The history of business is as old as the human beings themselves. It developed from barter system to complex system of organizations and every passing day is introducing new developments in the modes, structures and administration in the business world. It would certainly be a difficult task to count the types of business present in the modern world. But we can say one thing with certainty that business world has seen tremendous expansion all over the world. There is no distinction of geographical regions and continents in this regard; business world exists round the globe. The progress of business world in a country is associated with its strength. Economy is rated, today, as the backbone of a country. Thus, development of business is addressed with keen attention by the all governments. Many regulating bodies work within a state for the growth of business. Moreover, a number of monitoring departments also function under supervision of the governments which monitor the implementation of business laws and note the obstacles in the way of smooth execution of business activities.
Apart from the national interests in the development of business activities, progress of business is always beneficial for the business owners. Therefore, the business organizations adopt all fair means to multiply their profits. With the introduction of modern ways of communication and transportation, there is acute competition in the business world everywhere. Both the customers and the business companies have access worldwide. Thus, all the business organizations face host of competitors for their products. This environment of competition forces the business organizations to produce those products which may attract the attention of maximum number of customers. They have to work for customers’ satisfaction to sell their products and beat their rival companies. Moreover, the development of science and technology has created a wide space for innovation in various products. It has also boosted up the standards of tastes all over the world and the customers want to buy only those products which attract them with their designs, prices and optimum utility. It also necessitates, on the part of the business organization s to be vigilant about the trends and fashions prevalent in the market.
Having global access, the customers can buy their preferred products from anywhere in the world. No business organization can claim monopoly on any product unless it creates its distinction. The business companies spend millions on the advertisement of their products highlighting their distinguished characteristics.