Question

The seven criteria for describing a nation’s economy introduced can be combined in a number of different ways. For example, the United States can be characterized as follows:

Type of economy: advanced industrial state Type of government: democracy with a multiparty system.
Trade and capital flows: incomplete free trade and part of a trading bloc.
The commanding heights: mix of state and private ownership.
Services provided by the state and funded through taxes: pensions and education, but not health care
Institutions: transparency, standards, no corruption, a free press, and strong courts
Markets: free market system characterized by high-risk/high-reward entrepreneurial dynamism.

Required:
a. Use these seven criteria to develop a profile of one of the BRICS nations, or any other country that interests you.
b. What implications does this profile have for marketing opportunities in the country?

Answer 1

A. BRICS is an acronym for for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.

For this study, i,ll work with China.

China:

• Type of economy: advanced industrial
• Type of government: Unitary one-party socialist republic
• Trade and capital flow: incomplete free trade and part of a trading bloc
• The commanding heights: mix of state and private ownership
• Services provided through state and funded through taxes: Transportation, education, pension, but not healthcare.
• Institution: Non-transparency, highly corruption until recent death penalty for corruption, no protection of human right, no political freedom or freedom, a strong court.
• Markets: mixed market system characterized by high-risk/high-reward entrepreneurial dynamism

B. China's profile promises a good marketing opportunity so long as one goes in line with the nation's strict laws and business codes.