Marketing and Economic Development
The economic level of a country is the single most important environmental element to which the foreign marketer must adjust the marketing task.
The stage of economic growth within a country affects
- the attitudes toward foreign business activity,
- the demand for goods,
- the distribution systems found within a country, and
- the entire marketing process.
In static economies
- consumption patterns become rigid, and marketing is typically nothing more than a supply effort.
In a dynamic economy,
- consumption patterns change rapidly. Marketing is constantly faced with the challenge of detecting and providing for new levels of consumption, and marketing efforts must be matched with ever-changing market needs and wants.