Answer to Question 1
A
Answer to Question 2
Global marketers need to understand the international trade system, particularly the economic stability of individual nations, as well as trade barriers that may stifle marketing efforts. Economic differences among nations-differences in standards of living, credit, buying power, income distribution, national resources, exchange rates, and the like-dictate many of the adjustments firms must make in marketing internationally. Instability is one of the guaranteed constants in the global business environment. The value of the dollar, euro, and yen has a major impact on the prices of products in many countries. An important economic factor in the global business environment is currency valuation. Opportunities for international trade are not limited to countries with the highest incomes. The countries of Brazil, Russia, India, China, and South Africa (BRICS) have attracted attention as their economies appear to be rapidly advancing. Other nations are progressing at a much faster rate than they were a few years ago, and these countries-especially in Latin America, Africa, eastern Europe, and the Middle East-have great market potential. This has a major impact on international trade.
Competition is often viewed as a staple of the global marketplace. Customers thrive on the choices offered by competition, and firms constantly seek opportunities to outmaneuver their competition to gain customers' loyalty. Firms typically identify their competition when they establish target markets worldwide. Each country has unique competitive aspects-sociocultural, technological, political, legal, regulatory, and economic forces-that are often independent of the competitors in that market. Although competitors drive competition, nations establish the infrastructure and the rules for the types of competition that can take place.
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