Question

describe four factors consider to developing the market strategic in domestic and global business environment

Answer 1

Some of the relevant factors to domestic and global business environment are given as under:

1. Social Factors:
The social factors of a nation determine the social structure of the country, which successively affect the domestic as well as global business market.Social factors are culture, caste, customs, languages, life style, standard of living, climate and marketing infrastructure etc. The demand for goods and services is suffering from of these factors.

Cultural factors also influence every aspect of business. Marketing decisions are depends on recognition of needs and wants of the customer . The cultural factors help to know the behaviour patterns and life sort of the societies culture, during which individual has grown up. Thus an individual’s perception is groomed and influenced by cultural factors.

2. Economic Factors:
The economic factors are the foremost significant determinants of while developing a marketing strategy for business. They also affect the survival of a business and its success.

The economic factors are often studied under following categories:

(i) Exim Policy of the Country

(ii) Commercial Policy

(iii) Financial system

(iv) Monetary System

(v) Currency restrictions

(vi) Inflation/ Deflation.

The decision regarding marketing mix is taken keeping in mind the above stated economic factors which determine the economic environment . Therefore before going for export business or before going for any decision regarding marketing mix, it'snecessary to look at the economic factors, which determines the economic environment of a country .

3. Competition:
Competition is a crucial determinant of marketing decision. The firm has got to face competition in his home market also as well as within the international market. The marketing strategy is set by keeping in mind the strategies of the competitors for the merchandise , price, place and promotion.

4. Political Factors:
The Marketing strategy is strongly affected from the political environment of the country. A marketer has got to operate its business activities during a given political factors. The business operations are greatly suffering from the political constraints at different levels. The change in political scenario results in change within the government policies.