The world we live in is facing myriad problems related to business economy and environment. Various negative factors such as overpopulation, bio-degradation, climatic imbalance, over-pollution, rapid industrialization and depletion of natural capital are gradually degrading our mother earth and threatening the very existence of mankind. Environmental conservation and business economy have become global concerns. There is an ever-increasing need to combine profit-making business practices with environmental concerns. Many countries have started enforcing binding environmental regulations and heavy taxation on companies showing negligence towards environmental responsibilities. This has compelled companies to innovate and reduce waste and maximize profits by economizing on the scarcest resources available. Many environmentally conscious enterprises have started developing green and eco-friendly products and services as a differentiation-based corporate strategy to enhance their image in the marketplace. Green consumerism is spreading in the world and so is green consciousness. Consumers today are being motivated by green philosophy.
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