Enron s Financial Fraud And Corporate Fraud - 1700 Words

Years ago, a series of financial frauds and collapses was occurs in United States. Includes Enron, Global Crossing, Worldcom, Healthsouth, AIG and Lehman Brothers scandals. In the American capital market, the investors abandoned a number of large listed companies leads to the bankruptcy for those companies. The corporate frauds not only deceive investors, but also make oneself paid a heavy price. At the same time, it not only harm the capital market, but also caused a significant impact on American that resulted in regulation changes. These purpose of corporate fraud and reason are different, which Enron’s financial fraud is typical event and influence accounting filed lots. Because Enron is the beginning of the series of financial frauds in American, and secondly is form growth to the bankruptcy of Enron, has attracted American media and public, the third reason is Enron’s event also lead to the world top five accounting firm Arthur Anderson collapses. Enron was one of the world biggest electricity and Gas Company, before it announced bankrupt. The sales amount in 2000 was reached 101 billions American dollar, and the company was rewarded as the most innovate companies in United States in six year terms. However the truth make Enron’s famous all over the world is that company was bankrupt in several weeks in 2002 after it was disclosed the company’s institutionalization of systematic financial fraud scandals for years. Since then, Enron was a symbol of corporate fraudShow MoreRelatedFailure And Fraud Of Enron1161 Words   |  5 Pagescharacteristics such as failure and fraud that have been linked through time. However, although failure and fraud are connected in several various ways, one tends to come before the other. Generally failure is the absence of achieving success and fraud is committing an unlawful act that is driven by failure or to result in failure. Failure has driven fraud for countless reasons either for financial pro sperity or personal supremacy. In many cases the direction of failure and fraud is mainly subjected to theRead MoreEnron Scandal And Its Impact On The Economy Essay1305 Words   |  6 PagesThe Enron scandal was the largest corporate financial scandal ever when it emerged. It took the economy the better part of a year to recover from the damage the Enron controversy caused to the US as a whole. Enron is not fully responsible, but it was a large contributor to the collapse of the stock market in the early 2000’s. In the year following the 9/11 hit to our country and economy the DOW lost close to 4500 points; down to 7500 from almost 12000, it did gain some back, but considering the greatRead MoreThe Ethical Dimension Of The Demise Of Enron Corporation1474 Words   |  6 PagesThis paper explores the ethical dimension of the demise of Enron Corporation an reflection of author, placed in hypothetical situations. Accounting Fraud and Management philosophy will be the main discu ssion topics, along with the motivations of fraud. The fall of Enron can be directly attributed to a violation of ethical standards in business. This makes Enron unique in corporate history for the same actions that made Enron on of the fastest growing and most profitable corporations, at the turnRead MoreEnron Of Natural Gas Pipelines Enron1144 Words   |  5 Pagesof natural gas pipelines Enron was formed through a merger of Houston Natural Gas, and Nebraska pipeline company Internorth. Enron went on to create energy derivatives and in 1990 formed Enron Finance Corp. By 1996 Enron had also formed Enron Capital and Trade Resources increasing their growth from $2 billion to $7 billion and increasing division employment from 200 to 2,000. In 1999 Enron entered the technology market by creating Enron Online (EOL). By August of 2000 Enron stock hit its zenith atRead MoreThe Enron Corporation Scandal 1791 Words   |  7 PagesIDENTIFY THE ACCOUNTING PRACTICES THAT WERE ASSOCIATED WIT H THE ACCOUNTING SCANDAL. The Enron Corporation failures made world headlines for many reasons ranging from greed from its executives, the alleged malpractice and criminal behaviours, and its quick and disastrous collapse. The most critical factor in Enron’s melt down was the use of creative and manipulative accounting practices to distort reported proï ¬ tability and indebtedness that befell the corporation (A. Holt and T. Eccles, 2002) TheRead MoreCorporate Scandals And The Implact Of The Sarbanes Oxley Act1472 Words   |  6 PagesA LOOK AT CORPORATE SCANDALS AND THE IMPLACT OF THE SARBANES-OXLEY ACT OF 2002 I. INTRODUCTION An economic boom filled with fraud, collapsed in the early 2000s with the unravelling of Enron in October 2001 followed by the implosion of WorldCom and many others big corporations. The downfall of these major companies led to a wide spread crisis of confidence in the financial markets. A crisis caused by executive greed was able to be magnified when the gatekeepers, the auditors, lawyers and analystsRead MoreWhite Collar Crime1407 Words   |  6 Pagesmedia since the mid to late 1990s. With the downfall of companies such as Enron, Tyco Toys and WorldCom MCI white collar criminals are facing lengthy prison sentences. Greed and personal vendettas are what have led our country to understand and gain more knowledge about these corporations and the corrupt CEOs that have brought them to their demise. â€Å"White collar crime is defined as various crimes, as embezzlement, fraud, or stealing office equipment, committed by business or professional peopleRead MoreRelationship Between Ethics And Business Performance1181 Words   |  5 PagesAlthough the relationship between ethics and business performance is still the subject of controversy, the Enron case is a demonstration that the lack of ethical behavior is inseparable from the competitive disadvantage. The question is not so much whether the disaster could be avoided if the company had adopted from the beginning, transparency criteria. The main thing to know as citizens, so far reputed and honest, have managed to create an environment to bring their managers to take ethically reprehensibleRead MoreRelationship Between Ethics And Business Performance1278 Words   |  6 PagesAlthough the relationship between ethics and business performance is still the subject of controversy, the Enron case is a demonstration that the lack of e thical behavior is inseparable from the competitive disadvantage. The question is not so much whether the disaster could be avoided if the company had adopted from the beginning, transparency criteria. The main thing to know as citizens, so far reputed and honest, have managed to create an environment to bring their managers to take ethically reprehensibleRead MoreCorporate Scandals And Allegations Of Fraud1111 Words   |  5 PagesCorporate scandals and accusations of fraud have amplified intensely over the last decade. The cost of fraud has reached over $400 billion dollars a year, not to mention the loss of investments and jobs. Corporation fraud involves creative, complex methods in which to overstate revenues, understate expenses, over value assets, and underreport liabilities. To hide financial problems, management will manipulate stock prices, minimize taxable income, and maximize compensation. â€Å"It s been my experience†¦

Management †Swot Analysis (on Maker Studios of Youtube) Free Essays

The Assignment (Question) Management paradigm today is all about the contingency or situational approach based on the ever changing business environment. Organizations are constantly affected by the external environment and must adapt or influence the environment in order to be efficient and effective. Choose any international or local MNC or SME. We will write a custom essay sample on Management – Swot Analysis (on Maker Studios of Youtube) or any similar topic only for you Order Now Make a SWOT analysis of this organization and explain how it is affected by the external environment. Write on how this organization can utilize the 4 functions of management in order for it to be efficient and effective. Include conclusion and recommendations. You must use terms found within the study of management and are encouraged to look up various textbooks and journals to find these terms and to gain additional knowledge on management through exploration. Introduction of the company If you were to be familiar with the functions of Youtube and have been surfing the site for quite a while, you might have heard of the company named â€Å"Maker Studios† quite a bit. This company consists of major Youtube celebrities like ShayCarl, LisaNova, KassemG, iJustine and even the top subscribed Youtube content maker, RayWilliamJohnson. To the audience who uses Youtube for other functions such as â€Å"how-to† videos or music videos of their favourite stars, they might wonder, what does this company actually do? On the other hand, to people who have shown much interest into killing mainstream television programmes with internet through Youtube would understand the major functions of Maker Studios. Maker Studios specifically is talented in creating videos of the two widely accepted genres: Comedy and Music. They create filming sets, music studios, green screen areas and even an editing office for their employees in Venice, California and the upcoming New York City branch. As quoted from their website, it was mentioned that they receive 70 million subscribers and 650 million monthly views across more than 400 channels (Cited: http://www. makerstudios. com/about/ ) and thus is one of the Youtube Partner Channels in the Internet Media Business in the States aside Vevo, the top partnership channel with more than 59, 709 thousand unique views in the year 2011 after generating over 844 million videos in the site itself according to Will Richmond on the 22nd of August 2011 on videonuze. com. (Cited: http://videonuze. com/article/comscore-vevo-is-top-youtube-partner-channel-by-far) SWOT Analysis of the company |Analysis | |Strength |The strengths of Maker Studios is such that they gather all the talents throughout the internet media and help them | | |make their videos and find sponsorships and viewership for their creations thus allowing people to fulfill their | | |dreams yet not having to worry about making a living. As quoted from one of their investment s portfolio in | | |greycroftpartners. om, â€Å"the company has developed unique insights into what kind of content works best with YouTube | | |audiences and how to cross-promote and move audiences around its network† (cited: | | |http://www. greycroftpartners. com/2011/04/maker-studios/), it thus supported the efficiency in catching up with the | | |constantly shifting trends of the internet and intelligence in hiring talents into the company in its complicated | | |business sector which attempts to forge deep connection with audiences all over the globe. Cited: | | |http://www. hollywoodreporter. com/lists/maker-studios-280389) | |Weakness |An evident weakness of the company is such that they have limited branches (Venice and upcoming New York) reaching out| | |to the content creators online thus only able to work with people in certain areas of the States. Another is that | | |there might be a high possibility of the competitors of this internet business catching up on the innovations that the| | |company could have been roducing as â€Å"there aren’t going to be any drastic programming changes — this is about | | |expanding on existing success,† as quoted from former Disney’s Digital Division’s Executive – now Chief Programming | | |Officer of Maker, Chris Williams on variety. com. (Cited: http://www. variety. com/article/VR1118052288) | |Opportunities |The internet community is getting larger day by day and having Hollywood catching their eye on the industry’s | | |productions once in a while is also creating more viewership for the audiences all over the world. For example, there | | |are artistes looking for help from the Maker productions for causes which they hope to help and thus film videos like| | |Jane Lynch (popular from Glee series) and Steven Tyler in ShayCarl’s video in attempt to â€Å"Save The Arts! † (cited: | | |http://www. youtube. com/watch? v=IKzUZ7KvAnI=UU77WzpPRrYr0W5oeFjVIqwQ=1=plcp) or even being on the | | |news like ShayCarl’s 4th child, most commonly called â€Å"Rocktard†, who showed faced in a video did (cited: | | |http://www. outube. com/watch? v=AyXsZJwzIrQ ), are opportunities to expansion of the company’s network in creating | | |bonds with the internet community through bonding in use of comments or video responses or even simply joining the | | |company’s forces in using their talents thus creating opportunities not only for themselves but the company’s in | | |developing differentiated content through new, personalised and innovated ideas that sometimes the television isn’t | | |capable in providing for the audiences expectations. |Threats |Threats of the company consists of other major competitors such as VEVO (which generates content from famous | | |celebrities or musicians) and promotes them on Youtube through main pages or dominated the rights towards usage of the| | |contents such as music or even portions of the film. As well, the media is currently still competing with the | | |traditional media such as television and even though they are probably even ahead of them in the entertainment sector | | |but is beaten down (by people who did not know of the facts and begin cyber bullying the Youtubers’ content) due to | | |mere fame and acknowledgement of the society like LisaNova’s impersonation of Sarah Palin. It was mentioned on | | |nytimes. om that â€Å"She uploaded her Palin video more than a week before  Tina Fey  did her impersonation on ‘Saturday | | |Night Live’. † And that her response towards which was that â€Å"trying to get on TV would be going backwards in my mind. | | |It’s a waste of time. † | | |(Cited: http://www. nytimes. com/2011/04/11/business/media/11youtube. html? agewanted=all) | A Macro-Environmental Analysis o Law and Politics Law and politics with the Maker Studios is not part of any problem that the company could be faci ng now as the company started up in 2006, they personalize their services to the creators and aid them through their specific earnings after creation. As well, they hire to produce their content (music, digital, filming and etc) in videos hence not entitled to copyright law bridging. o Economy On allthingsd. om it was said that, transparency towards their earnings is through and able to be checked by their partners hence they would be reliable to the investments of the money in their company as well as being honest to their employees in the functions and well-being of the organization. (Cited: http://allthingsd. com/20120309/exactly-how-much-did-that-skateboarding-dog-earn/) As this is an internet business, the company will be affected if the economy fails in terms of people being able to enjoy their productions or not thus earning them money. However, with this current upscale of the internet committee, the company is in safe hands through the advancement era. o Technology Technology is crucial to the business. As it is one of the factors to which whether or not the audiences tune in because of the graphics, the quality of sound and the editing of the videos to the stunts in a film, the professionalism of sets, Maker’s standard of productions as mentioned by nytimes. om was that â€Å"the green screen, film crew, actors and expensive cameras and lights, it went far beyond the typical one-man YouTube videos filmed in a basement with a webcam† hence, once again, supporting their constant follow-up with technology to suit the needs of their mass of talents who are eager to please their audience with great standards of film. (Cited: http://www. nytimes. com/2011/04/11/business/media/11youtube. html? pagewanted=all ) o Demographics As the internet is more than common amongst people of almost all ages, Youtube contains a very much a wide amount of audience to capture and Maker managed to curb these differences with its gathered talents and their abilities to pursue different crowds. For example, they have â€Å"The Mom’s View† by mothers with different talents and background, catering and supporting to the vast amounts of parents in the internet community; they also have â€Å"Polipop†, featuring Entertainment and Politics Network which is intended to give people who are interested a good laugh at the political factors without having to move away from their computers. Cited: http://www. tubefilter. com/2011/10/29/maker-studios-youtube-original-channels/) o Social Issues and the Natural Environment The internet community is a fast-paced and ever-changing environment for the business to survive in as there are constant evolvement of trends, updates or even jokes appealing to the vast society i s one of the constant issues that the business should be updated about. But as the talents in the company increases from the 200 initial partners in August 2011 (cited: http://www. variety. com/article/VR1118040686? efCatId=1009), they get more and more efficient in finding out and dispersing their information as well as being an influence in creating trends for people to follow. An example could be the â€Å"Super Note Challenge† in 2008 (cited: http://www. youtube. com/watch? v=v6kaSqGjbk8 ) where several Youtube personalities such as iJustine, Smosh, Rhett as well as ShayCarl and many other Youtubers hosted, encouraging their viewers to post video responses featuring the longest note that they could make (in terms of time) and hence creating a bond and an interest into watching updates of the challenge constantly. As for their efforts in reminding the audiences in saving the environment, Maker Studios also took part in the Ecomagination Challenge – Tag Your Green hosted by GE and they produced videos of their forte in efforts of it. For example, DaveDays, as a musician, wrote a song in reminder of people to â€Å"Turn Off The Lights† (cited: http://www. youtube. com/watch? v=xzBV2ZvQfQw ) and ShayCarl brought his children out for a hike while talking to them about recycling and also taught them about the environment (cited: http://www. youtube. com/watch? =dAiCGkRoowo=fvst ) thus showing the viewers that they, too, show an example in doing good for the environment. The Competitive Environment Analysis of the company o Rival Firms Rival firms such as VEVO, Machinima. com, blip, Revision3 Internet Television could give threat to the company in terms of their partnership with Youtube and their stand and sponsor to events such as VidCon, DigiTour but the transparency of Maker’ s finance gives it a high competitive advantage to win over more talents and variety to channels instead of mere technology and games for which other companies wins at. New Entrants New entrants might find it difficult to sustain without funding in this sector of business as the expectations of viewers are constantly increasing and thus they might, in the end, need help from major firms such as Maker to help them produce films for their channels or get bought over in view of profits. o Customers Maker, as a company which helps one-man video producers find a team to build up his channel, does not call their clients â€Å"partners† and instead, call them partners. So as they proceed on with their moving-image business, the channel owners have full power over their videos and Maker only act as a service provider as well as an opportunity seeker for the Youtuber himself. The bargaining power for customers only lies in the percentage of the money which they receive from the advertisements that Maker could get in return and it was also mentioned in the terms and conditions of the Maker’s contract that this factor would be personalized as according to the client himself. o Substitutes and Compliments Substitutes of Maker would be as valid as the fact that MySpace managed to take over Xanga and Facebook over MySpace. Therefore, it still contains a possibility where Youtube could be substituted by upcoming new video hosting websites online that might turn into a hit overnight like Facebook. On the other hand, like how a replenishing act could aid the sales of the original product, the compliments of Maker is definitely its networking in the Youtube community as they introduce each other on their videos and hence creating the acknowledgement of each other through their channels. Like for example how LisaNova introduced KassemG on her channel by impersonating his comedy and giving people a pre-show towards how Kassem’s humor will be like on his channels and directing people to watch his videos. (Cited: http://www. youtube. com/watch? v=bKJ3bVR8Jxg) o Suppliers The suppliers to produce such films on a daily basis at such large quantities is the talents for which the company hires and other than the Disney’s former Executive of the Digital Division, Chris Williams, it is also proven true that they have hired Courtney Holt, the former president of MySpace Music as their COO on hollywoodreporter. com. (Cited: http://www. ollywoodreporter. com/news/courtney-holt-myspace-music-president-255341) This thus proved their high recognition and high expectations in their talents to hire hence providing professional content for the online viewers. In relation through application, to what extent planning, organizing, leading and controlling can be applied to t he company In relation to application of the management of the company, the company would have to define fixed and strictly accomplishing goals to achieve in terms of the number of views, unique viewership count, the creation of new content as well as the amount of videos to be produced in a business year. However, it might be difficult to manage with the ongoing trends like Hunger Games, Justin Bieber’s new album or even some new celeb-gossip going around in the world of entertainment. Therefore, constant monitoring of progress is needed and more than frequent updating about movement of internet community is important for the growth of the company to expand on their current business in terms of coverage and audiences’ capturing. As well, it is important to have organized teams or crews on a specific project or channel dedicated to the advancements – which is their current system now. With her interview on tubefilter. com, Maker’s founder, Lisa Donovan mentioned that the model of Maker is comparable to the company United Artists back in 1919, first led by Charlie Chaplin, Mary Pickford and many other artists where it is the first talent-led studio (cited: http://www. tubefilter. com/2011/04/21/maker-studios/). For example, the fixed team whose professionalism is in that particular genre of film, would be sent to RayWilliamJohnson’s â€Å"Equals Three† and â€Å"Your Favourite Martian† would have separately a music team, digital team as well as a team which, at the set, helps him with the humor content for which is going to be in his film. With such a unique form of business, the company requires a tall organization which has narrow span of control over the employees and manager rate as they would work in small teams in order to be efficient and effective in discussion and production. It would also thus have to be decentralized, where the employees are able to freely share creative ideas just like in Google, the unformalized manner of generating imaginative content. This would thus allow the company to be able to constantly be attentive to minute matters which might affect the company’s â€Å"originality† competitive advantage as compared to the rival firms. General Conclusions Maker is one of the very few companies around the globe, for which looks at talents in a manner that some companies would not be able to cherish. Even in one of their interviews, they mentioned to even have a criteria for joining in their firm: â€Å"When I am meeting talent, the first thing I want to know is, how committed are they to it? † said Lisa Donovan to Daniel Miller of hollywoodreporter. com. (Cited: http://www. hollywoodreporter. com/lists/maker-studios-280389) Therefore, their accomplishments not only as a firm, but as a big family with similar goals (not only because their own family is associated in the videos) just as ShayCarl have mentioned in one of his videos, is what they have built up and grown together over the years along with the Youtube creator’s fame. Recommendations for the company in the next 5 years As much as the company has accomplished throughout the years, not only expanding on their own success, they have also managed to raise funds with investments as well as convert television celebrities into internet sensations just like Bobby Lee of MADtv having his own channel and being to do crazy things like he would in his previous shows as well as entertain people without having to worry about the technicalities. (Cited: http://www. tubefilter. om/2012/01/30/bobby-lee-maker-studios-the-station/ ) Therefore, in hopes that the new SONY internet-television could allow people to be in touch with their desired genre of film, Maker should create even higher viewership through making internet-original movies with their professionalism and make the bonding with audiences into even better sensations through movies and interactive comments thus improving themselves thus far. Reference List †¢ Bladwin, D. , October 29th, 2012, Maker St udios Scores Three Channel Deal with Youtube Originals, http://www. tubefilter. com/2011/10/29/maker-studios-youtube-original-channels/ Bladwin, D. , January 30th, 2012, Maker Studios Reboots The Station With Bobby Lee, http://www. tubefilter. com/2012/01/30/bobby-lee-maker-studios-the-station/ †¢ DaveDays, October 31st, 2010, Dave Days – â€Å"Turn Off The Lights† (Music Video), http://www. youtube. com/watch? v=xzBV2ZvQfQw †¢ Grey Croft Partners’ Investor’s Portfolio, April 15th, 2012, Maker Studios, http://www. greycroftpartners. com/2011/04/maker-studios/ †¢ Hustvedt, M. , April 21st, 2011, Maker Studios Raises $1. 5M For Creator-Founded YouTube Studio, http://www. tubefilter. com/2011/04/21/maker-studios/ †¢ Kafka, P. March 9th, 2012, Exactly How Much Did That Skateboarding Dog Earn? , http://allthingsd. com/20120309/exactly-how-much-did-that-skateboarding-dog-earn/ †¢ Lamp4137’s Youtube Channel, June 30th, 2011, Rockt ard On Some Weird Local News Thing, http://www. youtube. com/watch? v=AyXsZJwzIrQ (Original Shaytard’s) Excited Baby! http://www. youtube. com/watch? v=JrKT4eYHwiM †¢ LisaNova, November 17th, 2010, Tripping Bros! (LisaNova does KassemG UNCUT), http://www. youtube. com/watch? v=bKJ3bVR8Jxg †¢ Maker Studios (About Maker), April 15th, 2012, http://www. makerstudios. com/about/ How to cite Management – Swot Analysis (on Maker Studios of Youtube), Papers

Impact of Globalization on Business Free Samples for Students

Question: What is Culture and Globalization? How Cultural Impact of Globalization affect Business? Answer: Globalization Globalization refers to crossing the boundary lines of domestic markets and move into the international market to explore new opportunities. It is also known as integration of people, culture and business of two different nations. It involves foreign direct investment into the host country to encourage international trade (Sheffield, Korotayev Grinin, 2013). The drivers of globalization are: Technological Drivers: The growth of internet technology and other innovations have paved the way for the domestic sellers to sell their products and services into new boundaries. Political Drivers: Lenient and Liberalized foreign trade policies in the host country has motivated individuals to invest in foreign countries. Market Drivers: For the growth and expansion of the business it is very important that the seller targets a new customer segment and it cannot be possible within domestic boundary. Foreign market provides an opportunity to fulfil the needs of new customers, exploit new resources etc. Cost Drivers: Cost of operation of the organization depends on the size of the economy of the country. In order to gain cost advantage and achieve economies of scale, companies rely on expanding their operations in new countries (Kozarova, 2013). Culture Culture refers to the civilization or a way of living that an individual acquires through living in a particular society. Culture differs from country to country or society. Culture highly influences the human ideologies, their behaviour and thought process is very much dependent on the culture of the society in which they live (Csikszentmihalyi, 2014). The elements of culture are: Language: Languages are standard sound, words and sentences that encourages communication within a group of people or society. It vary from culture to culture and usually inherited from one generation to other. Symbols: Symbols forms a particular meaning to the people who live in a common place and share the same culture. Norms: Norms refers to the set of rules and regulations that directs the behaviour of an individual and it restrict them to cross the cultural boundaries of the society. It creates an obligation on the part of an individual to do or not do certain things. Values: Values are a set of traits and characteristics that an individual adopts by living in the society over a period of time. Beliefs: It refers to the assumptions or thoughts about something that an individual perceive it to be true. Cultural impact of Globalization The impact of any countries culture is very significant on the international business. Globalization in any country provides easy access to quality goods and services to the local people which they otherwise could not get but the major concern in developing or poor countries are that they are eating up local manufacturers and industries. Availability of the financial resources and better technology have enabled the producers to produce quality final product and sell them at a cheaper rate than the local industries. Globalization not only affects the local culture by providing goods and services but also expose the local audience towards foreign culture in the form of art, music, publications etc. The influence of foreign culture has led to the erosion of local cultural identity of a place. The cultural impact of Globalization are: Positive Impact- Globalization has cleared the way for many domestic consumer and provide them with opportunity to explore and diversify into the new market. It also promote new employment opportunities which directly contribute in the economic development of the country. Consumers have wider choice to choose from the products and services. There is also a synergy and integration developed between the financial, technological and human resources of both the countries. Negative impact- Globalization has been a great opportunity for organization who are seeking cost advantage. In order to achieve a competitive position, companies try to exploit the human capital in developing country by paying them less (Collins, 2015). Many multinational corporations are only interested in fulfilling their commercial interest and as a result they are damaging environment and recklessly using the scarce natural resources. Globalization have laid a deep impact on the local culture of the country. The ideologies of western cultures have affected the local cultural norms, values and beliefs. The individualism of a country is lost. Impact of culture on Business Language: In international business language and mode of communication plays a very significant role. If the local language and communication means is not adopted then the organization will not be able to convey their message to local audience (HULT, 2017). Local Taste and preferences: In order to successfully launch a product or a service in to the market it is very important that the needs and demand of the customers are identified well else the survival will be difficult. Values and Norms: Organization who expands into foreign market have to respect the local values and beliefs of the particular country and take business decisions keeping them into the mind. References Collins, M. (2015). The Pros And Cons Of Globalization. Retrieved from https://www.forbes.com/sites/mikecollins/2015/05/06/the-pros-and-cons-of-globalization/#6055d52accce on 25 April 2017. Csikszentmihalyi, M. (2014).Society, culture, and person: A systems view of creativity(pp. 47-61). Springer Netherlands. HULT. (2017). How cultural differences impact international business in 2017. Retrieved from https://www.hult.edu/news/cultural-differences-impact-international-business/ on 25 April 2017. Kozarova, I. (2013). DRIVING FORCES OF GLOBALIZATION. EUROPEAN JOURNAL OF GEOPOLITICS. Retrieved from https://ptg.edu.pl/wp-content/uploads/2015/03/Nr_1_-_artyku%C5%82_1_Kozarova_I.pdf on 25 April 2017. Sheffield, J., Korotayev, A. Grinin, L. (2013). GLOBALIZATION Yesterday, Today, and Tomorrow. Retrieved from https://www.hse.ru/data/2013/05/23/1299088719/Globalization.pdf on 25 April 2017.