...Auditor Independence “Independence” refers to a person not being influenced or controlled by other people but free to make his or her own decisions or example, an independent auditor does not have any business dealings with the clients’ companies. Owing to many incidences of financial scandals worldwide, it is now crucial to ensure that financial statements of companies are properly audited by auditors. Corporate reporting should comply fully with financial reporting standards and international auditing standards. To be an independent auditor, one must not have close relationship or direct connection with the company directors and shareholders. Besides, an independent auditor must not have relatives or close friends working in the company. If auditors have direct relationship with the client companies, their board of directors or shareholders, the danger is that their judgments and opinions will be severely impaired or affected. One of the most high-profile auditing scandals in recent times is the one involving the Enron Corporation, an American energy company based in Houston, Texas. The scandal came out in the open on 12 October 2001 due to the non-transparency of the company’s financial statements. The financial statements did not clearly reflect its operations and used accounting loopholes. Its poor financial reporting allowed Enron to cover up billions of dollars in debt from failed projects and deals. Enron’s auditor, Arthur Andersen had provided...
Words: 1380 - Pages: 6
...interoffice memorandum Principles of MArketing BUSI 265 to: | Professor Fulbright | from: | katava davis | subject: | elf initiative case study | date: | February 25, 2014 | | | | | 1. What is the business need uncovered by Sears Toronto? Support your answer with facts from the case. The main business need in Sears Toronto is customer retention. The Elf initiative was launched to help increase the number of repeat customers that come into Sears. The case study stated that it was not enough to just satisfy customers because satisfaction doesn’t necessarily guarantee customer retention. By providing the customers with shopping experience that is tailored to their needs Sears hopes to be able to build he type of repeat customer base that Saks Fifth Avenue has. By addressing this issue half of issues at Sears would be solved because it cost more to get new customers than it does to retain customers. 2. Where did the “ELF” concept come from? Was this the first use of elves or personal shoppers? In not, how are personal shoppers used in other companies? The Elf concept came from the personal shopper idea. This concept had mostly been exclusive to high end retailers such as Bloomindales and Saks Fifth Avenue. Stores like Saks use personal shoppers in many ways. They have private sessions with wealthy clients who don’t want to shop with the average customers. The sales associates are also encouraged to be personal shoppers by walking the customers to their...
Words: 1023 - Pages: 5
...Portraits. Catherin Portraits can be offered in ways that depict the family’s children at major milestones like babies, toddlers, toothless, graduations. This would then follow the client into their professional career for when they when big games, or land huge business deals. 3. What value should the company’s online presence deliver? Since clients like to know that they are working with professionals. So you would need to be able to tell your client with confidence what you can do for them simply in two sentences, you look like a specialized expert who knows what they are doing and in turn, they can trust you to do it. You need to know where to target so you spend your efforts wisely. By developing specific content, programs and case studies for targeted segments, you will be much more effective in driving quality leads into your business from the Web. 4. What should the brand equity building focus on? The brand quality should focus n the quality and uniqueness of the work, the ability to capture the subject, and the importance of passing n this to a child for their own to keep one day. 5. What are the possible communications methods to use...
Words: 370 - Pages: 2
...store. It sells a variety of products including clothing, jewelry, handbags, cosmetics, and home furnishing. Nordstrom started as a shoe store as time passed they diversify their product, and they opened more stores in different locations. They sell products identical to the department stores. Nordstrom like department stores have a series of permanent products such as cosmetics, hardware, jewelry, sporting goods, among others. Another likeness to the other department stores is that they have many stores in different locations of the US. Nordstrom competes with other national, regional, and local retail and departments stores. Nordstrom’s top competition comes from retail stores that sell similar lines of apparel such as Neiman Marcus, Saks Fifth Avenue, Dillard’s, and other high-end fashion retailers. Nordstrom shares many characteristic with other retailers such as their generous exchange policy, superior customer service, the product quality. 2. Describe Nordstrom's level of service on the continuum from full service to self-service. Give an example of a store that would be on the opposite end of the continuum and explain their differences. Moving from full service to self-service paid off for Nordstrom. You will think that a customer will enjoy more the full service, because it may seems like the store is making life easier for him. However self service gives the customer a sense of freedom. The customer won’t feel like he’s wasting someone else’s time if he opts not to...
Words: 995 - Pages: 4
...“W. Labov: Case Study Martha’s Vineyard and New York” Sprachwissenschaft Englisch Hausarbeit “Sociolinguistics“ Maria Juchem 2003 List of Contents 1. Introduction 2. Labov’s motivation for studying Sociolinguistics 3. Labov’s observations in Martha’s Vineyard 3.1 Geographical and historical basics of Labov’s studies 3.2 Repetition of the studies in 1961 by Labov 3.3 Labov’s explanation of the observations 4. Labov’s studies in New York 4.1 The Social Stratification of (r) in New York Department Stores 4.1.1 Preliminary Überlegungen 4.1.2 The experiment 4.1.3 The results of the department store study 4.2 Study of Lower East Side 4.2.1 The MFY Survey 4.2.2 The ALS (American Language Survey) 5. The meaning of Labov’s studies for modern sociolinguistics 6. Conclusion 1. Topic and Introduction The topic of this term paper are “Labov’s studies in New York and Martha’s Vineyard”. Labov’s observations in Martha’s Vineyard served Labov as a model for his Master’s essay and his observations in New York as a model for his dissertation. The second chapter will give a survey of William Labov’s motivation for studying sociolinguistics. Chapter 3 is about his observations in Martha’s Vineyard. After that I’ll give a detailed description of his studies in New York (chapter 4) divided up into the two parts: First, the social stratification of (r) in New York City Department Stores (4.1) and second The Lower East Side (4.2). These studies are Labov’s most famous works and...
Words: 3380 - Pages: 14
...Industry Surveys Retailing: General Jason Asaeda, Department & General Merchandise Stores Equity Analyst JUNE 2013 Current Environment ............................................................................................ 1 Industry Profile .................................................................................................... 12 Industry Trends ................................................................................................... 13 How the Industry Operates ............................................................................... 23 Key Industry Ratios and Statistics ................................................................... 29 How to Analyze a Retail Company ................................................................... 31 Glossary ................................................................................................................ 36 Industry References ........................................................................................... 37 Comparative Company Analysis ...................................................................... 38 This issue updates the one dated November 2012. The next update of this Survey is scheduled for December 2013. CONTACTS: INQUIRIES & CLIENT RELATIONS 800.852.1641 clientrelations@ standardandpoors.com SALES 877.219.1247 wealth@spcapitaliq.com MEDIA Marc Eiger 212.438.1280 marc.eiger@spcapitaliq.com S&P CAPITAL IQ 55 Water Street New York, NY 10041 ...
Words: 29060 - Pages: 117
...Joshua Shibler Sam Lalgee The University of Texas at San Antonio Feasibility Report September 24, 2015 Included below is a feasibility report for the retail operations of five different retail companies. The purpose of this report is to compare these service operations across six major categories: I. II. III. IV. V. VI. Nature of Services and Classification Competitive Factors Tools and Service Strategies Service Operating Systems Service Quality and Benchmarking Facility Location and Site Selection Each section will be followed by a comparison and evaluation of the service operation systems within that section. The five service organizations that we will be examining in this report are: Best Buy, Wal-Mart, Sak’s Fifth Avenue, Amazon and the specialty kiosk I Play N Talk. Service Organizations Best-Buy Best Buy was founded by Richard M. Schulze in 1966 and has become a powerhouse in the consumer electronics industry. Their headquarters are in Richfield, Minnesota and they operate in the US, Mexico, and Canada. BestBuy has grown into a huge retail chain spanning over 1,400 stores. They started by the name “Sound of Music” in 1966 until 1983 where it was renamed to what we know it now as Best-Buy. Best-Buy employs around 125,000 people and they generate $40 billion annually. Amazon Amazon is not like most businesses. Although its headquarters are located in Seattle, Washington; it does not have a store location where customers can physically shop...
Words: 13435 - Pages: 54
...1 Nordstrom Case Study Nordstrom’s Success Fred Ware III Strayer University Marketing 100 May 29, 2011 Professor Niquelle Wright 2 Nordstrom’s is an upper echelon grand department store that retails the finest products for an affluent consumer. Similar department stores that operate on the same scale and market are Barney’s, Neiman Marcus, and Saks Fifth Avenue. Other less exclusive retailers like Macy’s, Bloomingdale’s, and Dillard’s are in competition with Nordstrom’s, but do not carry the same high quality merchandise. All of these retailers offer items such as jewelry, cosmetics, perfume, clothing, shoes, and accessories. Nordstrom’s inventory tends to be more upscale for the exclusive consumer. This consumer may be looking for the best product or shopping experience available in a retail operation. Nordstrom’s delivers this in exceptional style. Nordstrom’s carries a varied inventory on its floor, offering choices for men, women, and children. 2. Unrivaled customer service is entrenched in Nordstrom’s retail policies. Many times in order to appease the customer; a monetary loss is taken by the store. Customer Relationship Management as described in our textbook is a process that companies use to rank, sort, and group customers into categories. Once this step is done, customers are organized and a personal data file is created. With this data when the customer returns, the salesperson can view the customer profile, purchase history and...
Words: 1131 - Pages: 5
...Malik Yomen Estee Lauder Case Study Professor Hackenberg October 17, 2010 Estee Lauder Company was founded by Estee Lauder and her husband Joseph Lauder in 1946. Estee Lauder started the company by selling her first beauty products in beauty salons and hotels and established their first department store account with Saks Fifth Avenue in New York in 1948. Estee Lauder is now one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance and hair care products. Estee Lauder is one of the most well known manufacturers and marketers of cosmetic product line companies in the United States and is guided by the original values of quality, delivering outstanding customer service, enhancement of reputation through image, style, prestige, and pursuance of profit, but never at the expense of quality, service, or reputation that Estee Lauder instilled at the beginning. The business strategy and mission of Estee Lauder, in their own words is: “Bringing the best to everyone we touch” through a great business that is committed to uncompromised ethics and integrity. The company is always striving to give its stakeholders the maximum value for their money by continuous improvement and growth in all sectors of the company. The company is primarily managed by the Lauder family members as both the CEO and Chairman of the board are Lauders. It is unclear of the organizational structure of the company, the executive officers...
Words: 1394 - Pages: 6
...This case study looks at how it eventually capitalised on the new medium - without eroding the exclusive, aspirational qualities that are core to the world of luxury. In 2009, fashion house Burberry was feeling the pressure of the economic downturn, even though its financials had been strong over the past decade. Revenue growth dropped from 18 and 15 per cent in the previous two years to seven per cent that year, excluding the impact of foreign exchange rates, while operating profit margin shrank from about 15 per cent to 9.8 per cent. In this harsh retail environment, Burberry recognised the potential value of the digital media. In March 2009, with 175 million users on Facebook and 600,000 more joining it each day, Burberry began allocating marketing and public relations spend and dedicated personnel to pursue tech-age marketing. Building a social media presence seemed critical, but the question was, "how"? Burberry was founded in 1856 when 21-year-old Thomas Burberry, a former draper's apprentice, opened his own outdoor apparel store in Basingstoke, Hampshire, England. Soon after, the company introduced the gabardine, a water-resistant but breathable fabric, and started producing the trench coats that would become famous in England and around the world. By the end of the 20th century the brand was going through difficult times, as the company's strategy had not been consistent with the Burberry brand identity. In 1997, Rose Marie Bravo, former president of Saks Fifth Avenue...
Words: 1447 - Pages: 6
...Issues – Challenges and Opportunities 14 Strategy/Tactics/Execution/Integration/IMC Campaign 15 Copy-Message strategy/Creative brief 18 Media Plan 21 Branding 22 Product and packaging recommendations 23 Pricing recommendations 23 Distribution recommendations 23 Public Relations recommendations 24 Sales Force recommendations 24 Differentiation 24 Timeline 25 Expected Outcomes/Results/Evaluation/Future Considerations 25 Appendices 26 Media Plan 26 Budget 27 Timeline 27 Works Cited 28 Introduction The product that is going to be discussed in this IMC Project is the Havaianas Sandals which is a Brazilian originated rubber flip flop that now is sold in the shelves of fancy department stores, such as Saks Fifth Avenue, Bergdorf Goodman, Galleries Lafayette, and Via Spiga, all over the world. The brand started as being a popular footwear for all Brazilians to wear and then in less than four decades of existence, the brand became a fashion icon and today is worn by millionaires and famous people. The change also affected the prices of the product; depending on the model, the price for one pair can reach more than U$ 100.00 (Mundo das Marcas ¶ 1). For this IMC it will be planned a brand campaign that has as main goal to advertise the brand in the United States in order to increase the awareness and then, the exports not only in the country but also throughout the...
Words: 8101 - Pages: 33
...A CONTEMPORARY AUDITING REAL ISSUES AND CASES Seventh Edition Michael C. Knapp University of Oklahoma ; \ 1% SOUTH-WESTERN CENGAGE Learning- Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States CONTENTS SECTION 1 Comprehensive Cases 1 Case 1.1 Enron Corporation 3 Arthur Edward Andersen established a simple motto that he required his subordinates and clients to invoke: "Think straight, talk straight." For decades, that motto sewed Arthur Andersen & Co. well. Unfortunately, the firm's association with one client, Enron Corporation, abruptly ended Andersen's long and proud history in the public accounting profession. K Y TOPICS: history of the public accounting profession in the United States, scope of E professional services provided to audit clients, auditor independence, and retention of audit workpapers. ; Case 1.2 Just for FEET, Inc. 23 In the fall of 1999, just a few months after reporting a record profit for fiscal 1998, Just for Feet collapsed and filed for bankruptcy. Subsequent investigations by law enforcement authorities revealed a massive accounting fraud that had grossly misrepresented the company's reported operating results. Key features of the fraud were improper accounting for "vendor allowances" and intentional understatements of the company's inventory valuation allowance. K Y TOPICS: applying analytical procedures, identifying inherent risk and control risk E factors, need for auditors to monitor...
Words: 3544 - Pages: 15
...CONTEMPORARY AUDITING REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials and assignments. • Pick your own unique cover design. We recognize that not every program covers the same cases and topics in your auditing course. Chris Knapp wrote his case book for people to use either as a core e book or as a supplement to an existing book. If you would like to use a custom auditing case book or supplement the South-Western accounting book you are currently using, simply check the cases you want to include, indicate if there are other course materials you would like to add, and click submit. A Cengage Learning representative will contact you to review and confirm your order. G E T S T A R T E D Visit www.custom.cengage.com/makeityours/knapp7e to make your selections and provide details on anything else you would like to include. Prefer to use pen and paper? No problem. Fill out questions 1-4 and fax this form to 1.800.270.3310. A Custom Solutions editor will contact you within 2-3 business days to discuss the options you have selected. 1. Which of the following cases would you like to include? Section...
Words: 20989 - Pages: 84
...Arden Brazzeal Case Study #4: Blue Nile Corporate Strategy 1. Prepare a five-forces model of competition in the online retail jewelry industry. Conclude as to the strength or weakness of each force as well as the attractiveness of the industry overall. Rivalry Among Competing Sellers- There are many competitors in the online retail jewelry industry with overlapping characteristics in their business models. A very similar competitor that Blue Nile faces is Diamonds.com. Diamonds.com has expert gemologists. They offer "more than 40,000 loose diamonds" in a selection of settings. (Page 326) Their customers have the option to customize their purchases. They provide their customers with widespread educational knowledge for purchasing a diamond. They have excellent customer service by providing free shipping, an appraisal of the diamond, and non-customized orders receive 30 days to return the purchase after delivery. (Page 327) Diamonds.com offers substitute diamonds that are readily available and easily accessible to their customers. Another competitor in the diamond industry is Whiteflash.com. They too provide their customers with the option to customize jewelry. One service that they provide that is unique from their competitors is their diamond trade-up policy. This policy provides customers with a less expensive option to purchase a new Whiteflash diamond by trading in or exchanging their old diamond for a new, more expensive one. Their customer service features...
Words: 4551 - Pages: 19
...SWATCH Watch U.S.A.: Creative Marketing Strategy “Vision is the art of seeing things invisible” - JONATHAN SWIFT INTRODUCTION As speaker after speaker paid tribute to the extraordinary skills that had earned him the award of “Marketing Executive of the Year”, Max Imgruth, President of Swatch Watch U.S.A., grew more and more uneasy. Fully confident that the product that changed the watch industry forever, the Swatch watch, would enjoy continued success, Imgruth nonetheless left the need to change gears, The competition, which was at first slow to react, had begun to implement strategies that stood to erode Swatch’s position. Gazing from his privileged plane on the dais, Imgruth saw an audience that was content to rehash past successes for a night, which was nice, but no at all his style. Imgruth had recently guided his company through a fast paced and, some would say, controversial diversification program. Having already achieved spectacular success with the Swatch watch, Imgruth spearheaded a plan to establish Swatch as a total fashion enterprise. This move was accompanied by a good deal of skepticism from colleague and competitor alike. His next objective was to make sure that this year’s # 1 marketing executive did not become one of the decade’s more memorable disappointments.1 BACKGROUND-THE SWISS WATCH INDUSTRY 1985 was a good year for the Swiss watch industry. The number of finished watches shipped abroad rose 41 percent to 25.1 million and the value of watch exports...
Words: 3985 - Pages: 16
