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Click Here, or click Above picsIntroduction on Bank and its History in Nepal
Banks plays an important role in economy of the nation. In Nepal, in a very short time financial system has grown significantly as business organization and increase the size of market. Since the nation’s growth and development is depend upon the how well they utilize the resources and the quantity of resources available. Since the banks are able to utilize capital as resources properly in the growth of nation, there is some help in the growth of the nation’s economy and market. When we talk about Nepal, it is poor nation with lots of crises and political instability, the nation is being able to grow every financial sector such as banks, insurance organization, and financial companies. As the growth of financial sectors, it helps in growth of economy, which creates opportunities as well such as employment opportunities, capital adequacy, investment from loan, and increase in development of trade. As people finds various opportunities many students shows more interest on banking, finance and as well as establishing business and so on.
Banks are one type of financial institutions which accepts deposits and provide loans and utilize their money in organization for the growth of the economy of the nation. It deals with the debt and credits. The bank accepts deposits in the form of capital and collateral, formulates and implements monetary and foreign exchange policy in order to maintain price and balance payment. The bank works as the mediator to connect the gaps between savers and borrowers.
According to Prof. Kinley, “A bank is an establishment which makes to individuals such advances of money as may be required and safely made, and to which individuals entrust money when not required by them for use.” Which means then banks are established with the motives of securing individuals and organization money, which they do not need want to use it in a moment (Somashekar, 2009).
According to World Bank,”Banks are financial institutions that accept in the form of deposits repayable on demand or in short notice”
Function of Bank
- Accepts Deposits
- Provides Loan
- Helps to form policies
- Purchases and Sells securities
- Issue notes
- Creates credit
- Exchanges foreign currency
- Helps in rural development
- Remits money
- Collects incomes and pays expenses
- Commercial Banks
Origin of Bank
The modern banking system has been started in Italy. The first bank with modern banking functions is called Bank of Venice in the Venice city of Italy during 1157 AD. The objective of establishing the bank is to finance the monarch in the war. Similarly, The Bank of Barcelona and Bank of Genoa were established in 1401 and 1407 AD. Respectively. Establishment of the bank called Bank of England during 1694 AD with the great development in banking sector. The modern commercial banking institutions had been developed in banking sector after the enactment of Banking Act in 1833 AD, that provided freedom for establishment of commercial banks in the form of joint stock company. And fully developed about modern banking system in 19th century after development of commercial banks.
History of Bank in Nepal
Nepal history on banking sector is not very long. However, it is believed that the banking in Nepal was started during the time of Ranoddip Singh during 1877 AD. In this period there were some financial and economic reforms. There was the introduction of Tejaratha Adda which basically means to provide credit facilities to the general public with concessional interest rate. This facility was termed to be eligible because it was being settled by deducting from the salary however, it do not accept any deposit (Karn, 2017).
Ranoddip Singh
Later, in the year 1937 (Kartik, 30th, 1994 B.S.), Nepal Bank Limited (NBL) was established for the purpose of commencing a financial institution that can fulfill the void of banking institution in Nepal with starting modern banking era. Nepal Bank Limited starts operation in Nepal under the Nepal Bank Act 1936 AD. as the first commercial bank in Nepal replacing the older system of banking with the motive to develop trade, industry and business activity in the country. Also having a primary objective to create to creation of an institution for issuing currency and ending the dual currency system which was prevalent in the Nepal in those times, Nepal Rastra Bank (NRB) was established in 1956 (Baisakh 14th, 2013) under the Nepal Rastra Bank Act 1955. It is the Central Bank of Nepal with the responsibility for formulation of monetary policy and the regulation of banking industry of Nepal (Maskay & Subedi, n d).
References
Karn, S.K. (2017). Customer service and loan activities of Nepal bank Limited – A situational analysis. In Edukrn. Retrieved from: https://edukrn.blogspot.com/2017/05/customer-service-and-loan-activities-of.html
Maskay, N.M, & Subedi, S.R., (n d). Development of the Nepalese financial system: Need for the formulation of a master plan. Retrieved from: https://nrb.org.np/ecorev/pdffiles/vol21_art2.pdf
Shareshansar,(2016). Banking history in Nepal: When were the commercial banks established in Nepal? Retrieved from: http://www.sharesansar.com/c/banking-history-in-nepal-when-were-the-commercial-banks-established-in-nepal.html
Somashekar, N. T. (2009). Banking. New Age International
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On Friday dated
29th march, 2018; People from different parts of Nepal celebrated
the National Paddy Day marking one of the important event as the beginning of
paddy plantation in monsoon season as people of Nepal mostly depend rainfall
for agriculture.
This special
occasion is celebrated annually on 15th day of Ashadh (Nepali: असार or आषाढ़)
according to lunar calendar since 2005 showing nation as one of the dominated
nation on agriculture. Especially farmers gather and plant rice sapling with
joy and have fun with dance and singing traditional folk songs, splashing with
mud to each other.
On the 15 km
away from a Ring Road of capital, a special rice plantation program was
organized in Lele village of Lalipur district by a Tourism Promotion Organization
Village Tourism Promotion Forum Nepal (VITOF) (Xinhua, June 29th,
2018).
On this special
Occasion, people especially from Kathmandu Valley (Local Newars) have a special
tradition of eating special sweet food known as “Dahi Chiura”- Curd and Beaten rice including different fruits.
References:
Xinhua,
(June 29th, 2018). Nepalis observe national paddy day with fanfare. In Asia&pacific edition. Retrieved
from: http://www.xinhuanet.com/english/2018-06/29/c_137290633.htm
Kathmandupost,
(June 29th,2018). National paddy day marked (in photos). In the ekantipur.com. Retrieved from: http://kathmandupost.ekantipur.com/news/2018-06-29/national-paddy-day-marked-in-photos.html
Things
to Consider when Selecting Advertising Agencies
When we
establish any business organization our ultimately goal would be to achieve the
main objectives of an organization. They will ultimately target to sale their
products or services and they are more aware on the marketing mix of 4Ps such
as product, place, price and promotion. Among them promotion is one of the
important element of market to known to the eyes of consumer and it is also
important to promote the product more effectively so they can increase their
customer and they trust over their products. Marketer see the advertising as a
part of a promotion strategies therefore marketers should follow some method
when selection of agency (William, Weigold, & Arens, 2013). Advertising
agencies are independent business organization composed with creative and
business people who develop and prepare and place advertising media for sellers
to find the customer for their goods and services. Here are some few to be
considered when selection of agencies and they are as follows.
·
Selection of Agency
There
are various types of agency. Some can be full-service agency whereas other can
be part- service agency. Each type of agency has different outlook and
advertisement activities. The selection of agency depends on the marketer wants
full service agency or part-time agency. Full service agency involves in
complete advertising functions and has large number of expert employees. It
looks upon the customers as key clients and communicates with prospective
purchasers. Where part time agency is offers services on free of cost or
project basis. They perform various outside activities and coordinate the
activities.
·
Compatibility
The
selection of advertisement agency also depends upon the compatibility of the
agency. As per the company requirement, the company hire the advertisement
agency. For that they might visit various agencies in the search of its merits
or demerits, services types. It is the method of handling the accounts and
using the available opportunities.
·
Agency Team
Under
this, the marketer might select the advertisement agencies depend on the agency
team. The Agency team includes management specialists, market researchers,
copywriters, media and design experts, production managers and directors. As
per the agency team’s experiences, thinking and attitude and their
personalities have positive effect on the selection process.
·
Services
Different
advertisement agency provide various services and the services provided by the
agency can evaluated with a view to chose the best advertisement agency. The
services such as accounting, general agreements, project estimation, selling
attitudes and other services perform by advertising agencies are considered in
evaluation on their efficiency and credibility in performing.
·
Creativity
Creativity
is an important part of advertising. When the advertisement agency are capable
to provide great effort on the creativity there will be more chance on the
selection of such advertisement agency. Many business marketers don’t want to
ignore such type of agencies and have willingness to work with such agencies.
·
Problem-solving
Approach
Advertisement
agencies which have capability on problem solving approach can be more useful
and superior for the selection of the agencies. When a business organization
has problem with the promotion of any products they might search to such agency
which have probability in solving the problems.
Some other
method in selection on agencies can be years of experiences, location of
advertising agencies, images, their past performances, attitude and approach,
skill and experiences, Cost and recognition.
References
Selection of an advertising agencies (n,d) from www.drypen.in Retrieved from http://www.drypen.in/advertising/selection-of-an-advertising-agency.html
Moriarty, S., Mitchell, N. D., Wells, W. D.,
Crawford, R., Brennan, L., & Spence-Stone, R. (2014). Advertising:
Principles and practice. Pearson Australia.
William, A., Weigold, M., & Arens, C. (14th-
2013).Contemporary Advertising.New York: McGraw-Hill.
Consumer involvement can be defined
as the state of mind of consumer that motivates them to identify the products
or services they are offering, their pattern of consumption and consumption
behaviour. Involvement creates within consumers an urge to look for and think
about the product/service category and the varying options before making
decisions on brand preferences and the final act of purchase. Involvement
affects the consumer decision process and sub process such as information
search, processing and information transmission. It can also say that
involvement is the key aspect of consumer behaviour related to motivational
state. Consumers are faced with purchasing decision every day. However, all the decision is not treated as
same. Some are more complex than others and some might need more efforts by the
consumer. Involvement comes from what we think about consumer’s mind about the
product or services. We have generally two types of involvement that consumer
brings to the purchase decision and they are described below.
High Involvement
Purchase Decision
Talking from the split brain theory
(Alessandro, 2015), There brain have two sides which is generally say Left
hemisphere and right hemisphere. High involvement are generally comes through
the left hemisphere of the brain because it consider about the rational
thinking, realistic, reading, verbal information speaking, Cognitive activities
based. Same product might have different ways of involvement by different
consumer for example Yoghurt. For high involvement decision maker, they can
think as healthy food group where as for low involvement decision maker, it can
be just a snack food group. Likewise some other High involvement products can
be Clothes, TV, laptop, cars, mobiles, and washing machine because they show
social approval and more expensive and they are not purchases in regular basis.
High involvement decision making hierarchy goes from Cognition to attitude and
goes to behaviour act. In high involvement decision making the consumer first
thinks about the product and forms an attitude towards the product and they
finally act on the buying process. The consumer of the high involvement is
active consumers means they are actively involved.
Low Involvement
Purchase Decision
As we talked about the two side of
brain i.e. right hemisphere and left hemisphere and left hemisphere involved in
high decision making process which include their ration thinking, realistic,
reading, and so on does not means low involvement is bad. It is just the
different way of thinking in which the right hemisphere brain uses the non-
verbal, holistic information, emotional, impulsive and watching TV ads
(Alessandro, 2015). As discussed bellow same product might have different ways
of involvement by different consumer for example Yoghurt. Similarly another can
be wine. For low involvement decision maker it can be party drink situation and
for high involvement decision maker it can be wine buff. Other examples of low
involvement products can be Soap, tooth paste, exercise book, breakfast cereal,
tea and coffee because consumer frequently purchases these products but not
always. They can also be high involvement as they purchases rationally. In the
low involvement decision making the consumer goes on hierarchy or Cognition to
behaviour and to Attitude. In low involvement decision making consumer first
think about the product and we act on buying process and last they form the
attitude towards the products in the base of their experiences and result.
Consumer of the low involvement is passive consumers. They do not participate
actively.
References:
William, A., Weigold, M., & Arens, C. (14th-
2013).Contemporary Advertising.New York: McGraw-Hill.
Sahney, S. (n,d) Consumer
behaviour. Module-6. Kharagpur, India: Vinod Gupta School of Management.
Consumer behaviour (n,d). Consumer Involvement and buying behavior | Types of Consumer
Involvement From www.accountlearning.com Retrieved from: http://accountlearning.com/consumer-buying-behavior-types-of-consumer-involvement-in-purchasing/
Alessandro, S.D. ( 2015, April 20). Lecture 8: Learning and consumer involvement.
[Video file]. Retrieved from https://www.youtube.com/watch?v=U83M-8vdBYw