicoArgentinaSouthAfricaPolandTurkey11MarketingOpportunitiesinLDCsCharacterizedbyashortageofgoodsandservicesLong-termopportunitiesmustbenurturedinthesecountriesLookbeyondpercapitaGNPConsidertheLDCscollectivelyratherthanindividuallyConsiderfirstmoveradvantageSetrealisticDeadlines12InfluencingtheWorldEconomyGroupofSeven(G-7)OrganizationforEconomicCooperationandDevelopmentTheTriad13MarketingImplicationsoftheStagesofDevelopmentProductSaturationLevelsThepercentageofpotentialbuyersorhouseholdsthatownaparticularproductGraphshowsthatinIndiaaprivatephoneisownedby1%ofthepopulation14BalanceofPaymentsRecordofalleconomictransactionsbetweentheresidentsofacountryandtherestoftheworldCurrentaccount–recordofallrecurringtradeinmerchandiseandservices,privategifts,andpublicaidbetweencountriestradedeficittradesurplusCapitalaccount–recordofalllong-termdirectinvestment,portfolioinvestment,andcapitalflows15BalanceofPaymentsU.S.balanceofpaymentsstatisticsfortheperiod1999to200316OverviewofInternationalFinanceForeignexchangemakesitpossibletodobusinessacrosstheboundaryofanationalcurrencyCurrencyofvariouscountriesaretradedforbothimmediate(spot)andfuture(forward)deliveryIncreasestherisktoorganizationsthatareinvolvedinglobalmarketing17ManagedDirtyFloat?DefinitionsFloatreferstothesystemoffluctuatingexchangeratesManagedreferstothespecificuseoffiscalandmonetarypolicybygovernmentstoinfluenceexchangeratesDevaluationisareductioninthevalueofthelocalcurrencyagainstothercurrencies18ManagedDirtyFloat?DefinitionsDirtyreferstothefactthatcentralbanks,aswellascurrencytraders,buyandsellcurrencytoinfluenceexchangerates19ForeignExchangeMarketDynamicsSupplyandDemandinteractionCountrysellsmoregoods/servicesthanitbuysThereisagreaterdemandforthecurrencyThecurrencywillappreciateinvalue20PurchasingPowerParity(PPP)–TheBigMacIndexIsacertaincurrencyover/under-valuedcomparedtoanother?AssumptionisthattheBigMacinanycountryshouldequalthepriceoftheBigMacintheUSafterbeingconvertedtoadollarprice21ManagingEconomicExposureEconomicexposurereferstotheimpactofcurrencyfluctuationsonthepresentvalueofthecompany’sfuturecashflowsTransactionexposureisfromsales/purchasesRealoperatingexposureariseswhencurrencyfluctuations,togetherwithpricechanges,alteracompany’sfuturerevenuesandcosts22ManagingEconomicExposureNumeroustechniquesandstrategieshavebeendevelopedtoreduceexchangerateriskHedginginvolvesbalancingtheriskoflossinonecurrencywithacorrespondinggaininanothercurrencyForwardContractssetthepriceoftheexchangerateatsomepointinthefuturetoeliminatesomerisk23LookingAheadChapter3–TheGlobalTradeEnvironment:RegionalMarketCharacteristicsandPreferentialTradeAgreements24MarketCapitalismIndividualsandfirmsallocateresourcesProductionresourcesareprivatelyownedDrivenbyconsumersGovernmentshouldpromotecompetitionamongfirmsandensureconsumerprotectionReturn25CentrallyPlannedSocialismOppositeofmarketcapitalismStateholdsbroadpowerstoservethepublicinterest;decideswhatgoodsandservicesareproducedandinwhatquantitiesConsumerscanspendonwhatisavailableGovernmentownsentireindustriesDemandtypicallyexceedssupplyLittlerelianceonproductdifferentiation,advertising,pricingstrategyReturn26Centrally-PlannedCapitalismEconomicsysteminwhichcommandresourceallocationisusedextensivelyinanenvironmentofprivateresourceownershipExamples:SwedenJapanReturn27MarketSocialismEconomicsysteminwhichmarketallocationpoliciesarepermittedwithinanoverallenvironmentofstateownershipExamples:ChinaIndiaReturn28Low-IncomeCountriesGNPpercapitaof$785orlessCharacteristicsLimitedindustrializationHighpercentageofpopulationinvolvedinfarmingHighbirthratesLowliteracyratesHeavyrelianceonforeignaidPoliticalinstabilityandunrestOfthese,onlyChinaandIndiaareBEMsReturn29Lower-Middle-IncomeCountriesGNPpercapitabetween$786and$3,125Sometimescalledless-developedcountries(LDCs)CharacteristicsEarlystagesofindustrializationCheaplabormarketsFactoriessupplyitemssuchasclothing,tires,buildingmaterials,andpackagedfoods3BEMs:Poland,Turkey,IndonesiaReturn30Upper-Middle-IncomeCountriesGNPpercapitabetween$3,126to$9,655CharacteristicsRapidlyindustrializingRisingwagesHighratesofliteracyandadvancededucationLowerwagecoststhanadvancedcountriesSometimescallednewlyindustrializingeconomies(NIEs)3BEMs:Argentina,Brazil,Mexico,SouthAfricaReturn31High-IncomeCountriesGNPpercapitaabove$9,656Sometimesreferredtoaspost-industrialcountriesCharacteristicsIm
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