3. Why is it important to understand the economic system of the country where you want to conduct business?

The Global Marketing Team Event is a team event that consists of 2–4 members. All members of the team must be dressed in business attire when giving the presentation. Each member must contribute. The event requires participants to demonstrate knowledge and understanding of management and international business concepts. The team will develop a written international marketing plan that identifies the customer base and consumer behavior in different cultures. The plan must include title page, table of contents, synopsis or mini-plan, and company goals. The marketing plan must include descriptions of customers and their needs, pricing strategy, and the competition. The marketing plan must demonstrate a strong understanding of global financial activities, including global currencies, legal paperwork, contracts, and insurance. The Global Marketing Team will have ten (10)

minutes to present their plan to the judges. Flash cards will be used to give participants two (2) minute and one (1) minute warnings. Judges have an additional five (5) minutes to ask questions.