In the international marketplace, countries are categorized based on their stages of development. A marketer needs to be clear on these categories in order to determine the potential demand for its products/services.

These categories include low income, lower-middle income, upper-middle income, and high income. One can assume that if the product offering is a high ticket item, then it is likely that the countries in the high income category would be more attractive to do business with than those in the lower or even the lower-middle income category.

In this week's thread, you have to discuss the following:

Describe the stages of market development and identify how this knowledge could benefit firms that are seeking overseas expansion.