The transaction is recorded chronologically in the journal. All the transactions are recorded through journal entries. The third step is to post each journal
entry to the appropriate ledger accounts. The journalized transactions are posted to the account that it impacts. The accounting cycle requires summarizing of the entries pertaining to a particular period in a trial balance. A trial balance is essentially a list of all accounts and provides an overview of the various types of financial transactions entered into by any organization during a period. After preparation of trial balance, the next step is recording the adjustments like adjusting prepaid/outstanding expenses, recording advance/accrued income, etc. The purpose of adjusting entries is to match incomes with expense during the accounting period. One of the most important steps of the accounting process involve preparing the financial statements. Final step of the accounting process involves closing the books for the revenue and expense accounts which leads to begin again the entire cycle with zero balances.

Four Ps are identified to be the initial letters of the most fundamental marketing actions, namely, product, price, place (distribution), and promotion.

In order to talk about a useful segmentation, the following conditions must be met:

1. People in the same group should be homogenous, i.e. similar to each other in one way of another. This is in fact the basis of effective segmentation: each segment must be similar in terms of needs or chosen characteristics.

2. People in different groups should be heterogeneous. Together with the first point, this would demonstrate that consumers are effectively divided into sets of differentneeds.

3. Some data should be available for each segment so that measurements can be made as regards to the size of the market, the general characteristics of consumers constituting that market, details of their buying behavior, and thus, the overall attractiveness of the segment.

4. The segments should be substantial either in terms of number (sales potential) or in terms profit per unit sold (profit potential). Each company is likely to have a “minimum” requirement to be profitable.

5. The segments should also be accessible so that an effective distribution and communication strategy can be established.

The targeted segment should be measurable, substantial, accessible, differentiable, actionable.

An audit is an examination of a company’s financial records.

There are a lot of issues raised as regards to marketing ethics. The following list is not exhaustive:

• Invasion of privacy in marketing research

• Stereotyping in segmentation and targeting

• Uncontrolled marketing efforts towards

  vulnerable consumers, such as the elderlychildren, illiterate people, and financially disadvantaged people

• Unethical pricing tactics such as price fix-ing, price wars, and price collusion

• Ethically questionable and insensitive con-duct in advertising and promotion

• Deceptive advertising and marketing tactics such as by strong emotions like fearand sex

• Product safety issues

• Irreversible corruption of the nature and

  natural resources

• Misleading packaging

• Low-quality export/import products

• Bribery

• Over-booking and over-selling

• Intentionally creating limited supply

• Fake products

• Planned obsolescence

  • Materialism
  • Created needs and
  • Cultural corruption.

Symbolic positioning: The brand tries to capture the attention and win the hearts of consumers by focusing on ego identification, social belonging, life meaningfulness, and emotional attachments. For instance, Dove soap has positioned itself in a way that all women around the world should feel beautiful and proud. Dove does not position itself to make women beautiful, but rather make women feel at peace with their bodies.