Competitive Strategies in UK Fast Food Industry

Competitive Strategies in UK Fast Food Industry In last decade much has been discussed about the customer orientation, customer value management (CVM), customer relationship management (CRM), Customer Lifetime Value (CLV) metrics, Customer Centric organization models, customer retention, customer care many more with a new theory added each time with word customer preceding to it. But to the fact how many companies incorporate these concepts, how far theyve been successful, if so why do we still see a major shift in the needs and wants of the customers is puzzling many researchers today. What a company thinks as a market or value proposition is often misunderstood by customer and responds in completely different fashion. What is the reason for this? When a company looks at various products and values derived from it whereas customer is looking at satisfaction. The basic question is does all the strategy, innovative product features, add ons and value creation lead to ultimate customer satisfaction? All of this may seem a little contradictory. For better understanding lets take an example of fast food company, these Companies are roll out a new product every now then offering more value, in their perspective. The key point is why the customer switches over to different fast food company products or packages so often, if the products are offering value. The point to be noted is that more value propositions are being rolled out without looking at the very basic concept i.e. whether the value proposed gives satisfaction to the customers. If it is not, then it is not at all valuable. The customer is buying satisfaction. Highest value is derived when the customer is fully satisfied with his purchase. This highlights the importance of value creation for customers termed as customer value. The main purpose of this research is to understand how this customer value forms the basis in formulating the competitive strategies across various industries. Some common myths in Value Creation More is often considered value Buy one get one free schemes are rolled out. There is of course an instant sales push. However at the end of the scheme the customer feels that he had all along been paying 100% more for the products and perceives that very product as costly once the scheme is withdrawn. May switch to another product at the same price. Conclusion: Dissatisfaction leads to value erosion Myth # 2 Price is value Many business considers lower price as offering more value. More often than not lowest price products end up as the second best with a higher priced product with similar product attributes leading the market. The simple reason is the higher price product may be offering a higher satisfaction due to perceived values and imagery. Car markets are a prime example of this syndrome. Myth # 3 More Features or add ons are value Businesses load a product or service with more features thus offering a higher value. While this may be attractive if the features are not backed by adequate supports the satisfaction may be less and value is reduced. We encounter this everyday. A customer buys a product with many features but not demonstrated properly or may not be serviced properly. Enquiries may not be handled effectively. Airlines offereing add ons like free overnite accomodation are still not favored if the services, like enquiry handling, reservations, and time schedules are poor. Cell phones companies may be offering plenty of add ons like national roaming or free incoming calls etc. However if the billing is poor and billing enquiries are not addressed properly the customer is dissatisfied and leaves the service for another provider. 1.1 Aims and Objectives of the project. In this research study, the aim is to identify and describe the attributes of superior customer value how its form an important basis in building competitive strategies in UK Fast food industry. Usually these attributes of superior customer value are a complete combination of Product quality, service quality, and price (PQ,SQ,PR). From the view of consumers perspective, PQ,SQ,PR is better understood as superior customer value with the resulting experiences about the various goods or services provided by the UK fast food companies. These values of PQ,SQ,PR have been embedded in the brand image, which has the potential to affect the buying decision of the customer. It is often said that consumers are always looking for satisfaction in the form of PQ,SQ,PR attributes and brand image that drives them in their purchase making-decision. In UK, most of the fast food companies have their priority over their customers satisfaction in their organisations guidelines and having their success vi sion behind the concept of marketing. There are always implications that these UK fast food companies have to try to adopt the concept of marketing via these PQ,SQ,PR attributes, to formulate successful business strategies in order to outperform their competitors in this competent world of fast food industry in UK. 1.2 Research Methodology In this era of competitive world, creating a profitable value in the minds of the customers is tedious task and requires a lot of information. Among the wide variety of goods and services the customers perception of values can be quite subjective varying with the brand equity. Common knowledge of attributes and how these contribute values is not sufficient, rather important data must be gathered and analysed so as to provide enough information for the managers to make important marketing decisions. This research provides the required skill and knowledge for the managers helping them in solving various problems and facing various challenges in this competitive era of the fast food industry. This knowledge may also be used in formulating new business strategies. Literature will be collected from selected areas of research for the purpose of evaluation. The research must be able to evaluate and clarify this literature to provide a theoretical and methodological base for the research. Information is gathered from the two separate groups of respondent in order to analyse the respondents attitude from consumers and companys perspective respectively. The PQ,SQ,PR is analysed in the context of resulting experience and branding from consumers perspective that fast food companies must design in order to formulate competitive strategies in the era of challenging landscape of fast food in UK. The objectives of the study shall also assist the fast food companies to understand better the branding, consumers experiences and preferences towards their products and services. The purpose of the research projects will have the following area of interests. a) To determine what are the important attributes of superior customer values that the fast food company must develop to meet the customers expectation. b) To describe how these customer values designed by the companies influence the customer buying decision in the context of customers resulting experience and the branding. c) To analyse if the UK fast food companies understand the importance of building strategic customer values through marketing concept i.e. understand marketing orientation approach of building strategies and practice them. The research design will be carefully planned and structured for easy understanding, care will be taken to ensure the accuracy of the findings since, the basic purpose is to provide information regarding specific hypothesis. Firstly, research will collect various data about the customer expectations, opinions and attitudes. Precautionary measures will be taken on the all the weak points in the method of approach. In the first step of analysis, a detailed summary of the various characteristics of the respondent will be observed and analysed carefully. Later, this statistical data will be used for the reasoning of the proposed hypothesis using the evidence found sample of population studied. This is mainly to ensure the accuracy of the proposed hypothesis. Specifically, the purpose of this research is not guarantee the success of Strategies formulated by UK fast-food companies using the gathered knowledge, but only to decrease the uncertainty in decision making process and increase the probability of success. However this research will be carried in a organised analytical manner to achieve the above certainty. For this KFC is a selected organisation considered for this research. The findings of this research shall then lead to a better understanding of superior consumer value that act as a base in formulating competitive strategies in UK fast food industry 1.3 UK fast food Industry A brief Outlook There are varieties of elements in the UKs retail catering industry but fast food is perhaps the most prominent, most dynamic and the most rapidly growing industry. Though there are number of variations in the specific methods adopted by various fast food operators a number of general defining characteristics can be identified in common like drive thru service, meal deal packages, etc. Fast food restaurants offer a simple and fairly restricted menu within a carefully controlled operating system. Usually burgers, fried chicken, fries serve the main course. Typically ice creams and the drinks like milk shakes, fizzy drinks and tea and coffee are also included in the menu. Customers queue up to be served at a counter, the aim being to serve a large number of people with the minimum of waiting time and most operators look to serve customers within three minutes of their entry onto the premises. The food is sold in disposable packaging without cutlery. Some operators offer facilities for customers to consume their food on the premises while others tend to cater more for the take-away trade. The fast food revolution essentially began in the US during the 1950s and this style of catering grew immensely and spread to rest of the world in the decades since then. US companies played major role in the development of fast food operations in the UK. Though McDonalds are now the market leaders and major player in this sector it was KFC (formerly Kentucky Fried Chicken) who were the pioneers in the field. KFCs first fast foodoutlet was launched in 1965 at Preston. Following KFCs introduction of the fast food concept into the UK in the mid 1960s it was well over a decade later before the fast food revolution began to take off. The first McDonalds restaurant in the UK was opened in Woolwich in South London in 1974 and a decade later the company were trading from over 120 franchised restaurants and they had spread out from their initial base in and around Greater London to the Midlands and the North West of England. A number of other, then US based, companies including Burger King, Wendys and Pizza Hut followed McDonalds into the UK market in the late 1970s but none were initially able to keep pace with McDonalds rapid expansion. During this period a number of UK based companies including Wimpy, Casey Jones, Mr. Big, Spud-U-Like and Olivers also entered this growing new sector of the retail catering trade. During the 1980s and 1990s the larger more successful chains like McDonalds, Burger King and KFC continued to grow rapidly and to expand their geographical coverage to, and within, all urban and some rural districts while some smaller operators disappeared from the map. 1.4 KFC organisational background KFC is a division of Tricon Global Restaurants, which was later taken up by Yum brands Inc. This company has around 11,000 outlets in 80 different countries with over 290,000 employees selling around 2 billion meals annually to generate sales of $9 billion worldwide. Within the United Kingdom, KFC has around 500 outlets and among these 80% of them are being franchised. The KFC brand is lifetime achievement of a great personality of now deceased founder Colonel Sanders who promoted the companys wide variety of chicken products via a range of advertising methods like media, store advertising, etc. KFC claims to use only whole chicken other than the reformed or processed products. The chicken is cooked using the Colonel Sanders secret recipe of 11 herbs and spices and is prepared freshly in the store. The specific nature of the chicken product range has varied over time but the companys menu currently includes Original Recipe Chicken, Extra Tasty Crispy Chicken, Chicken Burgers, Crispy Strips and Chicken Wraps. These products can be ordered with fries and drinks as part of a standard or bucket meal. 2.0 literature review As suggested by Alan et al (2003), this literature review shall help me in the following manners: 1 To find what is already a known literature in connection to the research areas so as not to re-discover everything. 2 Moreover existing literature researchers important findings can be crucially observed and analysed and if any mistakes are to be found can be easily discarded. 3 To gain insight into the various theoretical and methodological approaches to my research. 4 To find various possible variables that might not otherwise have a possible application 5 The detailed analysis my findings will be further supported with wide reading of literature review. 2. Superior Customer value The history of the customer value dates back to ancient times under the practices of trade and commerce known as barter system. wherein the buyers agrees to trade in , only if the sellers offer i.e. goods to be exchanged are of fair or better value and equal to the trading goods or services. Thereby we can define value as satisfaction of the customer needs and requirements at lowest total cost of acquisition, ownership, and use. Value is the consumers overall assessment of the utility of a product based on perceptions of what is received and what is given. (Zeithaml 1988, p. 14) Value in business markets is the perceived worth in monetary units of the set of economic, technical, service and social benefits received by a customer firm in exchange for the price paid for a product, taking into consideration the available suppliers offerings and prices. (Anderson et al 1993, p. 5) Buyers perceptions of value represent a trade-off between the quality or benefits they perceive in the produ ct relative to the sacrifice they perceive by pay- ing the price. (Monroe I990, p. 46) Customer value is market perceived quality adjusted for the relative price of your product. (Gale 1994, p. xiv) .customer value means the emotional bond established between a customer and a producer after the customer has used a salient product or service produced by that supplier and found the product to provide an added value. (Butz and Goodstein 1996, p. 63) Superior customer value can be better understood as means of creating business experiences which exceed customer expectations'(Art William, 2004). According to him superior customer value means continually creating business experiences that exceed customer expectations designing and delivering this value is the key to successful business strategy in 21st century. As quoted by Philip Kotler (2000), total customer value is the package of benefits customers expect from a given product or services. Therefore, to understand the true meaning of superior customer values, the concentration must be on the various customer experiences over attributes of the product or services provided by the company. Colin John (2002) explained customer experience as If you take all of the different aspects of a commoditised world then everything is pretty similar: similar products, similar people, similar technology, and similar pricing. The differences are in the brand, the perception, and the feel of a company, all of which are delivered through the customer experience. Its the customer experience that will differentiate a company. According to R.R. Woodruff (1997) delivering this customer value raises many difficult questions such as (1) What exactly do customers value? (2) Of all the things customers value, on which ones should we focus to achieve advantage? (3) How well do customers think we deliver that value? (4) How will what customers value change in the future? Here comes the task of managers as how they deliver this value, using what processes and methods can this customer value be efficiently delivered. 2.1 The Importance of Customer Value According to art william (2004) Customer value is combination of four core components namely service, quality, image and price altogether an approach known as the S-Q-I-P approach. These are also known as customer value triads which provide a basis for competitive business strategies. Huber et al (2001) states that many marketing strategists and economists emphasize that creation of superior customer value plays an important role in ensuring company are success. A clear understanding of the concept of value becomes essential for the success of value-based strategies (Woodruff, 1997). Indeed, superior value of products/services delivered to customers leads to customer loyalty, the real driver of financial performance ( Reichheld et al., 2000) According to Azaddin (2004) loyalty and profits are strongly linked to value created for customers. Customers are loyal to a company as long as it offers them superior value compared to its competitors. According to Art William (2004) most of the firms today have positioned themselves under the S-Q-I-P approach with an objective of differentiating themselves from their competitors also have given importance in meeting acceptable threshold levels with respect to the products quality, services quality and pricing attribute. A said by him designing and delivering superior customer value propels organisations to market leadership positions in highly competitive global field. Philip Kotler (2000) expressed that the firms that won the customer loyalty are perceived to offer highest customer delivered value. In this context, total customer value is a combination of benefits customers expect from a given products or services. According, Robert and Sue (2003) customer values are categorized in two ways i.e. effectiveness and efficiency. When the products services offered satisfy the needs of the customers then the value are said to be effectively delivered. The less is the cost more is the satisfaction of the customer that can be achieved efficiently. 2.2 Customer value a source of competitive advantage According to woodruff (1997) in todays competitive era, quality may no longer offer competitive advantage. It is customer value that gives a competitive advantage how this customer value can be delivered efficiently forms the crucial part. He stated that adopting a customer value delivery orientation requires organizations to learn extensively about their markets and target customers. Deciding how to compete on superior customer value delivery raises difficult questions, such as the following: (1) What exactly do customers value? (2) Of all the things customers value, on which ones should we focus to achieve advantage? (3) How well do customers think we deliver that value? (4) How will what customers value change in the future? According to sharma (1994) many researchers have argued on fact that there are differences in what managers think customers value and what customers say they value these gaps can form the potential sources of mistakes for the organisations in delivering customer value. Customers tend to think differently when buying a product and using it which is well explained by Woodruff (1997) that Customers learn to think concretely about value in the form of preferred attributes, attribute performances, and conse- quences from using a product in a use situation. A customer forms a evaluative or predictive opinion during the value experience of a product i.e. customers may predict a received value, but during use they actually experience received value. 2.3 Defining Value Proposition from Firm Perspective Michael J. Lanning, the chairman, the DPV Group, LLC stated that value proposition is a decision and commitment of resulting experiences, including price, to a group of target customers, profitably and better than competitors. Frederick Webster (1994) explained that value proposition is a verbal statement that matches up the firms distinctive competencies with the needs and preferences of a carefully designed set of potential customers. He also explained that the description of value proposition created by the firms needs to be clear, concise, and credible and consistence over time and has to be communicated and shared between the firm and its customers. Since the customers have a better say on the true value criteria, every firm must ensure that the value proposition is positioned effectively as the value proposition takes into consideration the interpretation of value of customers. Art William (2004) explained that this S-Q-I-P approach not only provides the basis of an organisations value proposition but also establishes a solid business philosophy for the organisation. It guides all strategic decisions, and ultimately affects business performance. The uniqueness of articulation of core and augmented value proposition gives a memorable message to be successful. As most of the firms compete based on their own identities and their potentials, value proposition ingredients needs to be carefully analysed Dave Brock, the President of Partners In EXCELLENCE relates superior customer value with value proposition. To define and communicate value proposition, the firms must focus on the following issues. The customer must have a need and without any needs to buy a product or services, the customer values can never exist. Value is described as the difference between the perceived benefits and consequences of selecting a solution or needs. To differentiate, your value proposition must be perceived by the customer as superior to every alternative available in the market. Thus, it is imperative to understand that the value proposition is in the eyes of the customers not the product. It has to be customised to the specific needs of each customer. 2.4 Quality Attributes Quality has been recognised by companies as a major ingredient in a customers choice of products and service and hence it is important to have a working definition of quality if the customer has to enjoy a consistent high standard of goods and services. The official definition of quality by American National Standards Institute and the American Society for quality Control is the totality of features and characteristics of a product or services that bears on its ability to satisfy given needs. 2.41 Consumers Perspective about quality. It is important to understand how the customer defines quality that delivers the best values as customer has the perceptions of which firms are producing better quality than others, and they choose to purchase accordingly. According to W.Edwards Deming, the customer is the most important part of the production line. Quality should always be aimed at the present and the Future needs of the customer. Since the customers possess different quality level of product or service with different quality expectation, a commonly definition of quality can be drawn. In other words quality is determined by what the customer wants and is willing to pay for. A desire to purchase an attractive product would disappear by poor service and support (Colin and Graham, 1993). He also emphasised the importance of the need for decent combination of product and service quality. Sparks Legault (1993) incorporated Garvins eight dimension of quality and applied them to the firm business cycle. 2.42 Dimension of Service Quality In this competitive environment, the pursuit of service quality is considered by many organizations to be an essential element of their corporate strategy (Paradize-Tornow 1991). Service organizations are constantly searching for sources of competitive advantage, but as product quality rises and products become less distinguishable from one another, companies are seeking competitive advantage through the service elements of their product (Buttle 1999). Roberta Bernard (2003) stated that the proportion of service quality differs from product quality. Colin Graham (1993) mentioned that the definition of service quality is needed in managing of quality as quality would not sufficiently built superior customer values. In addition he also redefined that the Garvin eight dimension of product quality would not sufficiently built superior customer values. . Art William (1999) cited that a user of services has a set of attributes or characteristics in mind when determining service quality. Service attributes are more directly related to time, and the interaction between employees and the customer. Evans Lindsay (1996) identify the following dimensions of service quality. 1. Time and Timeliness: It is related to promptness of service. It is the time the customer is expected to wait for his turn to receive the service. To ensure customers needs are responded in time every firm must possesses dedicated employees to work extra mile. 2. Completeness: The service provider firm has to distinguish and understand the customers true needs rather than what is stated and constrained by the system and has to ensure that everything the customer requested is provided. 3. Courtesy: This refers to the kindness of service personnel and how employees treat customers. 4. Consistency: Expectation of services has to be consistent. There must be a certain level of consistency in the services provided to each customer each time. 5. Accessibility and convenience: The service must be easily accessed and conveniently located. The conventional convenient time to receive service and location of operation has becoming increasing important. 6. Accuracy and reliability: It involves consistency of performance and dependability. Each firm must perform the service right the first time and keeping to their promises. Any rescheduling of meetings with customers must be made only when absolute necessary. Neil Botten John (1999) have listed the following service elements in additional to the above service attributes 1. Competence: It means the knowledge of the Product and necessary skill to perform service and support tasks. In this way, customer confidence is enhanced by experienced and knowledgeable staff especially the operational supported personnel. 2. Credibility: It involves in believability, trustworthiness and honesty of customer contact personnel that work towards the customers best interests. It contributes to credibility of company name and reputation. 3. Understanding the Customer: It means attempting to know the customers need and making the customers feel in control. In this aspect, the firm must recognise the regular customer understand the customers specific requirements, rendering individualised attraction. 4. Tangibles: It includes physical evidence of the services. This includes the appearance and quality of facilities provided. For example, a conformable car showroom with friendly sales executives ready to serve the waiting customers. 2.43 Managing Service Quality It is a common assertion among management and marketing theorists that customer service quality is essential to business success (Kristensen et al., 1992). Firms providing this superior service quality, measured by customer satisfaction also experience higher economic returns than those of competitors, even though they are not so service oriented (Aaker and Jacobson, 1994; Bolton, 1998). Satis?ed customers are center to the longterm success of business, and the bondage between customer satisfaction and customer behaviour has been well documented in marketing literature.. In this study, there has been a broadened definition of service quality to derive the superior customer value that customers seek for. It is more complex to define quality for services than for products in view of its intangible and variable nature of service characteristics. Parasuraman (1990) and his colleagues explained that service quality is a comparison of what a consumer feels a service provider should offer against their perception of what the service provider actually can offer. They related service quality as a measure between service perceptions as well as expectations. Therefore, to provide superior customer service, the firm must ensure that the service offered meets or exceed customers expectation. 2.44 Strategic Implications of Quality We have emphasized previously on the entire product and service characteristics that are considered to be an important customer value trait to built and deliver a superior customer value. These attributes of quality must be incorporated into the design of the product that results in the products and service consumers want and having quality they expect. Why is then so significant of quality in the formulation of strategy? John Beckford (1988, p.11) has highlighted from the citation of Jiang Zemin, President, Peoples Republic of China, 1996 focus on quality, not quantity. He further pointed that China is treating quality not just as an organisational issue but also as a national one though they are the worlds largest emerging economy consisting of 1.2 billion potential consumers. Such a position supplements a message that all organisations, which want to survive and succeed, must take quality seriously. Pursuit of quality must be considered as a winning strategy dimension tool. In the context of strategic management, firstly, the process for formulating strategy must display quality characteristics in that the business strategic planning itself must be correctly designed and implemented. Secondly, the impact of the choice to pursue quality fits with the generic strategy of differentiation. Thirdly, the pursuit of quality has an impact on strategic decisions because it may generate changes in consumer b ehaviour. This in turn may fulfil the changing expectations of customers by eliminating the need to establish additional facilities or new distribution channels. Roberta Bernard (2003) cited that firms in which quality drives their competitive strategy have certain common characteristics. They concentrate on customer satisfaction through quality by following a clear strategic goal, vision, or mission. For example, Motorolas company objective of Total Customer Satisfaction reflects their commitment to customer satisfaction and quality as par of their overall strategy and vision. On the other hand, quality must be inherent throughout the organisation in order for it to survive and Commitment of employees and strong leadership are also the key to successfully integrating quality into a companys strategic plan. 2.5 Price Attribute Art William (1999) quoted Price is what you pay. Value is what you get. (Warren Buffett, CEO, Berkshire Hathaway). 2.51 Communicating Value through Price Price varies substantially according to whose perspective we are taking from. To the firm, price is used to signal value for their products or services, to differentiate their offer from those of the competitors, and also shift consumer demand. To consumers, price generally reflecting how much they have to give up taking possession of the product or service. Price influences the perceived value. From the competitors point of view, price is used as benchmark to compete (e.g. as entry barrier in price war). Philip Klotler (2000) pointed out that many firms see buyers perception of value, not the sell

Distance Learning Essay -- Education Distant Learn Essays

Distance Learning "As we enter the Information Age, more and more adults from various economic and cultural backgrounds, already in the workplace, and with families are seeking to educate themselves to keep up in their careers" (Duderstadt, J., 1999). Whether that is through Higher Education, the university system, or their company's Intranet is usually dependent upon the learner. The ways that they seek to educate and re-educate themselves to stay abreast with current trends in their jobs is the topic of this paper, Distance Learning. Many of these non-traditional students are looking to advance their careers through education by non-traditional means. They may have constraints that keep them from attending a structured classroom environment. It is this population that forces Higher Education and the corporate Educational Services to rethink their approach and delivery of instruction. For example, a few days ago I was in the Securities and Loan office of Fidelity National Bank conducting a Needs Assessment on a young SPA Loan Officer Trainee. The young man, a recent graduate in Finance and Economics from Kennesaw State University, planned to enroll in the MBA program at Harvard University. That of course prompted me to ask, "How do you plan to complete a MBA at Harvard and continue your work here in Atlanta?" His reply, "I would take these courses online and meet at the school the second Saturday of every month." He then went on to say that a MBA from Harvard carries a lot of weight in this town's financial community. With new technologies and the Web, more and more Universities as distinguished as Harvard, are putting Masters and Doctorate programs online. Not only are these Universities using the Internet to p... ...orks Cited Comeaux, P. (1995, Oct.). The impact of an interactive distance learning network on classroom classroom communication. Communication Education, 44(4), 353-361. Duderstadt, J. (1999) Can colleges survive in the information age? In Dancing with the Devil. (p.4). San Francisco, Calif.: Joss-Bass Publishers. Harmon, S.W. & Hirumi, A. (1996, May). A systemic approach to the integration of interactive distance learning into education and training. Journal of Education for Business. 71 (5), 2 267-271 Retrieved September 30, 1999 from EBSCO business search on the Galileo: http://www.galileo.gsu.edu. Lohman, J. (1998, Sept.) Classrooms without walls: Three companies that took the plunge. Training and Development (52)9 38-42 Matthews, D. (1999) The origins of distance education and its use in the united states. The Journal. 54-64.

Italo Calvino

Saad Ahmed Prof. Frank Meola EN-2013W Assignment 3 Italo Calvino’s deceptively easy style of writing gives captivates the interest of the readers. He makes one simple tale interesting and well anchored. His writings are very well-constructed; it’s like the soft cotton inside the seed: Even if the topic is hard to think about, the writer makes it warm and soft and makes his point very clear to the reader. Italo Calvino not only writes short well-crafted tails but also focuses on real life and relates them to scientific aspects.An example of this can be Cosmicomics; one of his very popular books where the appearance of the characters were very simple. The writer synthesized the characters with his great scientific vision and humanized writing; also he was able to show how scientists might reflect their ability to work and handle science in order to have a great impact on human life. â€Å"It narrates the war adventures of a young street urchin, a boy of about twelve of t hirteen, mischievously wicked and at the same time native.Their mother is dead and their father has long abandoned them. Pin, who has no friends of his own age, fends for himself, working as a cobbler’s apprentice, stealing and getting free drinks from the men at the local taven†¦Ã¢â‚¬  (pp 10-11). Siegel, Kristi explained the humanizing characteristics of Italo Calvino’s Cosmicomics in the above way. She pointed out how in Cosmicomics, Italo Calvino not only has focused on well-constructed science and its importance but also how it affects daily lives and how the affects can be improved and be made useful for human. Calvino modulates the novel on two distinct tones† (pp 14). â€Å"With this story Calvino dramatizes the ills of our society where all our values can be booth and sold and everything is valued in terms of production and consumption† (pp 35); The writer shows the great sight Calvino’s way of humanizing stories integrated by not onl y science but also by economics. Martin L. McLaughlin also described Calvino’s way of attaching science with human life. Alongside these scientific thematic, this early dialogue also evinces Calvino’s admiration for the two Italian writers for whom the moon and space had a special resonance, and who would become key literary models for the new Cosmicomics genre, Galileo and Leopardi. † (pp 82: Chapter 6). From the writers opinion on Italo Calvino, it can be recognized that he (I. C) was passionate about science and its huge domain of covering up the whole universe, but again he focused more on how these kind of scientific ideas are actually helping human and improving their abilities.In his book, â€Å"The Castle of Crossed Destinies†, Italo Calvino has attached fiction with great art and his aim was to improvise thinking skills. According to Great Science-Fiction & Fantasy Works, â€Å"In The Castle, the tarots that make up each story are arranged in a d ouble file, horizontal or vertical, and are crossed by three further double files of tarots (horizontal or vertical) which make up other stories.The result is a general pattern in which you can â€Å"read† three stories horizontally and three stories vertically, and in addition, each of these sequences of cards can also be read: in reverse, as another tale. Thus we have a total of twelve stories. † In his book t-zero, Italo Calvino showed how to humanize science again. He described his characters out of a mathematical formula and simple cellular structures. â€Å"Orbit? Oh, elliptical, of course† for a while it would huddle against us and then it would take flight for a while.The tides, when the Moon swung closer, rose so high nobody could hold them back. There were nights when the Moon was full and very, very low, and the tide was so high that the Moon missed a ducking in the sea by a hair’s-breadth; well, let’s say a few yards anyway. Climb up on the Moon? Of course we did. All you had to do was row our to it in a boat and, when you were underneath, prop a ladder against her and scramble up. † This couple of lines shows his great sense of organizing thoughts regarding fiction including human life.Robert M. Philmus has talked about Italo Calvino’s writing style and his ability to connect two separate items in one point. In his (Robert) book â€Å"Visions and re-visions: re-constructing science fiction, he mentioned, â€Å"Calvino’s habitual solemnity in addressing the public in propria persona as a critic confirms his comic vocation a fiction writer not just because these two Calvinos appear to be at odds with one another, but more because they together fit the usual psychological profile of the comedian. †In â€Å"Mapping complexity: literature and science in the works of Italo Calvino†, the writer Kerstin Pils showed another great example of Italo Calvinos way of conjugating science and hu manity together in his (I. C) book â€Å"Qfwfq†. In writer’s (K. P) own voice, â€Å"Qfwfq’s fear of disorder is mirrored by the Khan’s melancholic reflection that the feeling of pride that accompanies the conquest of vast territories is only a short-lived emotion that is quickly superseded by, What distresses him in the insight that the Second Law of Thermodynamics has pushed the universe and empire down a path of dissipation and disintegration.It is a destructive force that escapes the scepter of conquest and reason. † Italo Calvino has used science as a very common part of his stories. The way one character goes along, the writer has also improved science, economics and fiction the same way. His aim was to identify one bullet point in his stories and explain it to the readers in the simplest tale possible; also by adding his humorous approach and fiction based intense words. His support was towards the good deeds; but throughout his writings, he has left the final decision upon every mind after raising the question.Works Cited Siegel, Kristi. Italo Calvino’s Cosmicomics: Qfwfg’s Postmodern Autobiography. Robert M. Philmus. Visions and re-visions: (re)constructing science fiction. 10: ‘Elsewhere Elsewhen Otherwise’: Italo Calvino’s ‘Cosmicomics’ Tales, pp 190-223. Martin L. McLaughlin. Italo Calvino. Chapter 6: Experimental Space; The Cosmicomics Stories, pp 82-98. Kerstin Pilz. Mapping complexity: literature and science in the works of Italo Calvino, pp 80-120, pp 150-176. Beno Weiss. Italo CALVINO. University of South Carolina Press, 1933, pp 123-168.

Accounting Fraud And The Financial Fraud - 1761 Words

Introduction WorldCom CEO Bernard Ebbers, former partner said â€Å"He didn’t know anything about the long distance or telephone business, but he knew how to read numbers, he was a number cruncher.†(â€Å"Inside†) This should have been a warning sign to those investing in the company that Ebbers wasn’t the best choice to run the 2nd biggest telecom company in America. WorldCom was just one of many accounting frauds that took place in the early 2000’s. But unfortunately that trend of dishonest accounting didn’t stop. The reason behind writing this report is to examine the $11 billion accounting fraud the biggest in US history, the collusion between Ebbers and the CFO Scott Sullivan to deceive investors, causing the loss of thousands of jobs and costing investors billions of dollars. Hopefully covering this event thoroughly will make other CEO’s think twice before stealing investors’ money. Getting in over his head: The fraud and the storm tha t followed In 1983 Long Distance Discount Services, Inc(LDDS) was founded in Jackson, Mississippi by Bernard Ebbers and Maury Waldron. Through the 1980’s LDDS purchased many of its competitors throughout the southern United States making it one of the largest Telecom companies in the world. In 1995 Ebbers now CEO changed the name of the company to WorldCom and acquired a much bigger firm MCI in 1998 the largest corporate merger in the US (Lyke 2). One year later WorldCom tried to take over Sprint which would have made it the biggest telecomShow MoreRelatedLegal And Regulatory Environments And Ethics1712 Words   |  7 PagesComponents of a Fraud and Forensic Accounting Curriculum Forensic accounting is defined as the action of identifying, recording, settling, extracting, sorting, reporting, and verifying past financial data or other accounting activities for settling current or prospective legal disputes or using such past financial data for projecting future financial data to settle legal disputes. Forensic accountant are very important part of the business for the expert services, legal system such as financial statementRead MoreFinancial Statements Of Financial Statement Fraud1304 Words   |  6 Pages Financial Statement Fraud Financial statement fraud is any intentional or grossly negligent violation of generally accounting principles (GAAP) that is undisclosed and materially effects any financial statement. Fraud can take many forms, including hiding both bad and god news. Research shows that financial statement fraud us relatively more likely to occur in companies with assets of less than $100 million, with earnings problems, and with loose governance structures (Hopwood, Leiner, YoungRead MoreUnderstanding Financial Statement Fraud And Financial Statements1730 Words   |  7 PagesUnderstanding Financial Statement Fraud Anna Gallagher American Public Universityâ€Æ' Understanding Financial Statement Fraud Financial statement fraud is any intentional or grossly negligent violation of generally accounting principles (GAAP) that is undisclosed and materially effects any financial statement. Fraud can take many forms, including hiding both bad and god news. Research shows that financial statement fraud us relatively more likely to occur in companies with assets of less than $100 millionRead MoreFinancial Crimes1610 Words   |  7 Pagesscope of business has expanded through the world, the need to track financial information has grown. There has been a corresponding increase in illegal financial activity according to separate surveys by the U. S. Department of Justice, Pricewaterhouse-Coopers, and the Association of Certified Fraud Examiners (ACFE) (Houck, Kranacher, Morris, Riley, Robertson, Wells, 2006). An understanding of effective fraud and forensic accounting techniques can assist forensic accountants in identifying illegalRead MoreFraud : Fraud And Fraud1551 Words   |  7 Pages Fraud Detection Paper INTRO Fraud has plagued the world of accounting since the establishment of the profession. Fraud can be committed against an individual or a business. In order to identify fraud, an auditor must be able to differentiate between what is considered fraud and what is considered error. Fraud as defined in our textbook as â€Å"intentional misstatements that can be classified as fraudulent financial reporting and/or misappropriation of assets.† On the other hand, error is â€Å"unintentionalRead MoreThe Sarbanes Oxley Act Of 20021356 Words   |  6 PagesFinancial Statement Fraud Over the past decade the world has been taken by surprise by the numerous accounting scandals that have occurred, for example, Enron, WorldCom, Tyco, Xerox, and Global Crossing (Suyanto, 2009, p. 118). Since those accounting scandals occurred the United States Congress passed the Sarbanes-Oxley Act of 2002 (SOX) to help improve a company’s corporate governance and help deter fraud (Chinniah, 2015, p.2). In addition to SOX, the Accounting Institute of Certified Public AccountantsRead MoreResearching Topics Of Interest Is A Key Starting Point For The Research Effort1538 Words   |  7 Pagessections include the formulation of potential topic areas of interest for my doctoral level research. Earnings Management: An Examination of Ethical Implications, Fraud, and the Related Impacts to Stakeholder Interests The first topic area involves an observation of how managers and accountants currently utilize loopholes in FASB accounting standards to present better earnings results to investors, creditors, and regulatory authorities. Many business professionals support earnings management as routineRead MoreInvestigation Of Financial Statement Fraud780 Words   |  4 PagesInvestigating Financial Statement Fraud Background Financial Statement is the heart and soul of the business industry as it provides the financial condition of the company and the going forward initiatives of the corporation, therefore it is critical that the financial statement is free from manipulation and misstatement to be material and useful for stakeholders and other earning statement users. Goel and Gangolly (2012) implied that top management knows the financial statement users will perceiveRead MoreRevenue Recognition Changes Caused Fraud1139 Words   |  5 PagesCaused Fraud There were 347 alleged cases of fraud involving public company according to Fraudulent Financial Reporting: 1998-2007 sponsored by Committee of Sponsoring Organizations of the Treadway Commission (COSO, 2010) that were investigated by Securities and Exchange Commission (SEC) on May 2010, which is showing 53 increased in the number of fraud when compared to the 1987-1997 study (p.5). COSO’s result is a sad number in a 10 year period, which averaging close to 35 accounting frauds a yearRead MoreKey Elements For Commit Fraud1673 Words   |  7 PagesElements There are five elements needed to commit fraud: (1) a false statement containing material fact, (2) the defendant possesses the knowledge that the statement is untrue, (3) the false statement’s intent is to deceive the intended victim, (4) the intended victim justifiably relies on the statement, and (5) the ending result is financial injuries to the intended victim. All false statements do not constitute for fraud; it needs to contain a material fact. The materiality of the statement