On the global stage, economies develop at different rates. For example, countries tend to be labeled as more or less developed from an economic perspective. The development of countries has a great deal to do with their ability to promote, distribute, and properly identify the value of a product.
Explain the different levels of economic development in Spain.
Your response should include the following:
- Identify the differing levels of economic development and explain what the differences mean to EduTot, and how the differences would affect distribution, promotion, and pricing strategies in the two potential expansion markets.
- Explain how these economic levels may affect demand for EduTot products and services and for potential adaptations of the marketing strategy in the two potential expansion markets.
Levels of Economic Development in Spain
Economic development may be defined as the quantitative and qualitative changes in a particular economy. Such actions can involve multiple areas including development of human capital, critical infrastructure, regional competitiveness, environmental sustainability, social inclusion, health, safety, literacy, and other initiatives (Nafziger, 2012). Basically, there are three specific stages of economic development in Spain: the factor-driven stage, efficiency-driven stage and innovation-driven stage (Zoltan, Desai & Hessels, 2008).
Factor-Driven Stage: This is the first level of economic development in Spain. In this stage, Spain competes through low cost efficiencies in the production of commodities or low value-added products. This stage is marked with high rates of non-agricultural self-employment (Nafziger, 2012).
Efficiency-Driven Stage: In this stage, Spain increases their production efficiency and educates their workforce to be able to adapt in the ...
The stages of economic development in Spain is determined.