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©2005PrenticeHall2-1Chapter2TheGlobalEconomicEnvironmentPowerPointbyKristopherBlanchardNorthCentralUniversity©2005PrenticeHall2-2IntroductiontoChapterMarketdefinition–Peopleororganizationswithneedsandwants;bothhavethewillingnessandabilitytobuyorsellTheglobaleconomicenvironmentplaysalargeroleinthedevelopmentofnewmarketsfororganizations©2005PrenticeHall2-3TheWorldEconomy–AnOverviewThenewrealities:–Capitalmovementshavereplacedtradeasthedrivingforceoftheworldeconomy–Productionhasbecomeuncoupledfromemployment–Theworldeconomy,notindividualcountries,isthedominatingfactor©2005PrenticeHall2-4TheWorldEconomy–AnOverviewThenewrealitiescontinued:–75-yearstrugglebetweencapitalismandsocialismhasalmostended–E-Commercediminishestheimportanceofnationalbarriersandforcescompaniestore-evaluatebusinessmodels©2005PrenticeHall2-5EconomicSystems4maintypesofeconomicsystems–MarketCapitalism–Centrallyplannedsocialism–Centrallyplannedcapitalism–Marketsocialism©2005PrenticeHall2-6EconomicSystemsMarketCommandMarketCapitalismCentrallyPlannedCapitalismMarketSocialismCentrallyPlannedSocialismPrivateResourceOwnershipStateResourceAllocation©2005PrenticeHall2-7EconomicFreedomRankingsofeconomicfreedomamongcountries–Rangesfrom“free”to“repressed”Variablesconsideredincludesuchthingsas:–Tradepolicy–Taxationpolicy–Bankingpolicy–Wageandpricecontrols–Propertyrights©2005PrenticeHall2-8EconomicFreedomFree–HongKong–Singapore–Ireland–NewZealand–UnitedStates–UnitedKingdom–Netherlands–Australia–SwitzerlandRepressed–Bosnia–Vietnam–Laos–Iran–Cuba–Iraq–Libya–NorthKorea–Congo©2005PrenticeHall2-9StagesofMarketDevelopmentWorldBankhasdefinedfourcategoriesofdevelopment–High-incomecountries–Upper-middleincomecountries–Lower-middleincomecountries–Low-incomecountriesBaseduponGrossNationalProduct(GNP)©2005PrenticeHall2-10StagesofMarketDevelopment©2005PrenticeHall2-11BigEmergingMarketsChinaIndiaIndonesiaSouthKoreaBrazilMexicoArgentinaSouthAfricaPolandTurkey©2005PrenticeHall2-12MarketingOpportunitiesinLDCsCharacterizedbyashortageofgoodsandservicesLong-termopportunitiesmustbenurturedinthesecountries–LookbeyondpercapitaGNP–ConsidertheLDCscollectivelyratherthanindividually–Considerfirstmoveradvantage–SetrealisticDeadlines©2005PrenticeHall2-13InfluencingtheWorldEconomyGroupofSeven(G-7)OrganizationforEconomicCooperationandDevelopmentTheTriad©2005PrenticeHall2-14MarketingImplicationsoftheStagesofDevelopmentProductSaturationLevels–Thepercentageofpotentialbuyersorhouseholdsthatownaparticularproduct–GraphshowsthatinIndiaaprivatephoneisownedby1%ofthepopulation©2005PrenticeHall2-15BalanceofPaymentsRecordofalleconomictransactionsbetweentheresidentsofacountryandtherestoftheworld–Currentaccount–recordofallrecurringtradeinmerchandiseandservices,privategifts,andpublicaidbetweencountries•tradedeficit•tradesurplus–Capitalaccount–recordofalllong-termdirectinvestment,portfolioinvestment,andcapitalflows©2005PrenticeHall2-16BalanceofPaymentsU.S.balanceofpaymentsstatisticsfortheperiod1999to2003©2005PrenticeHall2-17OverviewofInternationalFinanceForeignexchangemakesitpossibletodobusinessacrosstheboundaryofanationalcurrencyCurrencyofvariouscountriesaretradedforbothimmediate(spot)andfuture(forward)deliveryIncreasestherisktoorganizationsthatareinvolvedinglobalmarketing©2005PrenticeHall2-18ManagedDirtyFloat?Definitions–Floatreferstothesystemoffluctuatingexchangerates–Managedreferstothespecificuseoffiscalandmonetarypolicybygovernmentstoinfluenceexchangerates•Devaluationisareductioninthevalueofthelocalcurrencyagainstothercurrencies©2005PrenticeHall2-19ManagedDirtyFloat?Definitions–Dirtyreferstothefactthatcentralbanks,aswellascurrencytraders,buyandsellcurrencytoinfluenceexchangerates©2005PrenticeHall2-20ForeignExchangeMarketDynamicsSupplyandDemandinteraction–Countrysellsmoregoods/servicesthanitbuys–Thereisagreaterdemandforthecurrency–Thecurrencywillappreciateinvalue©2005PrenticeHall2-21PurchasingPowerParity(PPP)–TheBigMacIndexIsacertaincurrencyover/under-valuedcomparedtoanother?AssumptionisthattheBigMacinanycountryshouldequalthepriceoftheBigMacintheUSafterbeingconvertedtoadollarprice©2005PrenticeHall2-22ManagingEconomicExposureEconomicexposurereferstotheimpactofcurrencyfluctuationsonthepresentvalueofthecompany’sfuturecashflows–Transactionexposureisfromsales/purchases–Realoperatingexposureariseswhencurrencyfluctuations,togetherwithpricechanges,alteracompany’sfuturerevenuesandcosts©2005PrenticeHall2-23ManagingEconomicExposureNumeroustechniquesandstrategieshavebeendevelopedtoreduceexchangeraterisk–Hedginginvolvesbalancingtheriskoflossinonecurrencywithacorrespondinggaininanothercurrency–ForwardContractssetthepriceoftheexchangerateatsomepointinthefuturetoeliminatesomerisk©2005PrenticeHall2-24LookingAheadChapter3–TheGlobalTradeEnvironment:RegionalMarketCharacteristicsandPreferentialTradeAgreements©2005PrenticeHall2-25MarketCapitalismIndividualsandfirmsallocateresourcesProductionresourcesareprivatelyownedDrivenbyconsumersGovernmentshouldpromotecompetitionamongfirmsandensureconsumerprotectionReturn©2005Prentic