Chapter 02 The Global Economic Environment

International Marketing
CHAPTER 2
THE GLOBAL ECONOMIC
ENVIRONMENT
Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University
2-1
Review of Chapter 1
Create value for customers by
improving benefits or reducing

price
Improve the product
Find new distribution channels
Create better communications
Cut monetary and non-monetary
costs and prices

Value=Benefits/Price
2-2
Global vs. Regular Marketing

- Scope of activities are outside the homecountry market
2-3
Reasons for Global Marketing

Growth
Access to new markets
Access to resources
Survival
Against competitors with lower costs (due
to increased access to resources)
2-4
The Importance of Global Marketing

For US-based companies, 75% of sales
potential is outside the US.
About 90% of Coca-Colas operating income
is generated outside the US.
For Japanese companies, 85% of
potential is outside Japan.

For German and EU companies, 94% of
potential is outside Germany.
2-5
Standardization versus Adaptation

Globalization (Standardization)
Developing standardized products marketed
worldwide with a standardized marketing mix

Essence of mass marketing
Global localization (Adaptation)

Mixing standardization and customization in a
way that minimizes costs while maximizing

satisfaction
Essence of segmentation
Think globally, act locally
2-6
COMPETITIVE ADVANTAGE, GLOBALIZATION &

GLOBAL INDUSTRIES
Focus
Concentration and attention on core business and competence
Nestle is focused: We are food and beverages. We are not

running bicycle shops. Even in food we are not in all fields.
There are certain areas we do not touchWe have no soft
drinks because I have said we will either buy Coca-Cola or
we leave it alone. This is focus.
~Helmut Maucher, former chairman of Nestl SA~
2-7
GLOBAL MARKETING: What It Is & What It Isnt

Single Country
Marketing Strategy
Target Market Strategy
Marketing Mix
Product
Price
Promotion
Place
Global Marketing
Strategy
Global Market Participation
Marketing Mix Development
4 Ps: Adapt or Standardize?
Concentration of Marketing
Activities
Coordination of Marketing Activities
Integration of Competitive Moves
2-8
STANDARDIZATION vs. ADAPTATION

Globalization (Standardization)
Developing standardized products marketed worldwide with a
standardized marketing mix

Essence of mass marketing
Global localization (Adaptation)

Mixing standardization and customization in a way that
minimizes costs while maximizing satisfaction

Essence of segmentation
Think globally, act locally
2-9
STANDARDIZATION vs. ADAPTATION

The Faces of Coca-Cola Around
the World
Arabic
Read right to left
Chinese
delicious/happiness
2-10
How Big Is The Global Market?
2-11
Management Orientations
Ethnocentric:
Home country is
Superior, sees
Similarities in foreign
Countries
Regiocentric:
Sees similarities and
differences in a world
Region; is ethnocentric or
polycentric in its view of
the rest of the world
Polycentric:
Each host country Is
Unique, sees differences
In foreign countries
Geocentric:
World view, sees
Similarities and
Differences in home
And host countries
2-12
Forces Affecting Global Integration and Global

Marketing
Driving Forces
Regional economic
agreements
Market needs and wants
Technology
Transportation and
communication improvements
Product development costs
Quality
World economic trends
Leverage
Restraining Forces
Management myopia
Organizational culture
National controls
2-13
Introduction to Chapter 2
Market definition People or
organizations with needs and wants;
both have the willingness and ability to
buy or sell
The global economic environment plays
a large role in the development of new
markets for organizations
2-14
The World Economy An Overview

The new realities:
Capital movements have replaced trade as the
driving force of the world economy

Production has become uncoupled from
employment
The world economy, not individual countries,
is the dominating factor
2-15
The World Economy An Overview

The new realities continued:
75-year struggle between capitalism and
socialism has almost ended

E-Commerce diminishes the importance of
national barriers and forces companies to reevaluate business models
2-16
Changes that brought more...

the increased volume of capital
movements. The dollar value of
world trade in merchandise is
running at roughly $9.2 trillion per
year. Foreign exchange transactions
are running at approximately $1.5
trillion per day worldwidefar
surpassing the dollar volume of
world trade in goods and services.
2-17
The relationship between

productivity and employment.
Employment in manufacturing
remains steady or has
declined, productivity
continues to grow.
2-18

The emergence of the world economy as the
dominant economic unit.
Company executives and national leaders
recognizing this have the greatest chance of
success. e.g. the real secret of the economic
success of Germany and Japan is the fact that
business leaders and policy makers focus on
world markets and their respective countries
competitive positions in the world economy.
This change has brought two questions to the
fore: How does the global economy work, and
who is in charge? Unfortunately, the answers to
these questions are not clear cut.
2-19

The end of the Cold War.
The demise of communism as an economic
and political system can be explained in a
straightforward manner: Communism is
not an effective economic system.
The overwhelmingly superior performance

of the worlds market economies has given
leaders in socialist countries little choice
but to renounce their ideology.
2-20

The personal computer revolution and the
advent of the Internet era have in some ways
diminished the importance of national
boundaries.
Two-thirds of American households have
PCs; worldwide, an estimated 500 million
personal computers are installed in homes
and businesses. In the so-called Information
age, barriers of time and place have been
subverted by a transnational cyber-world
that functions 24/7.
2-21
Socialist
Capitalist
Economic Systems
Mixed
2-22
Dominant Methods of
Resource Allocation
1
Market Allocation
Command or Centrally Planed Economy
Mixed Allocation
2-23
Economic Systems
3 main types of economic
systems
Market Allocation/Market
Capitalism
Command Allocation/Centrally
Planned Economy
Centrally Planned Socialism
Centrally planned capitalism
Mixed System/Market socialism
2-24
Market Capitalism/Market Allocation

Individuals and firms allocate resources
Production resources are privately owned
Driven by consumers
Governments role is to promote
competition among firms and ensure

consumer protection
Many former socialist countries have
adopted this system
2-25
Market Capitalism/Market Allocation

Market capitalism is practiced around the world,
most notably in Western Europe and North
America.
All market-oriented economies do not function
in an identical manner.
The U.S. is characterized by its competitive
free-for-all and decentralized initiative.
Japan is sometimes called Japan, Inc. because
it has a tightly run, highly regulated economic
system that is also market oriented.
2-26
Western Market Systems

Type of System
Key Characteristics
Countries
Anglo-Saxon
Private ownership free

enterprise
US, Canada,
Minimal social safety
Great Britain
net
Social Market
Economy Model
Private ownership
Inflexible employment
policies,
social partners
France, Germany,
Italy
Economy Model
Mix of state and

private ownership,
Large safety net,
High taxes
Sweden, Norway
2-27
Command Allocation
Marxism is utterly vanquished, if not yet
entirely extinct, as an alternative economic
system. Capitalism is triumphant. The
ideological conflict first joined in the midnineteenth century in response to the rise of
industrial capitalism, the deep argument that
has preoccupied political imagination for 150
years, is ended.
Willian Greidner, One World, Ready or Not:
the Manic Logic of Global Capitalism
2-28
Command Allocation/
Centrally Planned Socialism
Opposite of market capitalism
State holds broad powers to serve the
Centrally Planned Capitalism

Economic system in which
command resource allocation is

public interest; decides what goods
and services are produced and in what
used extensively in an
quantities
environment of private
Consumers can spend only what is
available
resource ownership
Government owns entire industries
and controls distribution
Example:
Demand typically exceeds supply
Swedish government controls 2/3s
Little reliance on product
of all spending; a hybrid of CPS and
differentiation, advertising, pricing
strategy
capitalism
China, India, and the former USSR now
Swedish government plans to
moving towards some market
move towards privatization
allocation and private ownership
2-29
Economic Systems
Resource Allocation
Market
Private
Resource
Ownership
State
Market
Capitalism
Market
Socialism
Command
Centrally
Planned
Capitalism
Centrally
Planned
Socialism
2-30
So can you answer????????

1) Who Allocates Resources?
2) Who Controls the Markets?
3) Which Type of Economic Freedom is
There?
4) What Role Does the Government Play?
5) Who are the Adopters of This System?
2-31
Economic Freedom
Rankings of economic
freedom among countries
Ranges from free to
repressed
Variables considered include:

Trade policy
2) Taxation policy
3) Regulations
4) Banking policy
5) Monetary Policy
6) Wage and price controls
7) Property rights
8) Capital flows and foreign
investment
9) Black market
10) Government consumption of
economic output
1)
2-32
Economic Freedom (2011 record)

Free
Hong Kong
Singapore
Australia
New Zealand
Switzerland
Canada
Ireland
Denmark
United States
Bahrain
169. Turkmenistan
170. Timor-Leste
171. Iran
172. Dem. Rep. Congo
173. Libya
174. Burma
175. Venezuela
176. Eritrea
177. Cuba
178. Zimbabwe
179. North Korea
Source: http://www.heritage.org/
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Repressed
Not ranked: Afghanistan, Iraq, Liechtenstein, Sudan

2-33
Stages of Market Development

World Bank has defined four
categories of development
High-income countries
Upper-middle income countries
Lower-middle income countries
Low-income countries
Based upon Gross National
Product (GNP)
2-34
Stages in Market Development

The World Bank has defined four
categories of development using Gross

National Income (GNI) as a base
BEMs, identified 10 years ago, were
countries in Central Europe, Latin
America, and Asia that were to have
rapid economic growth
Today, the focus is on BRIC: Brazil,
Russia, India, and China
2-35
Big Emerging Markets
China
India
Indonesia
South Korea
Brazil
Mexico
Argentina
South Africa
Poland
Turkey
2-36

Known as Big Emerging Markets (BEMs)
because of the incredible growth potential
within each market.

Each one has experienced rapid economic
growth during the past decade.
These BEMs cut across the four stages of
economic development; per capita income
ranges from $10,879 in South Korea to $489
in India.
China is the largest, with a population of 1.3
billion people; Argentina is the smallest, with
a population of 38 million people.
2-37

Despite these contrasts, experts predict
that the BEMs will be key players in global

trade even as their track records on
human rights, environmental protection,
and other issues come under closer
scrutiny by their trading partners.
The BEM government leaders will also
come under pressure at home as their
developing market economies create
greater income disparity.
2-38
Low-Income Countries
GNP per capita of $996 or less
Characteristics
Includes 13% of the worlds population

Limited industrialization
High percentage of population in farming
High birth rates
Low literacy rates
Heavy reliance on foreign aid
Political instability and unrest
Concentrated in Sub-Saharan Africa
Uzbekistan and Turkmenistan
The newly independent countries of the former
Soviet Union present an interesting situation:
Income is declining, and there is considerable

economic hardship.
The potential for disruption is certainly high. Are
they problem cases, or are they attractive
opportunities with good potential for moving out
of the low-income category?
These countries present an interesting risk
reward trade-off; some companies have taken the
plunge, but many others are still assessing
whether to take the risk.
Other low-income countries represent genuine
market opportunities.
Bangladesh is a case in point:
GNI per capita is approximately $590,

garment industry is enjoying burgeoning exports.
Finished clothing exports doubled between 2004 and

2009;
buyers include Gap, H&M, Tesco, Wal-Mart, Zara, and
other retailers. Garments represent fully 80% of the
countrys exports; the president of the Bangladesh
Garments Manufacturers and Exporters Association
expects that exports will total $25 billion by 2013.
Workers in Bangladesh currently have the lowest wages
in the global garment industry. In fall 2010, the
government-mandated minimum wage was raised from
$24 per month to $44.
An estimated 3 million Bangladeshismostly women
work in the industry. Bangladeshs garment sector has
benefited from labor unrest, rising wages, and a
stronger currency in China.
Bangladesh failed to achieve its export target
for the fiscal year 2012-13.

Failing $981.74m short, although the export
earnings witnessed 11.18% growth over the
previous fiscal year 2011-12.
EPB said: Bangladesh fetched @27.02bn from
exports in the last fiscal year against its
strategic target of $28bn (source UNB).
3.51% shortfall from target
Two low-income former Soviet republics
Uzbekistan and Turkmenistan quite low in
terms of economic freedom.
This is one indication of a risky business
environment. Even so, there are market
opportunities here. In fact, GMs sales in
Uzbekistan for 2010 were up 41 percent over
2009, making this Central Asian country GMs

10th largest market! Russia itself, whose economy
is in the upper-middle income category, has
slipped to number 143 in the 2011 ranking.
The pace of Russias economic recovery has
lagged that in other emerging markets, and the
Kremlins search for new sources of revenue to
fund its budget outlays has created tension
between government ministries and business.
Lower-Middle-Income Countries
GNI per capita: $996 to $3,945
Characteristics
Rapidly expanding consumer
markets
Cheap labor
Mature, standardized, laborintensive industries like footwear,
textiles and toys
BRIC nations are Brazil, Russia,
India, China
and Bangladesh will soon join!!!
China, Worlds 2nd Largest Economy Since 2010

China: No democratic reforms. Trading partners
concerned about human rights, intellectual
property protection.
State leaders must deal with a large
bureaucratic system while reforming state
enterprises.
GM, Ford, Honda, VW,
Motorola, Siemens AG,
P&G, Avon, and McDonalds are investing there.
2-45
Think about India

India, GNI per capita of $1,180 on 2009, has
transitioned out of the low-income category and
classified as a lower-middle-income country.

In 2007, India commemorated the 60th
anniversary of its independence from Great Britain.
For many decades, economic growth was weak. As
the 1990s began, India was in the throes of an
economic crisis: Inflation was high, and foreign
exchange reserves were low. Country leaders
opened Indias economy to trade and
investment and dramatically improved market
opportunities.
2-46
Who did it to India and How?

Manmohan Singh, former governor of the Indian
central bank and finance minister, KSA Technopark,

India, believed that India had been taking the wrong
road. Accordingly, he set about dismantling the
planned economy by eliminating import licensing
requirements for many products, reducing tariffs,
making DFI easier, and liberalizing the rupee.
Firms doing business include Benetton, Cadbury,
Coca-Cola, DuPont, Ericsson, Fujitsu, IBM, LOral,
MTV, Staples, Unilever, and Wal-Mart.
Indias huge population base also presents
attractive opportunities for automakers. Suzuki,
Hyundai, General Motors, and Ford are among the
global car manufacturers doing business in India.
2-47
Looking at Russia
Russia, with GNI per capita of $9,370
Currently a the upper-middle-income category.
Russias economic situation improves and declines as
the price of oil fluctuates.

Strong local companies have appeared on the scene,
including Wimm-Bill-Dann Foods, Russias largest
dairy company.
Corruption is pervasive, and the bureaucracy often
means a mountain of red tape for companies such as
Diageo, Mars, McDonalds, Nestl, and SAB Miller.
Yet, the market opportunity is enticing: Wages have
increased dramatically in recent years, and consumers
are showing a tendency to spend rather than save.
2-48
Now Look at Brazil

Brazil is the largest country in Latin
America in terms of the size of its

economy, population, and geographic
territory.
Richest reserves of natural resources in
the hemi-sphere; China, Brazils top
trading partner, has an insatiable
appetite for iron ore and other
commodities.
2-49
How did Brazil do it?

Government policies aimed at stabilizing
Brazils macroeconomy have yielded

impressive results: Brazils GNI has grown
at an average annual rate of 4% over the
past 8 years. At the same time, nearly
50m Brazilians have joined the middle
class as incomes and living standards have
risen. This trend has been a boon to
global companies doing business in Brazil
which include Electrolux, Fiat, Ford,
General Motors, Nestl, Nokia, Raytheon,
Toyota, Unilever, and Whirlpool.
2-50
Now Look at Brazil

Comparing with other countries at this stage
of development, Brazil is a study in

contrasts.
Grocery distribution companies use logistics
software to route their trucks; meanwhile,
horse-drawn carts are still a common sight
on many roads.
To keep pace with the volatile financial
environment of the early 1990s, many local
retailers invested in sophisticated computer
and communications systems.
2-51
Now Look at Brazil

Brazil uses sophisticated inventory
management software to maintain financial

control.
Brazils strength is in computers, the
countrys outsourcing sector is growing
rapidly.
Former French president Jacque Chirac
underscored Brazils importance on the
world trade scene when he noted,
Geographically, Brazil is part of America.
But its European because of its culture and
global because of its interests.
2-52
Upper-Middle-Income Countries
Chilean copper mine
GNP per capita: $3,946 to

$12,195
Characteristics:
Rapidly industrializing, less
agricultural employment
Increasing urbanization
Rising wages
High literacy rates and advanced
education
Lower wage costs than
advanced countries
Also called newly industrializing economies (NIEs)
Examples: Brazil, Russia, Malaysia, Chile, Venezuela,
Hungary, Mexico
NIEs working up
In Hungary and other NIEs, many
manufacturing companies received ISO-9000

certification for documenting compliance
with quality standards.
2-54
Marketing Opportunities in LDCs

Characterized by a shortage of goods and
services
Long-term opportunities must be nurtured
in these countries
Look beyond per capita GNP
Consider the LDCs collectively rather than
individually
Consider first mover advantage
Set realistic Deadlines
2-55
How Marketing Can Help LDCs

Focus resources on the task of creating and
delivering products that are best suited to

local needs and incomes.
Appropriate marketing communications
techniques can accelerate acceptance of
these products.
Marketing can link resources to
opportunities and facilitates thus satisfying
the consumers terms.
2-56
Mistaken Assumptions about LDCs

1. The poor have no money.
2. The poor will not waste money on non-
essential goods.
3. Entering developing markets is fruitless
because goods there are too cheap to
make a profit.
4. People in BOP (bottom of the pyramid)
countries cannot use technology.
5. Global companies doing business in BOP
countries will be seen as exploiting the
poor.
2-57
High-Income Countries
GNI per capita: $12,196 or more
Also known as advanced, developed, industrialized,
or postindustrial countries
Characteristics:
Sustained economic growth through disciplined
innovation
Service sector is more than 50% of GNI
Households have high ownership levels of basic
products
2-58
High-Income Countries (Cont)

Characteristics, continued:
Importance of information processing and
exchange
Ascendancy of knowledge over capital,
intellectual over machine technology,
scientists and professionals over engineers
and semiskilled workers
Future oriented
Importance of interpersonal relationships
2-59
Extra Reading
Although the income definition for each of the stages is
arbitrary, countries within a given category generally have a

number of characteristics in common. Thus, the stages
provide a useful basis for global market segmentation and
target marketing.
BRIC nations are expected to be key players in global trade
even as their track records on human rights, environmental
protection, and other issues are scrutinized by their trading
partners. The BRIC government leaders will also come
under pressure at home as their developing market
economies create greater income disparity.
Microsofts experience illustrates the nature of the market
opportunity in these countries: In fiscal 2008, the software
giants collective revenues from BRIC grew 54 percent,
compared with overall global revenue growth of 18 percent.
2-60
How Mistaken are Our Thoughts?

1. In the aggregate, the buying power of poor communities can
be substantial. In rural Bangladesh, villagers spend

considerable sums to use village phones operated by local
entrepreneurs.
2. Poor consumers buy TVs and gas stoves to improve their lives.
3. Poor people often pay higher prices. There is an opportunity
for efficient competitors to realize attractive margins by
offering quality and low prices.
4. Rural residents can and do learn to use cell phones, PCs, and
other devices.
5. Informal economies in many poor countries are highly
exploitive. A global company can improve a countrys
standard of living while earning a reasonable ROI.
Ask students to think of low income areas in the U.S.urban or
ruraland apply these assumptions. Yes, the poor do buy
cell phones and Air Jordans and 50 high def televisions.
2-61
Influencing the World Economy

Group of Eight (G-8)
Organization for Economic Cooperation
and Development
The Triad
2-62
2011 G-8 Leaders in Deauville, France
2-63
G-8, the Group of Eight

G-7 began in 1975 and Russia joined in 1998. The EU is also
represented at all meetings.

The leader of the host country is the president of the G-8.
The group meets every summer. The Presidency of the G8,
and responsibility of hosting all G8 meetings, rotates each
year, with the order of G8 Presidencies as follows:
2004 United States
2005 United Kingdom
2006 Russia
2007 Germany
2008 Japan
2009 Italy
2010 Canada
2011 France
2012 United States
2-64
Marketing Implications of the Stages of Development

The % of potential buyers
or households who own a

product
India: 20% of people have
telephones
Autos: 1 per 43,000
Chinese; 21 per 100 Poles;
8 per 1,000 Indians
Computers: 1 PC per
6,000 Chinese; 11 PCs per
100 Poles; 34 PCs per 100
EU citizen
2-65
Balance of Payments
Record of all economic transactions between
the residents of a country and the rest of the
world
Current accountrecord of all recurring trade in
merchandise and services, and humanitarian aid

trade deficitnegative current account
trade surpluspositive current account
Capital accountrecord of all long-term direct
investment, portfolio investment, and capital flows
2-66
Overview of International Finance

Foreign exchange makes it possible to do
business across the boundary of a
national currency
Currency of various countries are traded
for both immediate (spot) and future
(forward) delivery
Increases the risk to organizations that
are involved in global marketing
2-67
Managed Dirty Float?

Definitions
Dirty refers to the fact that central banks, as well as
currency traders, buy and sell currency to influence

exchange rates
Float refers to the system of fluctuating exchange
rates
Managed refers to the specific use of fiscal and
monetary policy by governments to influence
exchange rates
Devaluation is a reduction in the value of the local
currency against other currencies
2-68
Managing Economic Exposure

Economic exposure refers to the impact
of currency fluctuations on the present
value of the companys future cash flows
The degree to which exchange rates affect a
companys market value as measured by its
stock price is known as economic exposure.
2-69

Two categories of economic exposure:
Transaction exposure is from sales/purchases
Transaction exposure example: Guinness agrees to
accept payment for Scotch whiskey at one rate but
settles at another rate.
Real operating exposure arises when currency
fluctuations, together with price changes, alter a

companys future revenues and costs.
Real operating exposure occurs for firms with
overseas sourcing or manufacturing operations.

Numerous techniques and strategies have
been developed to reduce exchange rate
risk
Hedging involves balancing the risk of loss in
one currency with a corresponding gain in

another currency
Forward Contracts set the price of the
exchange rate at some point in the future to
eliminate some risk
2-71

Hedging is common among global
companies. Porsche relies on currency

hedging rather than price increase to boost
pretax profits on sales. All of its autos are
produced in Europe but 45% of sales are in
the U.S. Porsche is fully hedged to protect all
its earnings from foreign-exchange
movements.
30-, 60-, and 180-day forward prices of many
currencies are quoted daily in publications
like the Wall Street Journal, Financial Times
or www.ozforex.com.
Organization for Economic

Cooperation and Development
30 nations each with market-allocation
economic systems
Mission: to enable its members to achieve
the highest sustainable economic growth
and improve the economic and social wellbeing of their populations
www.oecd.org
2-73
The Triad
Dominant economic centers of the world
Japan
Western Europe
United States
Expanded Triad
Pacific Region
North America
European Union
2-74
Thinking about the Triad

The ascendancy of the global economy has been
noted by many observers in recent years. One of the

most astute is Kenichi Ohmae, former Chairman of
McKinsey & Company Japan. His 1985 book Triad
Power represented one of the first attempts to
develop a coherent conceptualization of the new
emerging order.
Ohmae argued that successful global companies had
to be equally strong in Japan, Western Europe, and
the United States. These three regions, which Ohmae
collectively called the Triad, represented the
dominant economic centers of the world. Today,
roughly 70 percent of world income as measured by
GNP is located in the Triad.
2-75

Chapter 02 The Global Economic Environment

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International Marketing

improving benefits or reducing

costs and prices

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Global vs. Regular Marketing

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Reasons for Global Marketing

to increased access to resources)

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

The Importance of Global Marketing

is generated outside the US.

For Japanese companies, 85% of

potential is outside Japan.

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Standardization versus Adaptation

worldwide with a standardized marketing mix

Global localization (Adaptation)

way that minimizes costs while maximizing

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

COMPETITIVE ADVANTAGE, GLOBALIZATION &

Nestle is focused: We are food and beverages. We are not

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

GLOBAL MARKETING: What It Is & What It Isnt

Marketing Mix Development

4 Ps: Adapt or Standardize?

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

STANDARDIZATION vs. ADAPTATION

standardized marketing mix

Global localization (Adaptation)

minimizes costs while maximizing satisfaction

STANDARDIZATION vs. ADAPTATION

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

How Big Is The Global Market?

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Forces Affecting Global Integration and Global

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

The World Economy An Overview

driving force of the world economy

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

The World Economy An Overview

socialism has almost ended

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Changes that brought more...

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Changes that brought more...

The relationship between

Changes that brought more...

Changes that brought more...

The overwhelmingly superior performance

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Changes that brought more...

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Market Capitalism/Market Allocation

competition among firms and ensure

Market Capitalism/Market Allocation

Western Market Systems

Private ownership free

Mix of state and

Ms. Adiba Anis, Lecturer, School of Business, Bangladesh Open University

Centrally Planned Capitalism

command resource allocation is