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Introduction to Sustainable Marketing

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Environmental Sustainability Consumers increasingly demand purpose over profits from the brands they work for, shop for, invest in, and allow within their communities. In fact, an  IBM  study on consumer behavior indicated that 57 percent of consumers would alter consumption habits to be more environmentally conscious, and nearly 80 percent of survey respondents indicated that sustainability is essential. 10   Therefore, sustainability is a business imperative. As defined by Philip  Kotler , Professor Emeritus at Northwestern University, “the concept of sustainable marketing holds that an organization should meet the needs of its present consumers without compromising the ability of future generations to fulfill their own needs.” 11   In other words, products and services consumed today should not harm consumers of tomorrow. Sustainable marketing  infuses purpose into socially conscious brands, products, and services. Marketing seeks to differentiate the br...
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GST Composition Scheme

  Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 1.5 crore*. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75* lakh.  As per the CGST (Amendment) Act, 2018, a composition dealer can also supply services to an extent of ten percent of turnover, or Rs.5 lakhs, whichever is higher. This amendment will be applicable from the 1st of Feb, 2019. Further, GST Council in its 32nd meeting proposed an increase to this limit for service providers on 10th Jan 2019*. Turnover of all businesses registered with the same PAN should be taken into consideration to calculate turnover. The following people cannot opt for the scheme- ·         Manufacturer of ice cream, pan masala, or tobacco ·      ...
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Important Formulae for Unit Costing/ Cost Sheet

 NUMBER OF UNITS PRODUCED = No of Units Sold- Op Stock of Finished Goods( Units)- Cl Stock of Finished Goods( Units) COST OF DIRECT MATERIALS CONSUMED Op Stock of RM+Purchase of RM+Expense on Purchase- Returns- Cl Stock of RM- Scrap Value if any                              or PRIME COST- Direct Labour- Direct Expense or  No of Units Produced x Direct Material Cost per unit DIRECT LABOUR COST No of Units Produced x Direct Labour Cost per unit Or PRIME COST- Direct Material- Direct Expense PRIME COST OR DIRECT COST FORMULA DM+DL+DE OR Works Cost- Works OH- Op Stock of WIP+Closing Stock of WIP
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Unit Costing

 Unit costing or output costing is that technique of cost accounting in which the cost of production of a unit of output and total cost of production is ascertained. This method is also called the single costing because the process of production comprises only one stage or a single operation.  For example: brickwork, paper mills, milk dairies etc.  DEFINITION Walter W. Bigg, “ Unit costing method is a method of costing applied to ascertain the cost per unit of a production where standard and identical products are manufactured.” J. R. Batliboi, “Unit costing or output costing may be defined as, Single or output cost system is used in business were a standard product is turned out and it is desired to find out the cost of a basic unit f production.”   NAME AND COST UNIT OF SPECIFIC INDUSTRIES: Following are the cost unit of some specific industries: Name of Industry Cost Unit 1 Textile Industry Per Metre 2 Brick Industry Per 1000 Bricks 3 Milk Industry Per Liter ...
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