How Companies Qualify or Quantify Economic Factors of Markets
There are many factors that should be examined when considering a new international market. In this assignment, you will explore how a company can qualify or quantify economic factors of markets and how it can influence the process of selecting a new market for a product. As you complete this assignment, consider how the lessons learned and resources used can be applied to your course project.
Prompt
You are an international trade consultant ranking the overall quality of various international markets for a product of your choosing. Select a product you would be interested in introducing to a new market, then complete the Module Three Assignment Template (located in the Guidelines for Submission section of this document). Then rank your recommendations for a new market and justify your rankings using key economic and political data points. Examples of products include digital cameras, activity trackers, curtains, coffeemakers, and so forth.
Specifically, you must address the following rubric criteria:
Application of Data: Describe your initial thoughts on how insights from the required data to be collected could help to inform business decisions. For example, consider what information each data point provides, whether you think some data points should be weighted more or less heavily than others in making a business decision, what ideal data points might look like for expansion into a new market for your product, the ways that different political systems may impact a decision, and so forth.
Political and Economic Data Collection: Complete the table in the provided template by finding the appropriate information and data points for each identified category using course and external resources.
Ranking and Rationale: Rank the appropriateness of introducing your selected product into the three markets from “most appropriate” to “least appropriate” using the gathered political and economic data you collected, then provide a rationale for why you ranked the markets the way you did on the basis of the data you gathered.
Political and economic environments
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INT 220 Module Three Assignment Template
Economic and Political Environments Comparison
Section One
[Describe your initial thoughts on how insights from the required data to be collected could help inform business decisions. For example, consider what information each data point provides, whether some data points should be weighted more heavily than others in making a business decision, what ideal data points might look like for expansion into a new product market, and the ways different political systems may impact a decision, and so forth.]
As an international business consultant, coffeemakers are one of the products I would be interested in introducing to a new market. When making business decisions, the availability of data is critical. This is because data shows how that country will respond when a particular good or service has been introduced in the market. In most cases, data can quantify the percentage of people who have rejected and embraced the product or service. According to Surdu et al. (2018), data shows the economic classification of a nation and this, in return, can help me to make informed decisions on the kind of approach and management I might require. At the same time, data can give information about a nation's GDP. For instance, GDP is the value of goods and services produced and sold within the market. Therefore, if the GDP is high, it means the business is more likely to thrive because markets are operating effectively.
However, markets located in nations with high GDP experience stiff competition, and it is difficult for new firms to enter the market. Thus I should consider investing in countries with a low GDP because it is easy to enter the market and competition is less. Other factors that affect the sale of goods are the human poverty index, human development index and gender development index. For instance, a high human development index is better for the existence and performance of a company in that particular economy. Some dimensions of the human development index include income per capita and life expectancy (Surdu et al., 2018). It is important to note that by collecting data, there are many things needed to be examined. Some numbers will be critical in decision-making because they might indicate how a country operates socially and financially.
Section Two
[Complete the provided table by finding the appropriate information and data points for each id...