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Prior to beginning work on this discussion, read Chapter 2: The Global Marketing Environment, and pay close attention to the main types of economic systems and the stages of market development

Sociology

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Prior to beginning work on this discussion, read Chapter 2: The Global Marketing Environment, and pay close attention to the main types of economic systems and the stages of market development. The economic environment is a major determinant of global market potential and opportunity. A country’s economic environment has a bearing on how a business will function. Global companies depend on the economic environment for inputs and to sell their finished goods. Keegan and Green (2017) state that “traditionally, economists identified four main types of economic systems: market capitalism, centrally planned socialism, centrally planned capitalism, and market socialism” (p. 43).

In your initial post,

• Choose a global company and a single market in which it operates.
• Discuss the factors that constitute the economic environment of this type of business.
• Explain why it is important to understand when markets are at different stages of economic development.
• Explain how the World Bank’s four-category classification system, which measures gross national income (GNI), adds value to an organization.

Your initial discussion post should be 250 words. Do not forget to cite your textbook and any other sources used to support your ideas.