A marketing environment includes all of the internal and external factors that drive and influence a company’s marketing efforts. To maintain success and address any threats or opportunities that may affect their work, marketing managers must remain aware of the marketing environment. A marketing environment is vast and diverse, with factors that are both controllable […]
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An economy can be significantly impacted by the financial decisions made by households. For example, a household decision to consume more and save less can lead to an increase in employment, investment, and, ultimately, profits. Similarly, corporate investment decisions can have a significant impact on the real economy and corporate profits. Individual corporations, on the
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A strong reversal of the trend of statist economic expansion set in globally around 1980 and has become the hallmark of the new wave of economic reforms that has been sweeping the world. Privatization refers to the transfer of ownership and/or management of a business from the public to the private sector. It also refers
A foundational business model known as the “marketing mix” has historically focused on the four Ps: Product, Pricing, Place, and Promotion (also known as the “4 Ps”). “Collection of marketing tools that the organization utilizes to pursue its marketing objectives in the target market” is how the marketing mix is defined. Marketing theory emerged at
A variety of price-control measures have been implemented. These controls are both indirect and direct in nature. Indirect Control Indirect controls are primarily implemented through monetary, fiscal, and commercial (foreign trade) policies. Monetary policy refers to the Central Bank of the country’s policy regarding the cost and availability of credit. The rationale for using monetary
A policy can only be effectively implemented and the objectives met if the government has the authority to take the necessary steps. The Industries (Development and Regulation) Act was passed in 1951 with this goal in mind. Until the advent of economic liberalisation in 1991, firm entry, growth, and expansion were governed by licensing administered
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FERA FERA – the four-letter acronym for Foreign Exchange Regulation Act – is a piece of legislation that was enacted in 1973 with the goal of regulating certain dealings in foreign exchange, imposing restrictions on certain types of payments, and monitoring transactions involving foreign exchange and currency import and export. The Foreign Exchange Regulation Act
A multinational corporation (MNC) operates and generates at least 25% of revenue outside its home country, with offices and facilities globally. Advantages include increased market share and cost efficiencies, while disadvantages involve job outsourcing, monopolization, environmental impact, and ethical violations. MNCs can be decentralized, centralized global, international division, or transnational corporations, each with distinct structures and operations.
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The World Trade Organization (WTO) is a global organization facilitating international trade. It replaces the GATT and oversees trade agreements, dispute resolution, and adherence to regulations. Benefits include reduced trade barriers and investment liberalization, but criticisms revolve around disparities in negotiations and treatment of developing countries. Developing nations seek fairer representation and protection, particularly in agriculture and textiles trade.
Marketing orientation refers to the approach that governs a company’s processes, with marketers and marketing teams dictating strategies. Five key categories are production, product, sales, societal, and market orientation. Each has distinct advantages and disadvantages. Market orientation, centered on meeting consumer needs, is increasingly favored as customers become more knowledgeable and demand higher quality and variety.
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