Question

Write an essay on the following:

(1,000 or less words)

•In your opinion, what will the US economy look like from a marketing perspective? Will we be a product

driven society or a service driven society? show your cite your sources

Answer 1

US is the worlds largest economy. The U.S. has been the world’s largest economy since 1871. The size of the U.S. economy was at $19.39 trillion in 2017 in nominal terms and $20.41 trillion in 2018. The US economy was industrialised at a time when most of the world was under the colonial regime of European powers. This shows that level of progress has been high since the American Independence. Now what does this shows? We know that due to its unprecedented growth, the goods market developed rapidly in US. With more credit options and a developed sound financial mechanism, the consumption of household increased exponentially. This brought in the entire market of FMCG products, consumer goods products and capital to the door step of consumers. As a result of this growth some of the worlds most famous and largest FMCG companies like Mcdonalds, KFC, Dominos pizza gained prominence. In the automobile sector, Ford brought a revolution in worker's management and GM also established itself as a leader. The defence sector post world war saw a boom, with companies like Boeing entering the fray and producing world class high quality equipment. This points towards one direction that the consumption of goods has reached to a saturation level in the US. Every famous MNC and its products is at 100m distance from every American. This shows that the focus of entire market has shifted towards the service sector. As a result we saw a booming BPO market for American firms outside American market, especially in Asia and that too in India. Today India offers world class IT solutions to American companies, be it in the form of support from Infosys or HCL or Wipro. These IT firms are providing world class IT services to Americans. Moreover the flourishing call centers in Asia reveals the fact that services are of utmost priority to America. With the advent of Trump’s policy of America First, it is very hard for foreign companies to find a manufacturing market in US. Recent trade war with China has given stamp to this fact. Thus it can be concluded tha America is and will be a service driven economy.

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