How Enrons Demise Was Led By The Greed And Greed Of...

Enron’s demise was led by the arrogance and greed of senior executives. The belief was they had to be the best business leaders in the United States. Many also believe that there was a conflict of interest with the auditing firm because not only did they serve as the auditing firm, they also served as a consulting firm to Enron. This enabled them to fabricate financial statements by building assets and hiding debt from investors. The loss of the recorded $1.2 billion shareholders equity meant that many victims of this fraud lost their jobs and their retirement funds. STRATEGY 1: UNDERSTAND THE CULTURE AND DYNAMICS OF CONFLICT The company Enron was formed in 1985 after two natural gas companies, Houston Natural Gas and InterNorth merged together. Kenneth Lay, former chief executive officer of Houston Natural Gas was named CEO of Enron and a year later, Lay was assigned to the chairman of Enron. A few years later, Enron launched a website to allow customers to buy stock for Enron, making it the largest business site in the world. The growth of Enron was rapid; it was even named seventh largest company on the Fortune 500 list; however things began to fall apart in 2001. (News, 2006). In the third quarter of that same year, Enron posted an enormous loss of over $600 million in four years. This is one of the reasons why one of the top executive resigned even though he had only after six months on the job. The stock prices of Enron fell dramatically.Show MoreRelatedEnron Corporation : The Biggest Gas Transmission System Essay1081 Words   |  5 Pagesstarted in 1985 by Kenneth Lay and was the result of a merger between Houston Natural Gas and InterNorth Corporation (Madsen Vance, 2009). Enron had the biggest gas transmission system in the U.S which consisted of a network of 38,000 miles of pipeline (Giroux, 2008). After the addition of Jeffrey Skilling, Enron transformed itself from a producer and distributor of natural gas to a trading company (Chandra, 2003). Enron lobbied hard for deregulation and was capable of being able to trade almostRead MoreThe Reprehensible Story Of The Enron Corporation1680 Words   |  7 Pagesthe attention of the public for more than a decade. Not only was this scandal highlighted largely due to the widespread publication of the Enron Corp’s actions in the newspapers and television but must notably their substantial contradictory actions against not only basic ethics but Enron’s published Code of Ethics. Outlining the reputation of Enron, Kenneth Lay, Chairman and Chief Executive Officer (CEO), in a foreword within Enron’s Code of Ethics stated, â€Å"to be proud of Enron and know that itRead MoreThe Culture And Dynamics Of Conflict2083 Words   |  9 PagesDYNAMICS OF CONFLICT The company Enron was formed in 1985 after two natural gas companies, Houston Natural Gas and InterNorth merged together. Kenneth Lay, former chief executive officer of Houston Natural Gas was named CEO of Enron and a year later, Lay was assigned to the chairman of Enron. A few years later, Enron launched a website to allow customers to buy stock for Enron, making it the largest business site in the world. The growth of Enron was rapid; it was even named seventh largest companyRead MoreIndividual Reflection Paper: Worst Team in History: Enron1961 Words   |  8 Pagesfocus on the internal operations, the contributions of the team members and how well they all work together. A successful team, from managements’ point of view, is the impact of the team on the organization; their focus is on the end result not the way the team interacts with one another. (Levi, 2007) This paper will discuss the Enron Scandal. The major players of the Enron Corporation made a successful team that through greed and arrogance bankrupted the entire company, making them one of the worstRead MoreEnron Case Study2596 Words   |  11 Pagesprice and market risk† (Ackman). Along with selling oil and gas, Enron was an inventive market maker for the sale of gas related products. With market making activities and trading, Enron’s growth went from a simple regional supplier of energy to a global financial power. â€Å"In some ways, Enron functioned like a stock specialist on the floor of the New York Stock Exchange (NYSE). It acted as both a dealer, trading for Enron’s accounts, and a broker, trading for others who made orders to buy or sell†Read MoreEnron Case2186 Words   |  9 PagesPart B: What role did the CFO play in creating the problems that led to Enron’s financial problems? In order to prevent the losses from appearing on its financial statements, Enron used questionable accounting practices. To misrepresent its true financial condition, Andrew Fastow, the Enron’s CFO, takes his role involving unconsolidated partnerships and â€Å"special purpose entities†, which would later become known as the LJM partnership. Taking advantage from the SPEs’s main purpose, which providedRead MoreThe Rise of Enron Essay examples1632 Words   |  7 Pagesscandal was considered to be one of the most notorious and compelling business ethics cases in modern generations. It’s was a textbook version of what can go wrong in an organization that lacks a true culture of ethical standards. Investors and the media once considered Enron to be the company of the future, but as its demise suggests, it was in reality not a particularly modern business organiz ation, especially in its approach to ethics. The corporate actions that led to Enrons demise were notRead MoreEnron Case Study Essay2248 Words   |  9 Pagesincluding concealing debts so they didnt show up in the companys accounts. As the depth of the deception unfolded, investors and creditors retreated, forcing the firm into Chapter 11 bankruptcy in December. More than six months after a criminal inquiry was announced, the guilty parties have still not been brought to justice. Leaders Leadership is critical to the creation and maintenance of culture; there is a constant interplay between culture and leadership. Leaders create the mechanismsRead MoreEnron Case7190 Words   |  29 PagesMatt Rollings ENRON Page 1 of 27 Table of Contents Executive Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..3 (I) Introduction to the Enron case and the organizations involved†¦Ã¢â‚¬ ¦. 5 Background information industry†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 5 Organizations and officers involved†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..6 Accounting firm and partners involved†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.8 Enron’s industry†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 9 Enron’s injured parties†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 10 (II) Enron’s accounting fraud and misrepresentation†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 11 ExplanationRead MoreLeadership Related Title. By Julien P Lewis. Embry-Riddle1487 Words   |  6 Pagesin comparison to a corrupt one. The CEO and founder of the e-commerce giant Amazon.com, Jeff Bezos, compared to the infamous former CEO of Enron, Ken Lay, is a perfect example. Prior to comparing two modern age leaders to determine which was great and which was corrupt, it is necessary to determine what defines a company’s leader as great. While a substantial profit margin is a good way to measure success, it is not the key to succeeding long term. To succeed long term in a company that focuses

Internet Marketing Relevance and Consumer Attitudes toward...

This paper discusses internet marketing relevance and investigates antecedents of consumer attitudes toward Internet Advertisement. The analysis is based on a consumer survey conducted in India as well as other countries. For this purpose, a representative quota sample of Internet users in India has been interviewed. The finding of this study provides marketers with an understanding of consumers, their attitude toward advertising, so designers and marketers can better strategize their advertising designs. Internet advertising, aka Web advertising or online advertising, is a fast growing business. It has already proved to be significantly important in digital economics. For example, it is vitally important for both web search engines and†¦show more content†¦Mostly data for this survey was collected from Internet users among students, employees and entrepreneurs in India in summer 2011. A purposive sample was recruited with the assistance from professional survey research companies. Overall, 190 questionnaires were collected from employees, one hundred ninety two from entrepreneurs, and one hundred ninety six from the students. This sample is considered a representative of the population. Pilot study was also conducted to test the validity and reliability of the research. Over the years Internet advertising, aka Web advertising, is a fast growing business. Plus, â€Å"online advertising†, also called Internet advertising, uses the Internet to deliver promotional marketing messages to consumers. It has already proved to be significantly important in digital economics, for example, â€Å"it is vitally important for both web search engines and online content providers and publishers because web advertising provides them with major sources of revenue†. Its attendance is increasingly important for the whole media industry due to the influence of the Web. For advertisers,Show MoreRelatedThe Challenge Of Maintaining And Improving Brand Management For Procter Gamble1118 Words   |  5 Pagesconsulting paper aims to focus on the challenges of Procter Gamble in the area of brand management. The topic of brand management is an important aspect of multi-national companies like Procter Gamble especially in the area of consumer goods. The tasks be ing encountered by consumer goods companies like Procter Gamble present the highly complicated business environment characterized by increased global competition, the need to diversify products, and the pressure to reduce cost while maintaining brandRead MoreDigital Marketing And Evolving Technologies Essay1165 Words   |  5 PagesJuly 15, 2015 Digital Marketing and Evolving Technologies Marketing has always been on the cutting edge of technology. The communications technology explosion of the past 40 years has created a complete melding of technology and marketing. Technology not only needs marketing to identify customers and sell products, but marketing must optimize its use of technology to locate and target customers. Universities are offering degree programs in digital marketing. Digital marketing is the promotion ofRead MoreUsing Instagram : Motives For Its Use And Relationship1272 Words   |  6 Pagesand its relationship towards contextual age and narcissism. The study uses a survey distributed to 239 college students. The finding shows that the major four motivations are â€Å"surveillance/knowledge about others†, â€Å"documentation†, coolnessâ€Å" and â€Å"creativity†. Among these four motives, â€Å"surveillance/knowledge about others† is the most influential motivation that leads to the use of Instagram. 42. Shen, G. C., Chiou, J., Hsiao, C., Wang, C., Li, H. (2016). Effective marketing communication via socialRead MoreHigh Competitive Business Environment : Advertising And Marketing Essay2168 Words   |  9 Pagesenvironment, advertising has become an important commercial activity to attract and convince consumers in their buying decisions. Organizations assign a large percentage of their revenues to spend on mass media and direct advertising and marketing (Romaniuk Sharp, 2003). Advertisements can be through different medium, including print, electronic, and online media to promote and communicate products and services information As an institution, or related with marketing and advertising will find itsRead MoreInternational Marketing: Factors to be Considered in Foreign Markets1657 Words   |  7 Pages1.The International marketing is defined as performance of business activities including price, promotions, product and distribution decision and then the task of marketing res earch is to systematically collect data, process it in to valuable information which is vital for marketing decision. The information of host country on political stability, cultural attributes and geographical characteristic are required for sound for foreign markets. Information on economic general data on level of growthRead MoreNew Approaches to the Business-to-Business Marketing Communication3845 Words   |  16 PagesISSN 1822-6515 EKONOMIKA IR VADYBA: 2011. 16 ISSN 1822-6515 ECONOMICS AND MANAGEMENT: 2011. 16 NEW APPROACHES TO THE BUSINESS-TO-BUSINESS MARKETING COMMUNICATION Eva ChlebiÃ… ¡ovà ¡1, Jana Kyzekovà ¡2, Markà ©ta ZajaroÃ… ¡ovà ¡3 1 Technical University Ostrava, Czech Republic, eva.chlebisova.st@vsb.cz Technical University Ostrava, Czech Republic, jana.kyzekova.st@vsb.cz 3 Technical University Ostrava, Czech Republic, marketa.zajarosova@vsb.cz 2 Abstract Approach to the business-to-businessRead MoreAdvertising Avoidance Provided By Kelly, Kerr, And Drennan2446 Words   |  10 Pagesadvertisement from consumers. As we see in the model of advertising avoidance provided by Kelly, Kerr, and Drennan (2010), two of the leading factors to advertising avoidance which leads to behaviors involve skepticism. This includes skepticism about the message itself and the medium. When there is skepticism, there is avoidance. Where there is avoidance, there is a cognitive distrust and a behavioral avoidance. Having skepticism around an ad will nine times out of ten lead to distrust in a consumer. Once youRead MoreMarketing Communications Proposal for Bulldog Natural Grooming3558 Words   |  15 PagesMarketing Communications Proposal for Bulldog Natural Grooming 1) INTRODUCTION The UK men’s skincare industry was a  £57 million a year industry in 2008 and is highly competitive. It is still a miniature market when compared to the women’s skincare revenue which was 10 times higher in the same time. (http://www.mintel.com/press-centre/press-releases/237/mens-skincare-market-just-doesnt-scrub-up). It is under these circumstances that Bulldog was established by Simon Duffy and Rhodri FerrierRead MoreThe Marketing of Products to Children2086 Words   |  9 PagesDo you think that the marketing to children is a social problem? INTRODUCTION The marketing of products to children has continued since the emergence of the free market policy in the 20th century. However, in the recent decades, there has been a drastic increase in the expansion of marketing efforts targeted at children. The average child views thousands of television and print advertisements every year includingRead MorePresentation Chapters 3 51422 Words   |  6 PagesNicole Fiamingo’s Presentation MKT 730 – Marketing Research February 17, Dell Printer: â€Å"The New Kid On The Block† http://www.youtube.com/watch?v=42mNRePWIME Chapter 3 Research Design Marketing Research Proposal 1. 2. 3. 4. Executive Summary Background Problem Definition Approach to the problem 5. Research Design 6. Fieldwork/ Data Collection 7. Data Analysis 8. Reporting 9. Cost and Time 10.Appendices What the Research Design Includes 1. Define the information needed 2. Design the exploratory

Linguistics Describing Meaning of Words free essay sample

In trying to understand language, linguists who study semantics have always been concerned with explaining the meaning of words In natural languages such as English. Several problems have surfaced from an examination of the various exulting methods used to describe the meaning of these words, in particular dictionary definition, binary descriptors and referents. Context is also an important consideration when defining meaning.The dictionary definition of a word has been a problem because of Its vagueness (Hinkler, 2012), According to Winker (2012), because dictionary uses words to define rods generally, therefore the different sense and connotations of each word will result in an array of interpretations. To illustrate, the dictionary defines meaning as logical connotation of a word or phrase. However, the word logical is ambiguous in this case such as to whom and how (ibid. ). Linguists then attempted the use of binary descriptors to remove vagueness of word definitions.A binary descriptor Is a list of properties used to describe concepts, for example, mare as *equine *female *mature, eliminating the ambiguity (ibid. We will write a custom essay sample on Linguistics: Describing Meaning of Words or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page ). However, no list of terms can be joined to give a clear definition of abstract words, such as happiness, self (Hinkler, 2012) or freedom (Frocking, et al, 2005). Additionally, gradable words like coldness and slowness are subjected to individual interpretation (Hinkler, 2012). The problem of definition Is also assumed to be solvable by referents.According to Hinkler (2012), referents describe meaning by referring words to items existing in real life. However, there are numerous drawbacks with this method. Firstly, function words such as on, an and but do not have any referent (ibid. ). Certain nouns do not have referents as well. For instance, we may portray a picture of an elf or demon in our mind through movies or books, but these things do not have referents in real life (Ibid). Even things that exist but are not specified have the same problem (Ibid).For example, assassin in the sentence The kings assassin perished In the blast, Is usually an unknown being, though we do know from sense that it is a human and killer of important personnel et al, 2005). On the contrary, there are also things which do not exist but makes sense. In the sentence No human is indigenous to Antarctica, the non-existent being has no physical and rational referent even though the meaning Is understood (Hinkler, 2012). The distinction between various individuals perception of the word presents a further problem to using referents.The word mother has a clear lexical meaning, but mother represents a varying set of qualities distinct to each individual, such as age, height and personality differences (Hinkler, 2012). Lastly, factors Like geographical location can lead to different Interpretation of a word. Will disagree with the dictionary definition of a river as a large natural stream of water . This is because rivers there are only filled with water for a few weeks annually. It is indisputable that linguists consistently face problems when trying to accurately describe the meaning of English words.

Sompack a Turkish Manufacturer Essay Example

Sompack a Turkish Manufacturer Essay SomPack which is a Turkish manufacturer, had to make a hard decision about its substantial corporate strategy, because in the mid-1990s SomPack realized that China was a threat. China had been making inroads into U. S. Market. The main issue was the labor cost differentials, so SomPack tried to set some ways to reduce labor costs and increase the capacity. The company took a step to product assembly that is the lipstick mechanism and the mechanism was high volume component that has multistep process. They had a machine custom-designed, but the machine was so sensitive to operate and defects occurred. Then, they decided to redesign the parts of assembly to decrease material cost, but it also did not work well. If they would have the workers assemble the parts manually, it would have more cheaply than the machine. SomPack customers used to order large demand and the company was on the top, but the Chinese suppliers started to get those demands. Based on all past experience, company decided to go for low-cost Chinese moulding machines. For SomPack industry, they still found cost differentials of more than fifty percent relative to Turkey. Thus, they were trading a good line to decrease their costs based on cheaper equipment and selective outsourcing, while not decreasing the quality and service of the final product they ensure their customers to any reasonable extent. INTRODUCTION Since the mid-1990, SomPack, a Turkish manufacturer of cosmetics packaging products, had been having rough days because of the Chinese suppliers who produce lower-cost and lower-quality goods, as a competitor. SomPack started the job by making injection moulds for plastics products. We will write a custom essay sample on Sompack a Turkish Manufacturer specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Sompack a Turkish Manufacturer specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Sompack a Turkish Manufacturer specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The company entered the business with mould making for electronics, home products and automotive industries. In 1980`s SomPack started to packaging cosmetics stuffs. SomPack was famous with their production quality and good customer relations. It was a family-owned group. To make a decision between choosing low-cost and low quality products strategy, I recommend SomPack to no to change their substantial strategy based on high quality of the product, according to the customer`s satisfaction. The question is; should Turkish manufacturer of osmetics packaging called SomPack, change their strategy through reducing the quality of either process or products in order to compete with low-cost products from China, or, should SomPack try to resist Chinese low-cost products and try to keep their product quality same? The case is dealing with the research through the decision of joining them, instead of beating them. BODY OF PAPER OPTIONS It is a decision case that company has two options. The f irst option is changing corporate strategy that means decreasing the quality of a product or still having same corporate strategy that means high-cost, but also high quality. CRITERIA As for criteria, SOMPACK believed that if they increase the quality, they would not compete with its international and local competitors. That is, they are facing with low-cost competition in the international and local market. Moreover, low quality and low cost products were increasing in market share. SomPack could not adjust ERP system. Productions were based on estimates and for large sizes that sought to minimize set up times utilize any spare capacity. However, with orders varying substantially, often the company produced too many parts of one type and had store them, while at other times there were not enough parts for a new order. The other criterion is SomPack had some strategic faults about choosing mould machines. For example, they told that the expensive machine is the best and it would decrease the labor costs, but they could not use the machines that they need to use. Thus, it causes some problems about the moulds and to fix they had to pay much more for labor costs. Another criterion is SomPack`s customers` demand cheap products. Moreover, SomPack loss their suppliers and the customers due to the Chinese affects in cosmetic market. Lastly, large customers who could control suppliers in China increasingly preferred to deal with them directly. Customers increasingly approached SomPack for smaller order quantities, and when they needed to change their product mix often, so SomPack could not have depended on Chinese suppliers for such products either. FACTS Facts are related to criteria. There are some economic and also social facts that are connected to economic ones. Economic facts are that the company was trying to reduce labor costs, product quality by the use of cheaper raw material, use of cheaper costs and machines. Also, the social facts occurred due to loss of customers. Those customers started to look for new countries to find a new company. That is, SOMPACK was famous with its quality products and good customer relations, but they had to decrease costs because of the fact that global crisis and foreign competition had increased. ACTION PLAN SomPack`s goal is to be different than the other companies on the base of production`s quality and service. SHORT-TERM STEPS SomPack should reduce the costs as much as they can by the use of cheaper equipment and selective outsourcing, but at the same time they need to keep the quality and service high. Furthermore, they need to hire ERP expert to adjust the system better. LONG-TERM STEPS For the long-term steps they tried to find a better Chinese partner and try to be competitive in the market. They should play active role in expo. Through presenting their products. Also, they can train effectively their workers about the use of moulding machines. Lastly, they need to get more certificates. RISKS According to short and long terms there are some risks; first of all quality can reduce and it causes loss of the customers who value quality. Because of low-cost raw materials using products can be nondurable and those products returning costs could be much more higher for the company. CONCLUSION In conclusion, as I mentioned before it is a decision case and my decision is same with the company`s last decision which is â€Å"If you can`t beat them, join them. â€Å"That is, it was not the right time to take the risk of investing heavily in increasing quality. I preferred first option because, the first option aims reducing the cost of production. I do not prefer second option because; SomPack would go with high cost productions that decrease the profit margin. Moreover, even though they aimed to differentiate themselves based on quality and service, it was not the right time to take the risk of investing heavily in increasing quality across the board with hope they could attract much larger and better customers. References http://whatiserp. net/erp-basic-knowledge/erp-software/ Source: http://blogs. cfr. org/setser/2008/11/10/does-a-bigger-boom-imply-a-bigger-bust/#more-4021 Source: http://teknikkalipplastik. com/urunler. asp? dil=53 http://www. tradekorea. com/products/plastic_moulding. html