Question 1. Economic and Market Environment in China (Total 25 marks)

In the past four decades, the Chinese economy has grown rapidly and become the 2nd largest economy in the world.

1A) To appreciate the reasons for the reforms, please compare and contrast how the key functions of the FOUR marketing mix variables (product, place, promotion and price) performed by companies BEFORE (i.e., during central planning) and AFTER reforms (i.e., the consequential changes due to the reforms. (12 marks)

1B) The 2008 Financial Tsunami marked the watershed year of Chinas policies on economic growth. Please compare and contrast the shift in government policies and the major drivers of economic growth BEFORE and AFTER the 2008 Financial Tsunami. (13 marks)