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©2005PrenticeHallChapter2TheGlobalEconomicEnvironmentPowerPointbyKristopherBlanchardNorthCentralUniversity2-1©2005PrenticeHallIntroductiontoCh

apterMarketdefinition–Peopleororganizationswithneedsandwants;bothhavethewillingnessandabilitytobuyorsellThegloba

leconomicenvironmentplaysalargeroleinthedevelopmentofnewmarketsfororganizations2©2005PrenticeHallTheWorldEconomy–AnOverviewThenewrealities:–

Capitalmovementshavereplacedtradeasthedrivingforceoftheworldeconomy–Productionhasbecomeuncoupledfromemployment–Theworld

economy,notindividualcountries,isthedominatingfactor3©2005PrenticeHallTheWorldEconomy–AnOverviewThenewrealitiescontinued:–75-yearstruggleb

etweencapitalismandsocialismhasalmostended–E-Commercediminishestheimportanceofnationalbarriersandforcescompaniestore-ev

aluatebusinessmodels4©2005PrenticeHallEconomicSystems4maintypesofeconomicsystems–MarketCapitalism–Centrallyplannedsocialism–Cent

rallyplannedcapitalism–Marketsocialism5©2005PrenticeHallEconomicSystemsMarketCommandMarketCapitalismCentrallyPlannedCapitalismMarketSocialism

CentrallyPlannedSocialismPrivateResourceOwnershipStateResourceAllocation6©2005PrenticeHallEconomicFreedomRankingsofeconomicfree

domamongcountries–Rangesfrom“free”to“repressed”Variablesconsideredincludesuchthingsas:–Tradepolicy–Taxationpolicy–Ban

kingpolicy–Wageandpricecontrols–Propertyrights7©2005PrenticeHallEconomicFreedomFree–HongKong–Singapore–Ireland–NewZealand–UnitedStates–UnitedK

ingdom–Netherlands–Australia–SwitzerlandRepressed–Bosnia–Vietnam–Laos–Iran–Cuba–Iraq–Libya–NorthKorea–Congo8©2005P

renticeHallStagesofMarketDevelopmentWorldBankhasdefinedfourcategoriesofdevelopment–High-incomecountries–Upper-middleincom

ecountries–Lower-middleincomecountries–Low-incomecountriesBaseduponGrossNationalProduct(GNP)9©2005PrenticeHallStagesofMarketDevelopment10©2

005PrenticeHallBigEmergingMarketsChinaIndiaIndonesiaSouthKoreaBrazilMexicoArgentinaSouthAfricaPolandTurkey11©

2005PrenticeHallMarketingOpportunitiesinLDCsCharacterizedbyashortageofgoodsandservicesLong-termopportun

itiesmustbenurturedinthesecountries–LookbeyondpercapitaGNP–ConsidertheLDCscollectivelyratherthanindividually–Cons

iderfirstmoveradvantage–SetrealisticDeadlines12©2005PrenticeHallInfluencingtheWorldEconomyGroupofSeven(G-7)OrganizationforEcon

omicCooperationandDevelopmentTheTriad13©2005PrenticeHallMarketingImplicationsoftheStagesofDevelopmentProductSatu

rationLevels–Thepercentageofpotentialbuyersorhouseholdsthatownaparticularproduct–GraphshowsthatinIndiaaprivatephoneisownedby1%ofth

epopulation14©2005PrenticeHallBalanceofPaymentsRecordofalleconomictransactionsbetweentheresidentsofacountryandtherestoftheworld–Currentaccount–recor

dofallrecurringtradeinmerchandiseandservices,privategifts,andpublicaidbetweencountries•tradedeficit•tradesurplus–Capitalaccount–recordofa

lllong-termdirectinvestment,portfolioinvestment,andcapitalflows15©2005PrenticeHallBalanceofPaymentsU.S.balanceofpaymentsstatisticsfortheperiod1999

to200316©2005PrenticeHallOverviewofInternationalFinanceForeignexchangemakesitpossibletodobusinessacro

sstheboundaryofanationalcurrencyCurrencyofvariouscountriesaretradedforbothimmediate(spot)andfuture(forward)deliveryIncreasest

herisktoorganizationsthatareinvolvedinglobalmarketing17©2005PrenticeHallManagedDirtyFloat?Definitions–Floatreferstothesystemoffluctuatingexcha

ngerates–Managedreferstothespecificuseoffiscalandmonetarypolicybygovernmentstoinfluenceexchangerates•Devaluationisareductioninthevalueofthel

ocalcurrencyagainstothercurrencies18©2005PrenticeHallManagedDirtyFloat?Definitions–Dirtyreferstothefactthatcentralbanks,aswellascurrenc

ytraders,buyandsellcurrencytoinfluenceexchangerates19©2005PrenticeHallForeignExchangeMarketDynamicsSupplyandDemandinteraction–Countrysellsmoregoods/

servicesthanitbuys–Thereisagreaterdemandforthecurrency–Thecurrencywillappreciateinvalue20©2005PrenticeHallPurchasin

gPowerParity(PPP)–TheBigMacIndexIsacertaincurrencyover/under-valuedcomparedtoanother?AssumptionisthattheBigMacinanycountryshouldequa

lthepriceoftheBigMacintheUSafterbeingconvertedtoadollarprice21©2005PrenticeHallManagingEconomicExposureEconomicexposurereferst

otheimpactofcurrencyfluctuationsonthepresentvalueofthecompany’sfuturecashflows–Transactionexposureisfromsa

les/purchases–Realoperatingexposureariseswhencurrencyfluctuations,togetherwithpricechanges,alteracompany’sfu

turerevenuesandcosts22©2005PrenticeHallManagingEconomicExposureNumeroustechniquesandstrategieshavebeendevelopedtoreduceexchangeraterisk–Hedg

inginvolvesbalancingtheriskoflossinonecurrencywithacorrespondinggaininanothercurrency–ForwardContractssetthepriceoftheexchangerateatsomepointin

thefuturetoeliminatesomerisk23©2005PrenticeHallLookingAheadChapter3–TheGlobalTradeEnvironment:RegionalMar

ketCharacteristicsandPreferentialTradeAgreements24©2005PrenticeHallMarketCapitalismIndividualsandfirmsallocate

resourcesProductionresourcesareprivatelyownedDrivenbyconsumersGovernmentshouldpromotecompetitionamongfirmsandensure

consumerprotectionReturn25©2005PrenticeHallCentrallyPlannedSocialismOppositeofmarketcapitalismStatehold

sbroadpowerstoservethepublicinterest;decideswhatgoodsandservicesareproducedandinwhatquantitiesConsumerscanspendonwhatisava

ilableGovernmentownsentireindustriesDemandtypicallyexceedssupplyLittlerelianceonproductdifferentiation,advertising,pricingstrategyReturn2

6©2005PrenticeHallCentrally-PlannedCapitalismEconomicsysteminwhichcommandresourceallocationisusedextensivelyinanenviron

mentofprivateresourceownershipExamples:–Sweden–JapanReturn27©2005PrenticeHallMarketSocialismEconomicsysteminwhichmarketal

locationpoliciesarepermittedwithinanoverallenvironmentofstateownershipExamples:–China–IndiaReturn28©2005Prentic

eHallLow-IncomeCountriesGNPpercapitaof$785orlessCharacteristics–Limitedindustrialization–Highpercentageofpopulationinv

olvedinfarming–Highbirthrates–Lowliteracyrates–Heavyrelianceonforeignaid–PoliticalinstabilityandunrestOfthese,onlyChinaandIndiaareBEMsReturn29©2005Pr

enticeHallLower-Middle-IncomeCountriesGNPpercapitabetween$786and$3,125Sometimescalledless-developedcountries(LDCs)Characteristics–Early

stagesofindustrialization–Cheaplabormarkets–Factoriessupplyitemssuchasclothing,tires,buildingmaterials,andpackagedfoods3

BEMs:Poland,Turkey,IndonesiaReturn30©2005PrenticeHallUpper-Middle-IncomeCountriesGNPpercapitabetween$3,126to$9,655Charact

eristics–Rapidlyindustrializing–Risingwages–Highratesofliteracyandadvancededucation–LowerwagecoststhanadvancedcountriesS

ometimescallednewlyindustrializingeconomies(NIEs)3BEMs:Argentina,Brazil,Mexico,SouthAfricaReturn31©2005PrenticeHallHigh-IncomeCountriesGNPpe

rcapitaabove$9,656Sometimesreferredtoaspost-industrialcountriesCharacteristics–Importanceofservicesector,informationprocessingandex

change,andintellectualtechnology–Knowledgeaskeystrategicresource–OrientationtowardthefutureReturn32©2005PrenticeHallGroupofSeven(G-7)

Leadersfromthesehighincomecountriesworktoestablishprosperityandensuremonetarystability–UnitedStates–Japan–Germ

any–France–Britain–Canada–ItalyReturn33©2005PrenticeHallOrganizationforEconomicCooperationandDevelopmentR

eturn34©2005PrenticeHallTheTriadDominanteconomiccentersoftheworld–Japan–WesternEurope–UnitedStatesExpandedTriad–PacificRegion–NorthA

merica–EuropeanUnionReturn35