Assignment
PART 1: Comparing Long-Run Economic Growth Rates of Countries
Use the Library and databases to conduct research to identify the key factors that determine long term economic growth. You can find the most up-to-date reports on the economic growth trends of different countries under the World Bank website linked below.
World Bank. (2017). World development indicators.
After you have conducted research and read the items listed above, access the "Data & Research" tab in the World Bank website and compare growth rates between two countries of your choice. Specifically, select one advanced economy (such as U.S., Germany, etc.), and select one developing economy (such as Angola, Bangladesh, etc.).
Download their data for five major economic indicators (2005-2014) such as the real GDP growth (annual %), and three major social indicators such as population. Then identify and describe possible factors that may explain the differences between the GDP growth rates and long-term economic growth of the advanced and developing economies for the countries you selected.
Diversity has become the characteristics of the majority of the countries in the world. Globalization and economic interdependence of countries calls for understanding and accommodating diversities. Economic development theories and empirical studies also widely discuss and debate the impacts of multiculturalism and diversity on economic growth and development. The positive roles of multiculturalism and diversity in economic growth and development are praised in democratic countries that have cultivated systems that accommodate and capitalize on diversities and multiculturalism (see the article below).
Economic benefits of cultural diversity. (n.d.). SGS Economics & Planning.
On the other hand, developing countries in Asia, Africa, and Latin America, cultural and religious diversities are the internal instability, polarization, conflicts, disintegration, etc., which have adverse impact on economic growth and development. Since the developing countries don't have systems that effectively accommodate multiculturalism and diversity and dominant ethnic groups control power and resources, they lead to lack of equal opportunities and significant socioeconomic gaps in countries (see the links below for research examples on the issues for Latin America, Asia, and Africa).
Arocena, F., & Porzecanski, R. (n.d.). Ethnic inequality, multiculturalism and globalization: The cases of Brazil, Bolivia and Peru.
Donnelly, R. (2015). Tensions and challenges in the management of diversity and inclusion in IT services multinationals in India. Human Resource Management, 54(2), 199-215.
Kivoto, E. (n.d.). Ethnic conflict and its impact on economic development in Africa: A case study of Kenya.
Discuss the value of recognizing and accommodating multiculturalism and diversity in a globalized economic environment and their roles in promoting long-run economic growth. In line with the developed and developing countries you selected for your research, discuss the benefits and challenges, and recommend solutions in regard to multiculturalism and diversity in the two countries and their impacts on the economy.
PART 2: Loanable Funds Market
1. Examine each of the following scenarios in the market for loanable funds. Explain the impacts on private savings, private investment spending, and the rate of interest under each of the following events. Assume the economy is autarky (closed) and it does not have trade and capital transactions (flows) with foreign countries.
a. Assume the government balances its budget and reduces the size of its deficit to zero. (Refer to the graph below). What is its impact on private savings, private investment spending, and the rate of interest?
b. Suppose the consumers decide to save more money, at the given rate of interest. Then assume the budget is balanced and the deficit is zero (refer to the graph below). What is the impact of this scenario on private savings, private investment spending and the rate of interest?
Templat
Antecedents of Target Marketing
Short Essay: Write a 250 (or more) word discussion using research from your textbook to help substantiate your understanding of segmentation, target marketing, and positioning. Apply APA style referencing in your writing.
1. In the first part of the video, Jen Mullin, the Vice President of Marketing for Numi Organic Tea, clearly describes their typical customer. Using the information on segmentation you learned from reading Chapter 8 in Lamb, et al. (2014), discuss who the customer is and how the Numi marketing team figured that out?
2. What is Numi's principle marketing plan? In what way does Numi's marketing team use what they know about their target demographic to implement their marketing plan?
Defend Your Answer Challenge: Highlight your multiple choice answer in yellow. Write a 100 (or more) word discussion in defense of your answer to the multiple choice and true/false questions using research from your textbook to help substantiate your understanding of segmentation, target marketing, and positioning. Apply APA style referencing in your writing.
3) Jen Mullin, the vice president of Marketing for Numi Organic Tea, describes their typical customer as a female, college-educated tea lover, possibly an "eco-mom." What type of market segmentation has she used to identify this customer group?
a. Geographic segmentation
b. Demographic segmentation
c. Ethnic segmentation
d. Psychographic segmentation
4) Another way Numi Organic Tea identifies potential customers is through what they want from the product; they are looking for organic, fair-trade, premium quality tea, according to the video. What type of market segmentation is used to identify customers in this way?
a. Geographic segmentation
b. Demographic segmentation
c. Benefit segmentation
d. Usage-rate segmentation
5) Because Numi Organic Tea has identified more than one target market, for example, "eco-moms," college students, and family travelers, they should be particularly aware of the ____________________, which helps explain how consumption patterns differ at different stages determined by a combination of age, marital status, and the presence or absence of children.
a. Family life cycle
b. 80/20 principle
c. Undifferentiated targeting strategy
d. Concentrated targeting strategy
6) The demographic variable that Numi Tea marketers were examining when they recognized that people who had discovered their product at a high-end spa or fine restaurant often shopped for groceries at Costco was _________________________.
a. Age
b. Income
c. Ethnicity
d. Gender
7) Numi Tea uses premium ingredients to create a premium tea at an affordable price, according to Jen Mullin. This is a form of ______________________ that the company uses to distinguish their products from those of competitors.
a. Perceptual mapping
b. One-to-one marketing
c. Product differentiation
d. Market segmentation
8) Which of the following is the least likely targeting strategy that Numi Tea would select to market their products?
a. Undifferentiated targeting
b. Concentrated targeting
c. Multisegment targeting
d. Niche targeting
9) When Jen Mullin explains that her company seeks to include their product in gift bags and other promotional giveaways by companies and other organizations, she is recognizing the need to change customers' perceptions through sampling.
a. True
b. False
10) To graphically map the "channel conflict" between marketing Numi Tea to premium spas, hotels, and restaurants and selling the same brand at mass market stores such as Target, the company could employ perceptual mapping.
a. True
b. False
References
Lamb, C. W., Hair, J. F., & McDaniel, C. (2012). MKTG5. Mason, OH: South-Western, Cengage.