International marketing plays an immense role in economic development because it stimulates economic growth and improves standards of living.  Not long ago, many countries were not interested in foreign investment due to fear of goals in conflict.  Today, most if not all countries focus on international marketing in order to improve economic development.   Some examples of the economic growth benefits include: political stability, free enterprise, and information technology, and outward orientation.  Not surprisingly, industrialization is the main goal for developing countries and international marketing is the tool that many of these countries use in order to industrialize their country.
Trade is a vital element in international marketing because it enables countries to market/sell their product/services to other countries thereby increasing economic growth.  Furthermore, research shows that economic growth increases the ability to meeting basic needs and improving standards of living.
Foreign Marketers should study economic development because it is an important aspect of international marketing.  Lacking this knowledge will yield to poor foreign investments.  It is imperative that a foreign marketer knows the different ways of improving economic development in each country, i.e. – some countries focus on agriculture whereas other countries focus on technology or manufacturing as their main source of trade/service.
3.    Student 2 TM
Economic development means increase in national production that is reflected by an increase in the average per capita gross domestic product (GDP) or gross national income (GNI), or the interpretation can also imply a widespread distribution of the increased income. Overall the commonly defined understanding of economic development tends to mean, the rapid economic growth and increases in consumer demand improvements like, standard of living, an opportunity for good life as part of the gobal consumer world. There was a fransition from socialist to market-driven ecomomies, liberation of trade and investment policies, transfer from public-sector enterprises to private sector, rapid develpment of regional market alliances changing the way countries will trade and prosper. Many countries are undergoing impressive changes to their economies and are emerging as vast markets.
Foreign marketers should study economic development so that theycan be exposed to new ideas which will allow them to be prepared for the economic shifts and emerging markets.
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