Stages of Economic Development

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Presentation transcript:

International Marketing: Chapter 9 Key Concepts Stages of economic development Economic dualism Modern vs. Traditional Sector Big emerging markets Common traits of big emerging markets Issues to consider for marketing in emerging markets

Stages of Economic Development (Rostow’s Model) The Traditional Society The Pre Conditions for Take-off The Take-Off The Drive to Maturity 5. The Age of High Mass Consumption SOURCES: Walt W. Rostow, The Stages of Economic Growth 2d ed. (London: Cambridge University Press, 1971), p.10.

Economic Dualism in Emerging Markets Modern Sector (Emerging Elite): Middle Class Income College Education Urban Residents Traditional Sector: Poverty Level Income Little or No Education Rural Residents

Big Emerging Markets ASIA LATIN AMERICA AFRICA EUROPE China, Indonesia, India, South Korea, Singapore, Brunei, Hong Kong, Taiwan, Thailand, Vietnam LATIN AMERICA Mexico, Argentina, Brazil, Columbia, Venezuela AFRICA South Africa EUROPE Poland, Turkey

Common Traits of Big Emerging Markets Physically large Significant populations Considerable markets Strong growth rates Significant economic reform Regional political drivers Regional economic drivers Foster expansion in neighboring countries

Marketing in Emerging Markets: Issues to Consider Existing Levels of Marketing Physical infrastructure Marketing infrastructure Consumer Demand Literacy level Poor health standards Economic dualism Emerging middle class

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