The business environment is a marketingterm and refers to factors and forces that affect a firm's ability

to build and maintain successful customer relationships. The three levels of the environment are:

1. Micro (internal) environment – small forces within the company that affect its ability to serve its
customers.
2. Internal environment – can be controlled, however, it can't influence an external environment.
3. Macro (external) environment – larger societal forces that affect the microenvironment.[1]

People, Process, and Physical Evidence (Packaging)

Here is a detailed overview of the People, Process and Physical Evidence (Packaging) of the marketing mix. By
adding these three aspects to the marketing mix, you get what is known as the “7 P’s of Marketing.”

People. An extremely important part of any company is having the right people to support the company’s
products and/or service. Excellent customer service personnel who can provide support with clearly
known expectations, such as hours of operation and average response time, is key to maintaining a high
level of customer satisfaction. Customer service skills were discussed in lesson 9. Lessons 1 through 4
cover everything from how to lead the people, to hiring, retaining, training, and building
teamwork. Knowledgeable staff adds much value to the product offering.

Process. Solid procedures and policies that are in place, which pertains to the company’s products and/or
service, is an extremely valuable element to the marketing strategy. Customers want to understand more
than just your product; they also want to focus on the shape and form your business will take.

Physical Evidence/Packaging. This refers to the way your product, service, and everything about your company,
appears from the outside. Decisions need to be made about the size, shape, color, material, UPC bar code, and
label of the packaging. This should be customer tested and updated when needed. It should fall in line with your
other product offerings as well. Packaging involves the visual layout, practical setup, and when needed for
products, clear and precise installation instructions.

Product liability insurance is needed in case anyone suffers any harm from your product. Engineering tests are also
needed to make sure the package can stand up to abuses. There may also be regulatory issues to consider.

Visual packaging of a tangible product can make or break a purchase. Small improvements in the packaging or
external appearance of your product or service can lead to completely different reactions from your customers.

It is also important in selling and marketing services and intangible products that you can’t see, but that you can
provide the support needed to the customer who can see and feel the physical evidence.

Physical Evidence can also refer to the people within your company and how they dress and act. It can refer to
how your office is set up, the professionalism of your staff, nice brochures, how you interact with your customer
base, and every single visual element about your company.
The Four Industry Types

An industry can be classified in one of four market types:

1. Pure competition.

Pure competition is a market structure in which there are many competing firms selling identical products

or services. Very few, if any, industries in the real world are purely competitive, because it is believed that

each company has at least a small amount of monopoly power. Economists still find it useful to analyze

this market structure, because it allows us to better understand the other three more-realistic market

structures. We learn about pure competition in this unit. The farming industry is one of the closest cases

of pure competition in the United States, and is highlighted in Section 7.

2. Monopoly.

A monopoly is an industry with only one seller. The product that the firm sells has no close substitutes.

Monopolies can be firms that are granted exclusive production rights by a government. They can also be

firms that have attained monopoly powers through efficient free market production methods and

economies of scale. We analyze monopolies in Unit 7.

3. Monopolistic competition.

Monopolistic competition is a market structure in which there are many small firms selling slightly

differentiated products or services. Monopolistic competition is different from monopoly. The emphasis in

monopolistic competition is on “competition.” In a monopoly industry, there exists no or very little

competition. In a monopolistically competitive industry, there are many competing firms. We study

monopolistic competition in Unit 8.

4. Oligopoly.

In an oligopoly industry, a small number of firms is responsible for the majority of the sales. Because firms

in this industry are usually big, actions of one firm (for example, a price cut or an aggressive advertising

campaign) significantly affect actions of rival firms. Sometimes oligopoly firms collude (work together) in

order to make larger profits. We look at oligopolies in Unit 8.

Marketing management is the directing of an organization's resources to develop and
implement the best possible strategy in order to reach its desired consumer segment with the
goal of maximizing sales of a particular product or service.

Marketing Ethics and Social Responsibility

Scott Brady

Marketing ethics can be described as formulating policies to establish practices which

are transparent and trustworthy. It is establishing marketing policies for corporate
sectors where actions show integrity and fairness to consumers and all other
stakeholders. (Murphy, Laczniak, Bowe&Klein,2005). The main purpose of marketing
ethics is to address principles and standards for developing acceptable conduct in the
market. (Ferrell, 2005)

Relationship between the consumer and the organization is a covenant which is based
on mutual trust, integrity, honesty and fairness. For all practical purposes, the consumer
is one of the most important stakeholders in the organization. It is imperative that the
firms work under moral codes which can prove to be the core building blocks in
maintaining consumer-organization relationship.

The firm’s activates directly or indirectly affect the stakeholders, be they individuals,
groups or communities. (Freeman, 1984). With the continuous growth of business,
industry and increased push for marketing efforts, ethics is rising to be the top of
corporate agenda. (Kotler et al, 2002)

Marketing ethics and social reasonability should go hand in hand. It is the social
responsibility to formulate policies which are acceptable ethically and which work not for
maximising the profits of the organization but which aims at the larger interest of all the
stakeholders.
History of accounting
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Portrait of Luca Pacioli, attributed to Jacopo de' Barbari, 1495, (Museo di Capodimonte).

The history of accountingor accountancy is thousands of years old and can be traced
to ancientcivilizations.[1][2][3]
The early development of accounting dates back to ancient Mesopotamia, and is closely related to
developments in writing, counting and money[1][4][5] and early auditing systems by the
ancient Egyptiansand Babylonians.[2] By the time of the Roman Empire, the government had access
to detailed financial information.[6]
In India Chanakya wrote a manuscript similar to a financial management book, during the period of
the Mauryan Empire. His book "Arthashasthra" contains few detailed aspects of maintaining books of
accounts for a Sovereign State.
The Italian Luca Pacioli, recognized as The Father of accounting and bookkeeping was the first
person to publish a work on double-entry bookkeeping, and introduced the field in Italy.[7][8]
The modern profession of the chartered accountant originated in Scotland in the nineteenth century.
Accountants often belonged to the same associations as solicitors, who often offered accounting
services to their clients. Early modern accounting had similarities to today's forensic accounting.
Accounting began to transition into an organized profession in the nineteenth century,[9] with
local professional bodies in England merging to form the Institute of Chartered Accountants in
England and Wales in 1880.[10]