The Value of Market Auditing Essay - 1211 Words

Assess the value to small businesses of carrying out marketing audits. Illustrate your arguments with reference to an existing small business of your choice In this essay I will be assessing the value of Market auditing for small businesses using the firm Abel and Cole as a model. Market auditing is the means by which a company can understand how it correlates to the environment in which it operates. It is a way by which a company can identity its own pros and cons as they relate to external opportunities and threats. It should be undertaken as part of the planning cycle, on an annual basis rather than a desperate response to an immediate crisis. Abel and Cole is a small private limited company, operating in the niche organic food†¦show more content†¦They forbid the use of â€Å"routine antibiotics† as well as insure that the animals bought from their farmers are allowed to mature naturally â€Å"so they do not suffer the health problems associated with accelerated growth† Although Abel and Cole have much strength’s they do have a few weaknesses. One of Abel and Cole’s weaknesses is that they do not hold any significant market share in the organic market as â€Å"40 percent of sales come from farmers who deliver food grown in their fields or raised in their barns†. The organic food market itself only accounts to â€Å"1-2% of food sales worldwide. Abel and Cole do have opportunities that they can take advantage of. The organic market as whole has grown by â€Å"22 per cent to  £1.93bn, with annual growth of 27 per cent in the past decade.† Recently Abel and Cole were linked with a 40m pound injection from Phoenix Equity Partners. This will allow Abel and Cole to deliver to even more locations thus helping them gain more market share. Able and Cole should also benefit form an increasing number of fair-trade goods being purchased as ‘consumers spent 1.1 billion on Fair-trade Certified Products in 2006’ An increase of 42% on the previous year. Like any small business, Abel and Cole have threats which they have to face. The recent credit crunch which has had a huge influence on food prices of late will be something Abel and Cole have to dealShow MoreRelatedImportance of External Auditors1110 Words   |  5 Pagesof the external auditors is impaired, the public will doubt the quality of professional auditing services, and the consequence would be very serious, just like the bankruptcy of Enron led to the disorganization of Arthur Andersen, once a giant accounting company in the world. In order to maintain and increase the independence of external auditors, some activities should be undertake to avoid the overdue market competition in professional accounting industry and enhance the supervising ability of theRead MoreEnron Corporation : The Enron Scandal Essay1172 Words   |  5 PagesHowever, in some cases auditors can fail to recognize – or intentionally ignore – misleading data within a company’s fin ancial statements, leading to negative outcomes for lenders and investors. This report will discuss the Enron scandal in which the auditing firm Arthur Andersen LLP turned a blind eye to the fraudulent actions of Enron Corporation, leading to the downfall of both companies and great harm to thousands of stakeholders. Enron Corporation Background Enron Corporation was an American energyRead MoreA Framework For Continuous Auditing1295 Words   |  6 Pages A Framework for Continuous Auditing Student: Jhona Blake Instructor: Rajindralal Mohan â€Æ' Abstract Continuous Auditing is a part of a company’s internal control and is not implemented to replace regular auditing. Continuous auditing primarily focuses on frequency of risk and the effectiveness of internal control. Thus, continuing auditing is used to improve auditing organization, efficiency, and add value to a company performance. â€Æ' Continuous auditing is an essential tool in reducing wasteRead MoreAssignment of Auditing1402 Words   |  6 PagesA professional judgment is a key factor in auditing. As a result of development of auditing and accounting industry, especially after a series of accounting fraud and auditing failure cases, such as Enron and Arthur Andersen, in the last decade, professional judgments is becoming a more and more important aspect for the independent auditing industry. Recently, many countries and professional bad issued more strict auditing standards to emphasize to this point. It means the auditor should be requiredRead MoreAuditing: Financial Audit and Auditors Reports Date1266 Words   |  6 Pagesï » ¿PRINCIPLES OF AUDITING Course: Auditing Title: Auditing Operations and Completing the Audit, Auditors’ Reports Date: March 25, 2014 Justin Kealey, CPA, is auditing Tustin Companies, Inc. Kealey has accumulated known and likely misstatements for the current year to evaluate whether there is a sufficiently low risk of material misstatement of the financial statements to issue an opinion. However, Kealey notes that there are several misstatements that have beenRead MoreArgumentative Essay1538 Words   |  7 PagesComparability of financial statements 3 1.4 Auditing 4 1.5 Auditor’s independence concerns 4 1.6 Credibility of financial reporting 4 1.7 Conclusion 5 2.0 Argument in favour of â€Å"Free market† regulation: 2.1 Introduction 6 2.2 Information needs 6 2.3 Market for managers 7 2.4 Market for Corporate takeovers 7 2.5 Auditing 7 2.6 Conclusion 7 3.0 SummaryRead MoreKey Concepts in Understanding Accounting and the Importance of Financial Statements1476 Words   |  6 Pagescapital markets. Another body, which operates within the SEC, is the Public Companies Accounting Oversight Board, or PCAOB for short. Now, this body is in charge of maintaining the integrity of the auditing industry. What happened was that in some of the accounting scandals that led to the passing of Sarbanes-Oxley, or SOX, some of the auditors were negligent in their duties. These auditors had consulting relationships with the same firms that they were auditing, so that they let the auditing functionRead MoreInternal Auditing And External Auditing Industry Essay1472 Words   |  6 Pagesemerging firms and laid the foundations for fierce competition amongst existing industries. Internal auditing is no exception. In order not to face complacency or obsolescence, the internal auditing industry has to be proactive and adapt to changing market trends. Indeed, the possibilities available to internal auditing in our current global economic climate are limitless. Nevertheless, for the auditing industry to remain successful in today’s fast- paced world, it has exploit every resource and turnRead MoreLaramie Wire Manufacturing Case1539 Words   |  7 Pagesoffering. The senior auditor has been assigned to auditing inventories in the planning stages of the audit, and must conduct analytical procedures. A quick visual examination of inventories revealed no problems and well organized production areas. Under the Public Company Accounting Oversight Board there are several auditing standards that apply to the audit of Laramie’s inventory accounts, and the conduct of analytical procedures. AS No. 9, Auditing Planning, is the first standard that applies byRead MoreMarketing Audit : The World s Top Hotel Administrator And Business Sector Essay1334 Words   |  6 Pagesanalysis on the role of market auditing and and market planning. MARKET AUDITING AND MARKET PLANNING Accor would under take formal market auditing and market because it helps in the creation of more market plan and also align itself for the comppetion more accurately . Marketing audit is a systematic examination of a business’s marketing environment, objectives, strategies and activities with a view to identifying key strategic issues, problem areas and opportunities. Market planning is meant to

The House Of The Mysterious And ( 1 ) - 1654 Words

It was a cold Friday in November and the leaves were running away from the house down the street. As I step outside the wind blows directly into me as if telling me to go back inside, but I do not listen and continue on to the, so called, â€Å"haunted† house of the mysterious and (1) reprobated Williams family. The neighborhood I live in is a middle-class neighborhood with decant sized houses except for this one (2) immutable eye sore of a house. The house is three stories with long narrow windows trailing up the sides, a large grand double front door and the entire house is painted in a dark grey-scale of paints. Even their grass was so dead it became a dark brown almost black and none the trees surrounding the home were bare. The (3) derange in nature calls to question, what is inside that home? And it was that question that got me into this mess in the first place. My friends and I were hanging out and one thing lead to another and I ended up being dared to go to the hous e and flirt with Cole Williams the youngest son whom they believe has a crush on me. He was chosen partly because to our friend group he is seen as an outsider due to the (4) dogmatism of immature teenagers. Cole Williams was 16 years old but looked 19 and was the color of snow with dark stormy hair and had a (5) disconsolate attitude so he did not acquire many friends. Approaching the home I clutched my fist as hard as I could and then slowly lift my hand and knocked three times on the large black door. AShow MoreRelatedTo Kill a Mocking Bird Chapter Questions 1-4 Essay1006 Words   |  5 PagesChapter 1 Chapter 1 introduces readers to the town of Maycomb, its appearance, its inhabitants, and the particular attitudes of many of its people. Find a sentence or a paragraph which illustrates each of the following attitudes/ideas. 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Four Business Types †Pros and Cons Free Essays

In my opinion, Corporation is the best form suited to venture as intended by Victoria Quentin because it is separate legal entity distinct from its owners have well defined registered by laws. These organizations are highly regulated attract capital even from outside source very easily existed infinitely. The main issues concerning the Intellectual property rights in providing licensing Marvel’s intellectual property to Universal studios are Copyright and Trademark protections to the theme parks which Disney proposed to develop by using Thor, The Hulk, Iron man etc. We will write a custom essay sample on Four Business Types – Pros and Cons or any similar topic only for you Order Now Law related to copy rights gives the author or creator of work the exclusive rights for limited time span in order to promote creativity allow control over use of artistic creations. Authors have been given powers to manage the characters (like The Hulk, Iron Man etc) as created by them any one copying it definitely attract legal provisions (Chapter 17 of the United States Code). However there is the right of public to benefit from the authors work but that too exist on supposition that once copyrightable work enters public domain, others should be allowed to benefit from it and can make make it better for the excellence of all. Where Copyright law protect original writings of an author dealt with character development and individualization protection trademark laws actually take care trademarks commercial value designed to safeguard endures against confusion as to source or authorization of an item. Therefore trademark owner has given control over use of the sign or mark in association with those goods and services for which mark symbolizes. The Securities Act of 1933 which originally introduced on account of economic crisis of 1929 and mainly focus on two main objectives: First, to ensure more transparency in financial statements so as to facilitate investors to take informed decisions and second, to establish stringent laws to curb fraudulent activities/misrepresentation in securities markets. Whereas the Securities Exchange Act of 1934 derived to provide for governance of securities transactions in secondary market to regulate stock exchanges and intermediaries (broker-dealers) to protect public investments. The main purpose of Securities Act of 1933 was to maximize the disclosure of financial through the detailed process of registration of securities. In case investor suffers losses on account of misleading information, they have recovery rights on proving that losses arises due to incomplete or inaccurate information. Whereas by means of Securities Act of 1933, Securities and Exchange Commission (SEC) was created which has broad powers authority over all aspects of the securities market inclusive of brokerage firms, transfer agents, and clearing agencies and even nation’s securities self regulatory organizations (like New York Stock Exchange, the NASDAQ Stock Market, Chicago Board of Options, Financial Industry Regulatory Authority etc). This act also provides the Commission with disciplinary powers over various regulated entities and persons associated with them include provisions for periodic reporting of certain information by companies whose shares are publicly traded. A company planning for an IPO must appoint a lead manager (book runner) who helps to determine appropriate price of shares to be issued, which can be done by either of the two methods i. e. ither through lead managers or through analysis of confidential investor demand data, which is to be compiled by the book runner known as book building process. IPO requires effective planning comprising of development of an impressive management and professional team, significant growth of company’s business so have known public marketplace, available audited financial statements following Internationally accepted accounting principles, compliance’s of various act, good corporate governance practices etc. Victoria Quentin fund raise not amount to IPO but a private placement/funding in which funds can be raised not directly from public but through private investors/ merchant bankers or private equity firms on which minimum regulations are applicable statutory provisions of an IPO are not applicable. Patent: Patent protects an invention which is novel, useful, and non-obvious. Whereas invention refers to any new article, new machine, or any process or combination thereof or any new use developed by human being but that invention must not form part of public domain nd not previously known in the public before invented. It must be new. Also that invention must be non obvious to person skilled in art. Copyright: Copyrights usually protect the works of an author like writings, music, artistic work or art work which can be expressed in tangible form. It generally gives protection to software, web, course materials, publications, electronically or non electronically, printed or non printed. Trade Mark: Trademarks gives protection to the words, names, marks, symbols, or colors etc. hich differentiate between the goods and services and direct to the source of those goods or services. Trademarks can be renewed forever to the extent they can be Trade Secret: A trade secret is an information which the organizations generally keep secret or undisclosed so as to give them advantage on their opponents/competitors. In the given instances, there is an infringement claim of patent which is design with respect to chip clip for multiple bags of potato chips another is an infringement of Copyright trademark when to use the words â€Å"Astroclaw†Ã¢â‚¬  similar to â€Å"Atomic Claw†. In order to make case their effective Victoria Quentin must prove that, there is no infringement of Intellectual Property rights. They can give evidence to prove that the designs music has already been created by them as new without copying and their claims application filed by Gunnar Alexander fails to serve the test of patentability. Shareholders defined as individuals or artificial legal person who issued stock/shares in a company with a view to get benefit with the hope of earning of profits by company. It is a sort of investment in ownership of company and get rights to the extent of their investment. Whereas stakeholders are the persons who impacted by the policies, rule, regulations working of an organization. This is the broad term comprises of whom an organization directly or indirectly associated with. It referred to as somebody who has stake or interest in actions of the company at large or even small scale. This term in connection with a corporation consists of its staff, employees, customers, supplier, vendors, dealers society in wider context. This is the term generated out of need of suitable corporate governance as well as part of corporate social responsibility. Shareholder owes fiduciary duties to minority shareholders as well as to other stakeholders comprising of society at large, means they must act in their self interest so as to maximize their profits by following corporate governance principles. I support Mr. Garfield as he is the supporter of new ideas of capitalism believes in restructuring revival mechanism of capitalism. He believes that instead of running a failing or loss making business, shareholders should accept beneficial proposal so as to evade compulsory winding up which impacted other business. He appears to be an ethical person when denied to take money from a widow. On the other hand, Mr. Andrew seems to be sympathetic towards employees, workers but actually he not grown up as manger not taken any action to replace discard technology owing to above reasons I vote in favor of Mr. Garfield as the organization runs to make profits if an organization not works well, it must be restructured in a manner so as to maximize wealth of shareholders. How to cite Four Business Types – Pros and Cons, Essay examples

Does the possession of knowledge carry ethical responsibility Essay Example For Students

Does the possession of knowledge carry ethical responsibility? Essay Is there an ethical responsibility to report instances such as murders, or is the burden not on their shoulders because they did not actually commit the crime? The individuals may or may not be responsible for acting on the knowledge, which they possess. Ethical responsibility involves the decision one must make based off of moral values, personal instincts and senses. Any individual, with the possession of knowledge, who is faced with a situation where a decision must be made is forced to weigh the possible consequences and outcomes of their actions and choices. Depending on the individual and the extent to which they posses knowledge or have experience, the degree to which most will consider the ethical implications of the action will vary. Thus, the number of people within the situation will affect the individual’s perception within that scenario. It is not possessing knowledge in general, but instead it is certain information they know that will have an effect on someone or a situation if disclosed. Humans, both male and female, find it challenging to make a decision, and face challenges when deciphering right from wrong when decision making, even if they are certain that they were wrong. However, the possession of knowledge does in fact carry an ethical responsibility for various reasons. For instance, when one witnesses a murder or observes a crime occurring, the individual must decide whether they you are going to be ethically responsible and reveal the information, potentially putting yourself in a dangerous position, or, keeping the information to yourself, meaning you will not help the victim. There is conflict present in both of these circumstances, which allows one to ask, is it worth it to put yourself in a position, which could change your entire life? Unfortunately, many have adapted to an unequal and unfair society because those who posses knowledge choose to be ethically irresponsible and make a wrong judgment, often because it will benefit themselves. For instance, my cousin recently got in a car accident, and was aware that it was his fault. However, the other driver believed it was their fault. Because my cousin possess knowledge and was certain that the accident was his fault, should he have or not have an ethical responsibility to report himself? He ended up reporting himself, because he was aware that it was ethically irresponsible for him to let the other driver take the blame and simply unfair. In addition, the other driver and my cousin worked out a fair deal without the involvement of police. Not only did my cousin learn from this experience, but as a new driver, I learned from him from this experience, since doing the right thing, or making the more ethically responsible decision is always the most beneficial, especially in a serious circumstance such as a car accident. To conclude, there is definitely a decision to be made in every situation but the focus should be more on do they have an ethical responsibility to report instances such as murders, or is the burden not on their shoulders because they did not actually commit the crime? The individuals may or may not be responsible for acting on the knowledge, which they possess. Obviously if you can help someone out you should be reporting what you witness, but with the car, it negatively affects you to make the ethical choice. In addition, emotion as a way of knowing can directly affect the decision one will make based off of their ethical responsibility. Every individual possesses emotion, and emotion is impacted by feelings, which will directly influence a choice of decision.