Marketing Mix: Components and Importance (Nepal Education Board 10+2)

Marketing Mix- The marketing mix refers to the set of actions, or strategies, that a company uses to market its brand or product. 

In simple words, a mixture of multiple ideas and plans by a marketing representative to promote a particular product or brand is called a marketing mix.

Several concepts and ideas combined together to formulate effective strategies helpful in making a brand popular amongst the masses form a marketing mix.

What are the 4Ps of marketing?

Elements of the marketing mix are often called the four P's of marketing.

Product (उत्पाद)

Place (स्थान) Location

Price (मूल्य)

Promotion (पदोन्नति)

Marketing Introduction:- Evolution of Marketing (Nepal Education Board 10+2)

                   शताब्दी, दशक, र वर्षहरूमा बजार अवधारणा नाटकीय रूपमा परिवर्तन भएको छ।

The market concept has changed dramatically over the centuries, decades, and years. The production-centric system has systematically changed into a relationship-centric system. Marketing has taken a modern form since the end of the 19th century after going through various development stages. Before the (20th) twentieth century, the production-oriented practice of marketing was conservative.

The new economy has seen the buying power of customer at all time. Consumers have reached easily to all types’ information for product and services because of the digital revolution. Developments of science & technology and especially the development of information technology have now changed the way people live, the way people do business, and the way people sell and buy.

The following is a brief description of various stages of the evolution of marketing.

Production Orientation Era (युग) or Stage(चरणहरू)

Product Orientation Era or Stage

Sales Orientation Era Or Stage

Marketing Orientation Era or Stage

Relationship Marketing Orientation Era or Stage

The following sentences summarize the above developments in marketing.

1. Production era: 'Cut costs. Profits take care of themselves'

2. Product era: 'Good products will sell themselves'

Sa. Sales era: 'Sales are keeping the bait for the customer'

Marketing. Market age: 'Customer is king!'

Relations. Relationship Marketing Age: 'Relationships with customers determine the future of our firm'.

Marketing Introduction - Meaning of Marketing (Nepal Education Board 10+2)

 Marketing refers to the activities undertaken to promote the purchase or sale of a product or service. Marketing involves advertising, selling and distributing products to consumers or other businesses.

In simple words, marketing refers to all the activities that a company undertakes to promote and sell products or services to existing or potential customers.

Marketing involves everything a company does to get the customer's attention and build an effective relationship with them.

At its most basic level, a marketing manager seeks to match a company's products and the need of customers who want access to those products. Matching manufactured products with the customer's actual needs and demands ultimately ensures profitability. (ग्राहकका वास्तविक आवश्यकताहरू र मागहरूको साथ उत्पादित उत्पादनहरू मिलान अन्ततः नाफा सुनिश्चित गर्दछ।)

Product, price, place, and promotion are the Four Ps of marketing. That is called marketing mix.यसलाई मार्केटिंग मिश्रण (Marketing Mix)भनिन्छ.

Global Business Environment

What is the environment?

The environment is the surrounding situation or condition where a person, animal, or plant lives or operates.

What is a business? व्यापार भनेको के हो?

An economic system where goods and services are exchanged for each other or for money (money, gold, clothing, food, etc.).

एक आर्थिक प्रणाली जहाँ सामान र सेवाहरू एक अर्काको लागि वा पैसाको लागि आदानप्रदान हुन्छन् (मुद्रा, सुन, कपडा, खाद्य पदार्थहरू आदि)।

What is the business environment?

The business environment consists of all the components (internal and external factors) surrounding a business organization, which influence or affects its actions and determine its effectiveness.

What is international business / global business?

International business refers to the exchange of goods and services between individuals and trading companies from different countries.

International business or global business included along with investment. Trade covers exports and imports of goods, services, and intellectual property. Investments include inflows and outflows of FDI as well as portfolio investments.

The international business or global business or world business consists of trade as well as investment.

What is globalisation?

Globalization is a global movement towards economic, financial, trade, and communications integration.

Globalization is a multidimensional process (economic, technological, socio-cultural, political, and institutional and ecological process) where the study focuses on economics.

Globalization implies the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, products, and services across the national boundaries.

What is the international business environment or global business environment?

The international business environment is a multidimensional one involving political risk, cultural differences, exchange risk, legal and taxation issues.

Therefore in  International/Global Business Environment comprises the political, economic, regulatory, tax, social & cultural, legal, & technological environments.

The main cultural and social factors affecting international trade are language, education, religion, values, customs, and social relations. These relationships include interactions between families, trade unions, and other organizations.

There are three levels of the business environment in any business firm:

• Operating 
• Industry
• and Remote Environments

Operating Environment

Integration of internal and external factors that affect the state of a company's operations: they are competitors, creditors, customers, workers, trade unions, and suppliers.

Industry Environment (उद्योग पर्यावरण)

This includes industry-specific factors identified by Porter's 5-force model (Theory of national competitive advantage): supplier capacity, demand conditions or buyer power, entry barriers, choices for firms providing similar products, and competitive rivalry. Availability.

Remote Environments (General Environment सामान्य वातावरण)

The general environment consists of factors that are beyond the control or uncontrollable. Uncontrollable factors put in an acronym of PEST-NG that stands for:

• Political & Legal Environment Factors
• Economical and Financial Environment Factors
• Socio-Cultural (and human) Environment Factors
• Technological Environment Factors
• Natural Environment Factors
• Global Environment Factors

Another famous short form of the remote or general external environment factors is presented as PESTLEG that stands for:

• Political
• Economic
• Socio-cultural
• Technological
• Legal
• Ecological/ Ethical (& Natural)
• Global Factors

Political and Legal Environment/Regulatory Environment राजनीतिक र कानूनी वातावरण / नियामक वातावरण

Political environment in international business consists of political factors and a set of governmental activities in a foreign market that can disrupt or facilitate the convenience of a business to conduct business activities in a foreign market. There is often a high level of uncertainty when doing business in a foreign country, and this risk is often referred to as political risk or sovereign risk.

The manager of international business needs to understand the importance of making political decisions in the host country that can severely affect its foreign operations.

The Political System राजनीतिक प्रणाली

The political system is the system of politics and government. The country's political system influences how businesses are run domestically and internationally.

For the study of the political system, a business firm should analyze the constitution of the concerned country, its major political parties, or the structure of government and the mechanism designed to a delegation of power from one leader to the next. A firm should also study how politicians finance their campaigns.

Nature or Assumptions प्रकृति वा अनुमानहरू

• A political system is a complete set of institutions, concerned groups (such as political parties, trade unions, and different lobby groups), the relationships between those institutions, and the political norms and rules that govern their functions (constitution, election law).

• A political system is made up of members of a social group who are in power.

• A political system is a system that necessarily has two properties: a set of interdependent components and boundaries toward the environment with which it interacts.

• The political system is one that ensures the maintenance of order and rationality in society as well as it is possible for some other institutions that their grievances arise during social existence.

• The political system is a concept which decides how a particular government makes policies and implement them.

Political system consists

The political system is consists of different elements. These elements are implemented and modified according to the influence of the different elements that includes:

Executive कार्यकारी

It consists of the Council of Ministers and the government bureaucracy or authorities.

Legislature (Assembly or Parliament) व्यवस्थापिका (विधानसभा वा संसद)

Legislature (Assembly or Parliament)

That consists of parliament with upper and lower houses. त्यसमा माथिल्लो र तल्लो सदन सहितको संसद हुन्छ

Judiciary न्यायपालिका

That consists of courts and other judicial and quasi-judicial authorities/institutions) In Nepal Apex Court of Supreme Court, Appellate Court, Special Court, and Districts Courts. There can be tribunals on settling bank loans, corruption, and human rights issues.

Political parties and Civil Society राजनीतिक दल र नागरिक समाज

Individuals (political parties, civil society) and the media are symbolically described as the main pillars of the constitution and democracy.

There are different political systems based on different political ideologies which can be discussed in two categories:

A. Collectivism, Individualism, and Socialism सामूहिकता, व्यक्तित्व, र समाजवाद

B. Democracy and Totalitarianism (Autocracy) प्रजातन्त्र र निरंकुशता

A. Collectivism, Individualism, and Socialism सामूहिकता, व्यक्तित्व, र समाजवाद

a. Collectivism सामूहिकता

Collectivism is the idea that a person's life is not for him but for the group or society of which he is only a part, having no rights and has to sacrifice his values ​​and goals for the "greater good" of the group.

b. Individualism  व्यक्तिवाद

Individualism refers to the political system where a person's life is subject to him and he has insufficient authorCharacteristics of Modern Democracy

ity to maintain the functions of his life and to pursue values.

c. Socialism  समाजवाद

Socialism is a populist economic and political system based on public ownership of the means of production (also known as collective or common ownership). In a purely socialist system, all legal production and distribution decisions are made by the government, and individuals depend on the state for everything from food to healthcare. The government determines the production and pricing levels of these goods and services. 

The government produces goods using machinery, equipment and factories that directly target human needs.

B. Democracy and Totalitarianism (Autocracy) प्रजातन्त्र र निरंकुशता

Question: What is the difference between a democracy and totalitarianism?

a. Democracy प्रजातन्त्र

Democracy means a government run by the people; a form of government in which the supreme power is vested in the people and exercised directly by them or by their elected representatives under a free electoral system.

Characteristics of Modern Democracy

1.      Majority Rule– the system of government is based on parliamentary majorities.

2. Multi-party system-voters Voters have the opportunity and right to choose from a variety of political parties that represent a wide range of political views.