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©2005PrenticeHallChapter2TheGlobalEconomicEnvironmentPowerPointbyKristopherBlanchardNorthCentralUniversity2-1©

2005PrenticeHallIntroductiontoChapterMarketdefinition–Peopleororganizationswithneedsandwants;bothhavethewillingnessandabilitytobuyorsellTheglo

baleconomicenvironmentplaysalargeroleinthedevelopmentofnewmarketsfororganizations2©2005PrenticeHallTheWorldEconomy–AnOverviewThenewrealities:–Capi

talmovementshavereplacedtradeasthedrivingforceoftheworldeconomy–Productionhasbecomeuncoupledfromemployment–Theworldeconomy,

notindividualcountries,isthedominatingfactor3©2005PrenticeHallTheWorldEconomy–AnOverviewThenewrealitiescontinued:–75-yearstrugglebetweencapitali

smandsocialismhasalmostended–E-Commercediminishestheimportanceofnationalbarriersandforcescompaniestore-evaluatebusinessmodels4©2

005PrenticeHallEconomicSystems4maintypesofeconomicsystems–MarketCapitalism–Centrallyplannedsocialism–Centrallyplann

edcapitalism–Marketsocialism5©2005PrenticeHallEconomicSystemsMarketCommandMarketCapitalismCentrallyPlannedCapitalismMarketSocialismCentrallyPla

nnedSocialismPrivateResourceOwnershipStateResourceAllocation6©2005PrenticeHallEconomicFreedomRankingsofeconomicfreedomamongcountries–Rangesfrom“

free”to“repressed”Variablesconsideredincludesuchthingsas:–Tradepolicy–Taxationpolicy–Bankingpolicy–W

ageandpricecontrols–Propertyrights7©2005PrenticeHallEconomicFreedomFree–HongKong–Singapore–Ireland–NewZealand–Unite

dStates–UnitedKingdom–Netherlands–Australia–SwitzerlandRepressed–Bosnia–Vietnam–Laos–Iran–Cuba–Iraq–Libya–NorthKore

a–Congo8©2005PrenticeHallStagesofMarketDevelopmentWorldBankhasdefinedfourcategoriesofdevelopment–High-inc

omecountries–Upper-middleincomecountries–Lower-middleincomecountries–Low-incomecountriesBaseduponGrossNationalProduct(

GNP)9©2005PrenticeHallStagesofMarketDevelopment10©2005PrenticeHallBigEmergingMarketsChinaIndiaIndonesiaSouthKoreaBraz

ilMexicoArgentinaSouthAfricaPolandTurkey11©2005PrenticeHallMarketingOpportunitiesinLDCsCharacterizedbyashortageofgoodsandservice

sLong-termopportunitiesmustbenurturedinthesecountries–LookbeyondpercapitaGNP–ConsidertheLDCscollectivelyratherthanindivid

ually–Considerfirstmoveradvantage–SetrealisticDeadlines12©2005PrenticeHallInfluencingtheWorldEconomyGroupofSeven(G-7

)OrganizationforEconomicCooperationandDevelopmentTheTriad13©2005PrenticeHallMarketingImplicationsoftheStagesofDevelopmentProductSaturationLevels–Thep

ercentageofpotentialbuyersorhouseholdsthatownaparticularproduct–GraphshowsthatinIndiaaprivatephoneisownedby1%ofthepopulatio

n14©2005PrenticeHallBalanceofPaymentsRecordofalleconomictransactionsbetweentheresidentsofacountryandtherestoftheworld–Cu

rrentaccount–recordofallrecurringtradeinmerchandiseandservices,privategifts,andpublicaidbetweencountries•tradedef

icit•tradesurplus–Capitalaccount–recordofalllong-termdirectinvestment,portfolioinvestment,andcapitalflows15©2005PrenticeHallBalanc

eofPaymentsU.S.balanceofpaymentsstatisticsfortheperiod1999to200316©2005PrenticeHallOverviewofInternationalFinanceForeignexchangemakesit

possibletodobusinessacrosstheboundaryofanationalcurrencyCurrencyofvariouscountriesaretradedforbothimmediate(spot)andfuture(forward)delive

ryIncreasestherisktoorganizationsthatareinvolvedinglobalmarketing17©2005PrenticeHallManagedDirtyFloat?Defi

nitions–Floatreferstothesystemoffluctuatingexchangerates–Managedreferstothespecificuseoffiscalandmonetarypolicybygovernmentstoinfluencee

xchangerates•Devaluationisareductioninthevalueofthelocalcurrencyagainstothercurrencies18©2005PrenticeH

allManagedDirtyFloat?Definitions–Dirtyreferstothefactthatcentralbanks,aswellascurrencytraders,buyandsellcurrencyto

influenceexchangerates19©2005PrenticeHallForeignExchangeMarketDynamicsSupplyandDemandinteraction–Countrysellsmo

regoods/servicesthanitbuys–Thereisagreaterdemandforthecurrency–Thecurrencywillappreciateinvalue20©2005PrenticeH

allPurchasingPowerParity(PPP)–TheBigMacIndexIsacertaincurrencyover/under-valuedcomparedtoanother?AssumptionisthattheBigMacinanycountryshouldequalthep

riceoftheBigMacintheUSafterbeingconvertedtoadollarprice21©2005PrenticeHallManagingEconomicExposureEconomicexposurereferstotheimpac

tofcurrencyfluctuationsonthepresentvalueofthecompany’sfuturecashflows–Transactionexposureisfromsales/purchases–Realoperatingexposurearise

swhencurrencyfluctuations,togetherwithpricechanges,alteracompany’sfuturerevenuesandcosts22©2005PrenticeHallManagingEconomicExposureNumeroustec

hniquesandstrategieshavebeendevelopedtoreduceexchangeraterisk–Hedginginvolvesbalancingtheriskoflossinonecurrencywithacorrespondin

ggaininanothercurrency–ForwardContractssetthepriceoftheexchangerateatsomepointinthefuturetoeliminatesomerisk23©2005Prentice

HallLookingAheadChapter3–TheGlobalTradeEnvironment:RegionalMarketCharacteristicsandPreferentialTradeAgreements24©2005PrenticeHallMarketCapitalismInd

ividualsandfirmsallocateresourcesProductionresourcesareprivatelyownedDrivenbyconsumersGovernmentshouldpromotecompetitionamongfirmsandensureconsumerp

rotectionReturn25©2005PrenticeHallCentrallyPlannedSocialismOppositeofmarketcapitalismStateholdsbroadpowerstoservethepu

blicinterest;decideswhatgoodsandservicesareproducedandinwhatquantitiesConsumerscanspendonwhatisavailableGovernmentownsentire

industriesDemandtypicallyexceedssupplyLittlerelianceonproductdifferentiation,advertising,pricingstrategyRetu

rn26©2005PrenticeHallCentrally-PlannedCapitalismEconomicsysteminwhichcommandresourceallocationisusedextensivelyinanenvironmentofp

rivateresourceownershipExamples:–Sweden–JapanReturn27©2005PrenticeHallMarketSocialismEconomicsysteminwhic

hmarketallocationpoliciesarepermittedwithinanoverallenvironmentofstateownershipExamples:–China–IndiaReturn28©2005PrenticeHallLow-IncomeCo

untriesGNPpercapitaof$785orlessCharacteristics–Limitedindustrialization–Highpercentageofpopulationinvolvedinfarming–Highbirthrates–Lowliteracy

rates–Heavyrelianceonforeignaid–PoliticalinstabilityandunrestOfthese,onlyChinaandIndiaareBEMsReturn29©2005Prentice

HallLower-Middle-IncomeCountriesGNPpercapitabetween$786and$3,125Sometimescalledless-developedcountries(LDCs)Characteristic

s–Earlystagesofindustrialization–Cheaplabormarkets–Factoriessupplyitemssuchasclothing,tires,buildingmaterials,andpackagedfoods3BEMs:Poland,Turkey

,IndonesiaReturn30©2005PrenticeHallUpper-Middle-IncomeCountriesGNPpercapitabetween$3,126to$9,655Characteristics–Rapidlyindustria

lizing–Risingwages–Highratesofliteracyandadvancededucation–LowerwagecoststhanadvancedcountriesSometimescallednewlyindustria

lizingeconomies(NIEs)3BEMs:Argentina,Brazil,Mexico,SouthAfricaReturn31©2005PrenticeHallHigh-IncomeCountriesGNPp

ercapitaabove$9,656Sometimesreferredtoaspost-industrialcountriesCharacteristics–Importanceofservicesector,informationprocessingand

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

Leadersfromthesehighincomecountriesworktoestablishprosperityandensuremonetarystability–UnitedStates–Japan–Germany–F

rance–Britain–Canada–ItalyReturn33©2005PrenticeHallOrganizationforEconomicCooperationandDevelopmentReturn34©2005Pr

enticeHallTheTriadDominanteconomiccentersoftheworld–Japan–WesternEurope–UnitedStatesExpandedTriad–PacificRegion–NorthAmerica–EuropeanUnionRe

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