International marketing - Wedgwood - Essay Example

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International marketing - Wedgwood

The Russian economy grew at 6% and 8.1% in 2008 and 2007 respectively, and witnessed an average GDP growth rate of 7% over the last decade. By 2008, the country had a forex reserve of $600 billion. The country is also looking at entering the WTO or the World trade organisation. GDP stood at $1.757 trillion in the year 2008. (Russia, April 2009) Goldman Sachs has predicted that Russia along with Brazil, India and China would become larger in terms of size than the present US and European economic powers over the next forty years. According to the report the Russian economy would surpass the economies of Italy, France, UK and Germany by the years 2018, 2024, 2027 and 2028 respectively. It is also being claimed that by 2050 Russia will be the only country amongst the BRIC nations which would have per capita income equivalent or to big European economies. By 2050 Russia would also have the highest per capita income among the BRIC countries. (Dreaming With BRICs: The Path to 2050, 2003) (Hult T., 2009). The country has also got a growing middle class which constituted 45% of the total population in 2003 (Senaeur B., and Goetz L., March 2003). Recent reports have also pointed out the positives and strengths of the retail sector in Russia. ...Show more

Summary

Wedgwood is a part of a UK bases PLC known as Waterford Wedgwood. Wedgwood's main product area is china tableware while it also dabbles in children's ware, home d'cor products, jewellery and other miscellaneous products. Due to the prevailing economic slowdown and the credit crisis the company has gone into administration and is not doing very well in the UK and as a whole…
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