The product you select will be integrated into an existing economy. That economy will be very important to the success or failure of a marketing strategy. In some cases, a product may not depend on a macroeconomic analysis but that micro-economy still functions within the larger national economy. Some critical economic characteristics need to be considered:
- What is the size of the GDP? (Total and Per-Capita)
- What is the rate of unemployment?
- What is the rate of inflation?
- What is the growth forecast for the country’s economy?
- What talents does the labor force have?
- What is the age distribution of the labor force?
- What key resources does the country have?
- Are there critical concerns in the country as to its economic performance?
Here is what you need to do for this assignment:
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- Provide a summary table of core economic data and growth rates for (USA)
- Unemployment by race and gender and age, underemployed and long term unemployment
- Real GDP
- Stock Market Performance
- Budget Deficit
- Trade Deficit
- Exchange Rates
- Wage levels
- Inequality measures in income, education, assets
You can find some of this core data at the Economist link below or even the Euromoney link has good summary data:
- Situate the country on the policy cross (see handout)
- Read economic analysis about the country from credible sources such as research institutes or international organizations such as the World Bank, International Monetary Fund or OECD to provide a summary of economic risk in that country.
When you do this make sure you refer to the following integrate the following concepts in your answer:
internal balance and external balance in the country.
What specific policies would you recommend for the country to achieve internal and external balance? Here you start off with your economic theoretical framework – I am a Keynesian or New Classical etc because……
From my theoretical framework these are the specific policies I recommend for the economy
Fiscal policy – explain what kind
Monetary policy – explain what kind
Exchange rate policy – explain what kind – are you going to let the currency float or are you going to try to lower or increase its value and how?
Trade Policy – what kind of policy regarding tariffs, quotas etc – free trade or some kind of protectionism
Trade agreements – what is your position for the country in international trade agreements such as WTO, TPP and other regional agreements?
Poverty and inequality – what are you recommending regarding poverty and inequaity?
Environmental Policy – what do you recommend here?
Immigration Policy – what do you recommend here?
Concluding statement how all these policies will bring internal and external balance..
Here is a ranking of top think tanks you might find some policy ideas in some of them for the US economy..The differ by political ideology so explore ones that fit your perspective and read their policy analysis…
Suggested Resources: (PLEASE USE THESE RESOURCES)
- http://nationalequityatlas.org/ ( for equity data)