International marketing and export management, 7th ed.

Abstract

Three changes in international business have made international marketing and export management of even greater importance – and a new edition of this book necessary. The first is the economic recession beginning in 2007–08, and its aftermath. The second is the exceptionally strong growth and economic power of China and India. The third is the continuing development of the factors that had led to economic growth and the importance of international business in previous decades. 1. The recession that began in 2007–08 had dramatic effects, reducing GDP and demand in most nations, and causing the first drop in the volume and value of international trade in 50 years. Paradoxically, as we shall see, it made international business and export marketing of even greater importance to both countries and businesses. We will discuss the many problems businesses faced, the strategies taken to meet the challenges, and the effects these changes can be expected to have on long-term operations. However, in order to place the effects of the recession in perspective, we will first briefly discuss five aspects of the situation: (1) the recession and expected renewed growth; (2) increasing international interdependence; (3) exports as an engine of growth; (4) importance of innovation and entrepreneurship; and (5) the reasons why rapid growth in international business and trade will resume. 2. China’s economic development has made it one of the world’s largest exporters and importers, and the second largest economy in the world. It is exporting manufactured goods with increasing levels of technology, and importing more luxury goods. This has resulted in continually changing world trade patterns and greater threats to and opportunities for companies throughout the world. India has become the world’s leader in the provision of services of knowledge-industry workers, and also an important IT provider. 3. The other major advances that have occurred during past decades will continue to drive increasing globalization, and the ever-greater importance of international marketing and export management.