E-commerce

Dell and Apple both manufacture and sell personal computers and small electronics, direct to customers.  Each has a significant online presence.

Internet strategy

Dell is an e-commerce company, selling its products primarily as an online retailer.  The company built its entire business model on just-in-time manufacturing for individual orders placed through its website.  For Dell, internet strategy is synonymous with business strategy.

Apple relies heavily on a distribution network in physical retail stores, as well as selling its products through etailers such as Amazon.com.  Its website is primarily an advertising and customer education vehicle.  Apple’s broader marketing strategy is based on customization to customer preference – including whether to purchase products online or in a store.

Website objectives

Dell uses its website as its primary sales platform.  Customer interaction, education, and after-sales support all takes place online.  The website is Dell’s storefront and is the entire face of the company to the outside world.

Apple’s website is designed to educate and excite its customers.  Through slick graphics and attention to aesthetics, it directs customers to learn more about each of its new offerings.  It also offers free software downloads, and drives traffic to iTunes and to physical stores.

 Maximizing Online Presence

Dell’s website is enormous.  It also issues press releases and works to get its products reviewed by major sites such as Cnet. Because it caters heavily to business customers, it also has developed an online supplier network that corporations can integrate into their intranets.

Apple focuses on online commercials using the latest web technologies.  It attempts viral marketing through YouTube, especially through it’s “I’m a Mac” series of ads.  And its iTunes and iPhone applications hold customers’ attention through delivering entertainment.

Marketing Capabilities

Dell must be responsive to its corporate customers and easy to contact for ongoing support.  Without a brick-and-mortar presence, the company must work hard to be accessible.

Apple needs to anticipate the latest trends and stay ahead of the curve.  It must predict rapid changes in technology and fashion, so it needs to deeply understand its customers.

Threats

Dell, traditionally a desktop PC manufacturer, faces threats from mobile devices such as Apple’s iPhone and from increasingly demanding, sophisticated consumers.  Apple is always the operating system underdog, and faces continuous threats from Microsoft and growing threats from Linux, as well as from other small electronics manufacturers.

Opportunities

Dell has developed an extensive supplier network and has a strong reputation with its corporate customers.  It can more easily branch into new technologies that large customers can order in bulk, with much lower risk than its competitors.  Apple has a marketplace coup with the iPhone, and has developed a “network effect” with its interchangeable accessories and applications.  It can leverage this to reach more customers with the latest gadgets.

Trust/push models

Dell has a built a significant base of trust.   It knows its customers very well, and has established itself as an expert in the industry through extensive product review articles and the tremendous amount of information available on its websites.

Apple uses a Selective Trust model, first presenting its consumers with the “latest” gadget, and then offering extensive video and photographic detail about that gadget.

Trust based marketing strategies

Dell is particularly collaborative with its business customers.  It makes significant revenue from service contracts and from deep partnerships.  Customers can see tremendous amounts of information from its supply network, and customize the information they need.

Apple excels at customer focus.  The sheer volume of customizable accessories available for its products allows customers to have a unique experience.  Additionally, customers “buy in” to the Apple network of interchangeable accessories and software, creating a longer partnership than other small electronics manufacturers have managed.

Customer satisfaction

Dell features customer ratings and reviews on each of its products.  Additionally, it’s possible to chat with a customer service agent online or to call a support hotline.

Apple uses video extensively for product demonstrations, training manuals, tips, and hints.  Customers can also go to an Apple store for help, or call or email the company.

Pricing and strategy

Price is the first thing Dell tells its customers about its product.  Its search functions are powerful and often price-oriented; it clearly believes that its customers are value-conscious.

Apple appeals to its customers on the basis of aesthetics and the “cool” factor, whereas price is a secondary concern.  Apple highlights whatever is newest, slickest, and most popular, and shows high-quality video of the product.  It takes several clicks to find the price.

Effectiveness

Each company is in the top tier of global business, and each has a sophisticated and effective online presence.  However, they use these sites for different purposes.  Dell’s website excels at fulfilling the function of online ordering and customer support, while Apple’s excels at educating and engaging customers.  As an online storefront, Dell’s website is best in class; as strictly a marketing tool, Apple’s website is more targeted and efficient.

In a hyper-competitive world economy and with increasingly rational buyers, the competitions among e-commerce businesses are becoming more and more intensive. Given the priority of competitiveness in modern companies, practitioners of competitive intelligence need to come to terms with what business and competitive analysis is and also how it works. In order to survive in such a competitive environment, a company must deliver superior customer value over its competitors. Three competitors that CanGo analyzed are Amazon. om, Buy. com, and Overstock. com. We focused on areas like personnel, products, and facilities. Amazon is an American electronic commerce company that has become an icon of internet business. The company was founded the company in 1994 and launched on the Internet in 1995 as an online bookstore. The business is built around two values, frugality and customer service. Amazon has been ranked number one in customer satisfaction and service. A key to Amazon’s success was the decision to forego early profits to secure market share.

As a result, Amazon is one of the most recognizable online retailers. Amazon’s shipping costs are relatively high in comparison to other online retailers. Despite increases in shipping costs they have yet to adjust their pricing strategy. Dependence on the North American market, despite expanding into international markets is another weakness. Amazon still derives 55% of its sales, from the North American market. This dependence could have adverse affects on Amazon’s future market growth. Buy. om was launched in November 1997, with 30,000 high-tech products. In one year Buy. com, sets first-year record with $125 million in sales. The company has expanded in numerous profit sections such as entertainment parks, subsidiaries, and large international breweries. Buy. com continues to introduce new brands. The target market is college campuses and sports. Currently, Buy. com is spending considerable amounts of money in the Spanish marketing field. Some weaknesses are the loss of investor interest due to lack of profits. Overstock. om initially began by selling surplus and returned merchandise on an online marketplace; however, in recent years it has expanded to selling new merchandise. Overstock has established partnerships with many leading brand-name companies. These relationships allow Overstock to buy products at significant discounts, which lowers the costs for consumers. Overstock. com restated its financial statements for fiscal years 2003-2007 due to problems incurred when implementing an Oracle enterprise resource planning program (ERP) (Taub, 2008).

Weaknesses

Based on an article by Stephen Taub, “Botched ERP Hookup Spurs Restatement,” Overstock. com restated its financial statements for fiscal years 2003-2007 due to problems incurred when implementing an Oracle enterprise resource planning program (ERP) in 2005. (Taub, 2008) When Overstock. com implemented its new ERP system, customer refunds changed from batch processing, to being recorded as individual transactions. However, Overstock did not install all the accounting elements needed to process customer refunds in the new system.

Instead, the company chose to put “manual fixes” (Taub, 2008) in place; however, these manual fixes did not account for all the applicable refund types, resulting in refunds not being recorded. The errors do not stop here. Overstock. com also found that the ERP system did not reverse out shipping revenue for cancelled orders and the company was under-billing their fulfillment partners for return related costs and fees. (Taub, 2008) Although, $12. 9 million is material to report a restatement, the impact on the stockholders will be minimal, as Overstock. om is a large company that already has a negative net worth. Stockholder’s equity reported on Overstock. com 2009 Annual Financial Statements is negative $3 million. (Overstock. com, 2009) and Overstock. com has not had a profitable quarter since 2004.

Stockholders should be concerned with Overstock. com management, as this is not first time the company is restating their financial statements. In February, 2006, Overstock. com announced it would restate 4 years of financial statements, 2002 though 2005, due to improper accounting of freight costs. Taub,2008) It appears that the company has some serious internal control and reporting issues that need to be addressed.

CanGo Strengths

• Resources
• Strong brand names
• Good reputation among customers
• Recognizable brand
• Positive relationship with employees
• Employees under trained
• Insufficient suppliers
• Unplanned products
• Planning
• Lack of industry knowledge

CanGo has the ability to compete with their competitors in any facet of the industry. There are high profit margins in the e-commerce industry. There is an increase in demand in the online gaming industry. There are no major barriers to entry and the future growth potential is limitless.

E-Business implies revolution of the vital business processes via the usage of Internet technologies. The Internet is transforming every facet our daily lives and is hard to find any other area which is going through as fast and remarkable change, as the manner in which businesses function. When businesses espouse Internet technologies into their main processes, they begin to reap real business value. Companies irrespective of their size are utilizing the benefits of the Internet to establish communication with their partners besides connecting with their back-end data systems and transacting commerce.

Business to Consumer E-Commerce) Points of difference in the Supply Chain of B2B website and B2C website: The most important difference between B2B and B2C lies in the role of the B2B website in Internet terms. B2B websites is concerned mainly with Supply Chain Management — SCM. SCMs constitute web portals that facilitate businesses to enter business transactions directly with their suppliers and distributors in an online manner thereby permitting electronic transfer of orders, preparation of invoices and also payments. Wholesalers, distributors and manufacturers come under this group.

On the other hand, B2C websites constitute intermediary portals to connect customers to suppliers. Among the leading ones are ebay. com which is an auction site, yell. com a yellow page website and ZDNet. com which is a technology marketplace. Transactions of the above business happen on the Internet and hence known as e-business. B2C is concerned with the objective of selling to the end user. Normally these are websites like amazon. com, which is the world largest virtual bookstore, which sell goods to the end user. Thus a B2B website deals mainly with other businesses whereas a B2C site provides products to the end user.

What is the difference between B2B and B2C? ) Even though any e-business solution is a unique one; it boils down to the categorization level of either B2B or B2C. B2C normally indicates the online trading and auctions, for instance on-line stock trading markets, on-line auctions for computers and other articles. B2C e-commerce points to the budding commerce model in which businesses and consumers communicate through the electronic mode or digital mode in some manner. Taking the example of B2C e-commerce, the aim is more regarding attracting the prospects and making them into sales.

The final objective lies in the conversion of shoppers into buyer as quickly and constantly as might be possible. Under the B2C, the flow of information among the business and consumer typically is through Internet. This flow comprises of services, product orders/ service requests from the customers, product information. Apart from that it might also involve flow of tangibles like goods ordered from customers, transfer of documents among business and customers. (Business-to-consumer E-Commerce)

The services that are typical of B2C e-commerce comprise of (i) auction stores for instance e. ay. com (ii) online stores for instance amazon. com and (iii) online services for instance travelocity. com. Among the intense outcomes of the information revolution lies in the influence regarding the manner in which economic value gets built and extracted. Access of information is easier as also the price. The benefits of the company are (i) There is an enhanced demand (ii) The entire globe becomes the market place at a fraction of a cost (iii) There is a huge advantage of cost-reduction as regards promotion and sales. (iv) Costs are much lower.

The benefits for the customers are that they are able to get a lower price and they are faced with a wider choice and better information and increased convenience. Conducting shopping by the online stores is becoming popular and its acceptance is also increasing. Even though B2B sales constitute the major earner of revenue, yet B2C sales are also supposed to better in the forthcoming years. But for this to happen, online stores are required to provide increased value to the customers and concurrently found novel ways to generate revenues.

However there are major challenges confronting the B2C initiatives. These are “organizational challenge, business process reengineering, system integration problems, problems in matching technology to the needs of the business, the role of business intermediaries, getting browsers to purchase articles, building customer loyalty and fulfillment”. (Business-to-consumer E-Commerce) Under the B2C system the SCM hovers around managing service quality albeit with strong technology mediation.

As it is known that internal marketing is required to inspire the staff to become outstanding service providers, it is crucial that internal managerial processes are required to built a friendly, high-availability, high performance website and a seamless delivery and returns procedure. A huge difference among the traditional and B2C services is the surfacing of a complex order taking and fulfillment systems as a replacement of the front-line employees. Therefore it needless to say that service problems in B2C often come from the breakdown of such systems.

The front-end processes are concerned with the design and maintenance of websites, attracting visitors to their websites, and making them customers and getting repeat orders. In the back-end processes constitute system dealing with order fulfillment, delivery and returns. The managers’ in charge of B2C are required to govern the processes to get optimum performance. A point to be noted here is that the customers get the experience of those elements comprised of the front-end and back-end processes which impact them in a direct fashion.

Failures in B2C have every chance to happen in these visible processes; however they can also happen in the background and the failure of managers to steer these processes in appropriate methods. (Conceptualizing B2C Businesses as Services) B2C relationships are present as a crucial part of the e-commerce business. Web sites applying these relationships rely on the performance and design of the website. Consumers make decisions depending on just these needs sometimes and a business requires doing well in the required needs of the consumer.

These categories of businesses also deal with marketing, and the most popular websites have been introduced before the general public through advertisements fueling interests to the consumer. After gaining recognition, these business model sites improve their selling for a long-term period. (Lengkeek; Solack; Preston; Ritzema; Tapia, 2004) One more angle to B2B initiative in the Supply Chain Management — SCM space is the rise of the B2B Trading Community Evolution. The surfacing and popularity of the Internet trading communities have been exciting. Although it is still in its infancy, there is more to it in the coming years.

Majority of the trading communities presently are supporting the two fundamental works of e-commerce that are Dynamic Product Catalogues and Order Processing that are Buy/Sell and related deals. It is envisioned that the final capability and the ultimate evolutionary results of the trading community explosion locates a net of five leading functions that the entire trading community will present in the years to come. These five functions transcend simple systems functionality and include everything that is needed for most efficient delivery of a holistic supply chain solution.

To be more specific these are “Dynamic Product Catalogues, Order Processing, Multi-Firm Logistics Planning, Multi-Planning Logistics Operations and Consolidated Transportation and Delivery”. (B2B Trading Community Revolution) In order to completely exploit the capability of B2B, companies are required to concentrate in terms of eHubs that are web enabled platforms that permit trading partners to locate exchange and share information connected to buying and selling activities. A number of transactions regardless of them being inbound or outbound needed in customer order fulfillment are carried out in an automated fashion.

A definition of eHub given by Kevin McKelvie and Mark Simmonds state eHub as a “set of technologies that give end to end Supply Chain integration and collaboration, sharing of information, visibility into a wide array of activities connected with demand planning, direct procurement and execution of order”. (Business-to-consumer E-Commerce: The eHub Concept) In this act, the eHub makes an optimum use of the supply chain itself and all its participants. It gives a full transparency at every stages of execution of a transaction.

Implementation of the incoming transaction of the customer present in the “far up’ in the channel to contract manufacturing inside the supply chain is automated. In doing this, the inventory is optimized. (Business-to-consumer E-Commerce: The eHub Concept) Through the use of the eHub information flow is facilitated to everybody concerned in the supply chain thereby facilitating them to react in a timely and efficient fashion. Therefore the eHub primarily matches the supply chain collaboration as it is accessible to several different parties.

All the constituents contribute their share of information to build a collection of dynamic information inside the critical area of the eHub. As all the trading partners are able to use the information, it caters to multiple functions. It supplies not just the present view o the order but also supplies visibility into other related parts of fulfilling that order, like production capacity, availability of inventory and logistics and fulfillment status. (Business-to-consumer E-Commerce: The eHub Concept) There is a difference exists in the B2C and B2B marketing which has to be kept in mind while developing marketing activities.

The terms were formed to differentiate Internet Commerce business that sold mainly to consumers and those whose markets constitute other businesses. These expressions have been broadened their definitions to imply any business which primarily sells to the ultimate customer — B2C or to other businesses which is B2B. Even though marketing programs are identical for each type of business, the difference lies in the manner of their execution, the message and the outcome of the marketing activities. At the core of successful B2B or B2C initiate is an efficient Supply Chain Management — SCM which can make or mar an e-commerce transaction.

However, the presence of SCM appears in more visible form in case of B2B as businesses have to keep in touch with suppliers, databases and warehouses present at multiple locations, which are connected through computer networks. Presence of eHubs a recent addition will be playing an important role in the coming years to boost e-commerce transactions. The role of SCM in case of B2C on the other hand deals with the customer order processing, payment acceptance in a secured manner, order tracking while the product is in transit, shipping details and handling returns.

Director of E-commerce The director of E-commerce provides the E-commerce department with updates of what is happening with the online business. The director is responsible for the whole online business. They will plan and establish objectives which they will aim to achieve to make the business more successful. Manager of Sainsbury’s to you The manager of “Sainsbury’s to you” will plan work for managers in other departments, co-ordinate work with colleagues and organise procedures for them to follow.

The manager will plan the long term future of the Company, and establish objectives of the online business. He/She will always be looking for ways to improve the way the business operates and suggest improvements. The manager will also make sure that all other departments are running successfully. E-commerce department The E-commerce department will provide the customer with information on Sainsbury’s to you, frequently asked questions and useful contacts for any queries. Customer services team

The customer services team provides the customer with help to any problems that they may be encountering when using the Sainsbury’s to you website. The customer will be able to call a customer helpline number: 0845 636 262 six days a week from 8am – 6pm, or alternatively write an e-mail to the department in which they are experiencing difficulties. The customer services team will deal with all queries, such as technical faults encountered, problems with login, bank account details, loans, insurance etc. They will provide solutions to the customer’s problems.

Picking centre staff Sainsbury’s to you now covers over 50% of UK households. The first major step towards this was the opening of Europe’s largest and most technologically advanced grocery picking centre at Park Royal, north west London (August 2000). The location of the centre is perfect as it can serve the seven million people living in central and Greater London, representing 14% of UK households. The centre will employ up to 500 staff as the service penetrates new markets within and beyond the M25.

The picking centre allows Sainsbury’s to target such a vast home shopping market. Staff uninterrupted by the store operation means that errors handling customer orders will be greatly reduced. However, for the short and medium term, stores will co-exist with picking centres and a small number could remain to serve lower-demand areas. Stores allow Sainsbury’s to provide a service whilst it builds up demand large enough to be served by a picking centre. Each store selected to provide home delivery has a dedicated team situated at the rear of the store.

The team receive orders from a call centre, processes, picks and delivers during store trading hours. The picking centre operation helps to drive down costs through higher automation and improved accuracy of customer orders. Both large and medium-sized picking centres will carry a total of 15,000 lines. The medium-sized centre will be around half the size (40,000 sq ft) of the operation at Park Royal and will have a weekly order capacity of around 5,000, employing up to 250 people.

The centre will be laid out in store fashion and pickers will follow the layout, building the customer’s order. Sainsbury’s market research has shown that 27. 5% of the population within the M25 would use a grocery home shopping service. Systems managers/website developers The systems managers and website developers work constantly with the aim of improving the website, solving any major technical faults which may be encountered by users, constantly getting feedback from the users on the ease of use.

The website developers will communicate with and suggest ideas to the board of directors concerning improvements to the website and the financial costs. If the improvement has been approved the board of directors will give the web developers a deadline, a budget and an aim for the task. When the improvements have been made they will be presented to the board of directors and tested by users before they are “put out on the market”.

Introduction

There is no controversy in the fact that there should be global standards of accounting for a truly global economy. Financial statements make it essential and underpin the complete system of market and information for the comparability of data available so as to have several benefits like uniformity, cost reduction, integration of data of various regions, better decision making and many more advantages.

Reasons for Variation in Accounting Standards

The environment of a country in which it functions molds its Accounting Practices. Following are the variables for varying standards in Accounting Practices:

Legal System

The Accounting globe can be alienated into countries, which have ‘legalistic’ or ‘nonlegalistic’ approach (Nobes et al., 1999). The non-legalistic approach can be seen in countries using general law. In these countries, accounting does not stand upon law but on private sector (Choi et al., 2002). The legalistic approach that is used codifies laws. In divergence with the common law, the codified law system needs to extend rules for the Accounting and financial reporting (Nobes, 1999). In these countries the function of law is to illustrate manners that are suitable in the society (Choi et al., 2002).

Provider of Finance

The three key bases for external capital are shareholders, banks and government (Hill, 1999).  This variety of capital supplier means that accounting practices fluctuate in order of the demand of capital suppliers. In the case of shareholder ownership, (For instance U.K. and the U.S.), information revelation will be more essential than in countries, where capital is lifted from banks or governments.  Hence, financial record in the US and UK are individual investors oriented. The accounting practices in countries with banks as major capital supplier have an interest to keep bank’s investment. This has led to more conformist way.

Taxation

There is no relationship between tax and accounting law in countries like UK & US. When accounting standards are formed, the only focus is how to provide the information. Taxation related queries are not considered in such countries (Achleitner, 2000). Contradictory to this, in nations like France and Germany, tax and accounting systems are ruled in an identical manner (Nobes and Parker, 2000).

National Culture

National culture of countries affects accounting practices. According to Hofstede’ study; countries do have weak or strong culture depending upon its geographical and economical power. Thus, some countries dominate their practices and some just adopt them. (Nobes and Parker, 2000; Roberts et al., 1998)

Other Factors:

• Securities Exchange Commission and stricter accounting regulations for protecting the shareholder.
• Countries with lofty economic growth and hyperinflation (South American countries) have a large pressure on accounting practices.
• Political and economic bondings with other countries have a chief influence in shaping accounting practices. (Roberts et al., 1998)

Need for International Harmonization of Accounting Standards

National cultures are inherent, slow to change, and so will possible confine international harmonization efforts. Cultures transform to last and oppose.  The direction and extent of change varies according to external and ecological factors. These international stresses for change signify that existing national accounting traditions and practices will be challenged in the years ahead as new problems are recognized and the stress for international harmonization shall increase.

In addition, international stress and concern will become more important factors in the growth and variation of accounting standards in each country. As the world is moving towards more and more globalization, the need for homogeny of accounting standards arises. Several companies are becoming global and they require international standards to adhere so as to have uniformity.

International Harmonization of Accounting Standards

Harmonization is an activity of shifting to a system of uniformity or standards. In other words, harmonization aims at reducing number of permissible accounting alternatives and promoting higher compatibility.

The IASC standards are now being accepted by number of stock exchanges including London, Singapore, German, Hong Kong and Swiss stock exchange. So, now in globalized environment it is necessary to take steps towards having uniform accounting standards across the world. IASC receives loud support from accounting and professional bodies across the world.

 Reason for Accounting Harmonization

• Benefit from the perspective of preparation
• Benefit from the perspective of uses
• Benefit from the viewpoint of preparation

If the companies operating in more than one country use same standards across their subsidiaries, it can save a lot of cost. A simple internal reporting structure can help in better comparison, less ambiguity and smooth operation. Cost saving can be enhanced, if consolidated financial statements are used further making it easier for companies. One set of accounting gives credibility to external users. It will be easier to acquire capital for them.

Benefit from the perspective of uses from the user’s point of view including the investors or a bank, accounting harmonization gives a lot of advantage. Investors, banks or owners are interested in finding information regarding its financial performance. Accounting harmonization gives them room to compare between companies and countries so that analysis becomes more fruitful for them. Similar accounting standards will lead to better compatibility in the market. In this way, investors, banks and other stakeholders like rating agencies can take more clear decision on the basis of harmonized accounting standards.

Alternative Approaches:

• “Rebuilding” IASC and local accounting standards
• Start US GAAP (Generally Accepted Accounting Principle)

 Conclusion

From the foregoing debate, t is obviously apparent that international harmonization of accounting standards is crucial to encourage the international capital market. The study revealed that accounting harmonization carries multidimensional benefits to both the customer of financial statements e.g. investors, banks or owners so as to facilitate economic decision. The stakeholders who are related to and are interested in foreign stock market, international financing and raising finance globally are eager in receiving information, which enables them to make investment/financing decisions.

Financial statements based on global GAAP would facilitate the customer to make practical evaluation between countries and companies. In fact, it is predictable that greater degree of comparability in results shall provide better understanding, lower risks and better organized selections of investments. From the historical perspective of accounting standards harmonization, it has been understood that international process of accounting harmonization started in 1959 i.e. before the conception of the International Accounting Standards Committee (IASC) in 1973.

Progressively, harmonization hard work accelerated with the lively support of various national and international professional accounting standards setting bodies and international development/financing organizations. Still global synchronization of IAS is one of the most significant issues in front of accounting standard makers, securities market controller, stock exchanges, and those who practice or make use of financial statements. Read also about s ources of accounting standards

Analysts and investors should go on with their hard work to endorse the global harmonization of accounting standards all-inclusive, and should vigorously contribute in the procedure of standard-setting both countrywide and globally to make certain accounting harmonization.

References

1. Global Harmonization of Accounting Standards: Md. Salim Uddin :1-15
2. Susanne Fritz, Christina Lämmle: The International Harmonisation Process of Accounting Standards (2003) (http://www.ep.liu.se/exjobb/eki/2003/fek/003/
3. Choi, F.; Frost C.; Gary, K. (2002): International Accounting, Prentice Hall, New Jersey, 4^th edition.
4. Hill, C. (1999): Competing in the Global Marketplace; Irwin McGraw Hill, Boston, 3^rd edition.
5. Hofstede, G. (1991): Cultures and Organizations: Software of the Mind, McGraw-Hill Book Company, New York.
6. Achleitner, A. (2000): International-Accounting-Standards: Ein Lehrbuch zur internationalen Rechnungslegung, Franz Vahlen GmbH, München, 2. Auflage.
7. Nobes, C.; Parker, R. (2000): Comparative International Accounting, Financial Times –Prentice Hall, Hartlow.
8. Nobes, C. (1999): Towards a General Model of the Reasons for International Differences in Financial Reporting, in: International Accounting and Comparative Financial Reporting, edited by Nobes, C. (1998), Edward Elgar Publishing Limited, Cheltenham.
9. Roberts, C.; Weetman, P.; Gordon P. (1998): International Financial Accounting – a comparative approach, Financial Times Pitman Publishing, London.
10. Nobes, C.; Parker, R. (2000): Comparative International Accounting, Financial Times Prentice Hall, Hartlow.

Papal is a kind of financial instrument that connects the plastic, credit card or any bank account with a user account on the system, which makes it possible at any moment to replenish their balance in the system, to make any payments, withdraw money. 1. 0 The history of success Papal – is the largest electronic money system in the world designed to make payments on the Internet. Papal is making it possible for users to make their money into your account using a mobile phone connected to the Internet.

In 1998, Max Levin, Luke Noses, and Peter Thiele founded the company Continuity, whose task was o develop cryptographic applications that might be used in the implementation of electronic payment transactions using mobile phones. This project is interested in several investors – Deutsche Bank, which has invested in the project, is $ 1. 5 million, and Monika Ventures – they implemented an infusion of $ 3 million. In 1999, Leon Musk founded the company X. Com Corporation, which was engaged in a variety of financial services on the Internet.

Considering the needs of the market, the developers of the company is mainly focused on the creation of an electronic moment system via e-mail. In November 1999 there was a merger of the two companies – X. Com Corporation and Continuity, resulting in a new company – Papal Ink. Officially, the company Papal launched Just over a year – in February 2000, the site was set up Papal. Com Here is some strategic ways which Papal use to got success in business: Active and intelligent campaign, which promotes the benefits of electronic payment system Papal became to the fact that a large number of investors, among which were the major U. S. Ankhs, interested in the project. As a exult, the development of e- money system Papal has invested 23 million dollars, and the rapid development of the Internet has played into the hands of the founders of the company – a large number of users of the system who appreciate the convenience of this form of transaction. Within six months of the payment system Papal enjoyed a half million people, the turnover amounted to two million dollars, and more than one million of the world of auctions used this system for their monetary transactions. Registration has opened Papal convenience and new opportunities for different market participants.

At the same time the system was introduced improvements – was possible to invest Papal, and receive monthly dividends. In February 2002, the U. S. Stock market, Papal will put shares at $ 900 million. And in 2006, the electronic payment system Papal was awarded the “Best Financial Site A year later, the system had available for users of Papal in Russia, Ukraine, Azerbaijan and Astrakhan. In 2008, Papal has released a card Papal Top Up, which allowed the system to attract a new range of customers and has made it possible to provide services in off-line mode.

Papal become famous revolution in the oral of information technology, as allowed to make payments instantly even with a regular mobile phone. In order to send or receive money, do not need to do anything to make out – enough to activate and send a message Today, the remarkable system Papal – the undisputed leader in its sector and so far no one service does not attract the same number of customers as the project. Papal is licensed agencies that monitor and regulate the activities of all financial institutions in the U. S. , so the system has a certain impact on the entire sector.

All electronic user accounts are ensured, are denominated in U. S. Currency, money is in the bank Wells Fargo. It is also important that the system is constantly evolving – many famous people say this is what the Internet as the main factor of popularity. Thus, the service now supports not only the U. S. Currency , but such different currencies , the Euro , Australian dollar , Canadian dollar , pound sterling, Chinese Yuan , the Japanese yen , the Hungarian forint , the Hong Kong dollar , the Danish and Czech crown , the Polish zloty , New Zealand dollar, Singapore dollar , the Norwegian crone , the Swiss bank and the

Swedish Akron . Also among the benefits of the famous service Papal, which determine its relevance , it is worth noting , such as the maximum ease of use , user- friendly interface, international, multilingual and multi-currency , the ability of mobile payments, the maximum level of safety , insurance funds. Implementation of transactions in multiple currencies at the same time In the Papal system created function “Working with different currencies” to facilitate payments between foreign parties. Papal offers exchange rates, competitive exchange rates relative to other client services.

The most current information on exchange rates based on the “interbrain exchange rates” Inter-bank exchange rates are established in the course of currency trading in a global network of more than 1,000 banks, and the channels are not available to customers or retailers. Customers can use these courses are for reference purposes, but should not rely on the inter-bank exchange rates in transactions where the conversion takes place. For current rates contact your local financial institution or an exchange office or see the course, reflected in your transaction Papal. 3. 0 Papal – increasing to globalization

The online payment system Papal has announced the beginning of its work on the market at once, and 87 new states. Therefore, the list of countries with which operates Papal increased to 190. List of new countries includes countries such as : Albania , Algeria , Angola , Antigen and Barbuda , Armenia , Azerbaijan , Belize , Benign , Bhutan , Bolivia, Bosnia and Herringbone , Bulgaria , Burning Fast , Burundi , Cambodia , Chad , Colombia , Cosmos , Democratic Republic of the Congo , Republic of the Congo , Cook Islands , Outside , Dominica , El Salvador , Reiterate , Ethiopia , Fare

Islands, Gabon , Gambia , Greenland , Grenade , Guatemala , Guiana , Guiana- Bissau , Guyana , Honduras, Astrakhan , Kenya , Jackrabbit, Kuwait, Gyrations , Laos , Lesotho , Madagascar , Malawi , Mali , Marshall Islands , Mauritania , Micronesia , Mongolia , Morocco , Macaque , Naira , Nepal , Nicaragua , Niger , Nine, Norfolk Island , Oman , Papal , Panama , Papua Papua New Guiana, Peru, Philippines, Romania, Rwanda, Saint Vincent and the Grenadines , San Marino , SAA Tome and Principle , Saudi Arabia , Senegal , Seychelles , Sierra Leone , Somalia , Sir Lankan, Surname,

Scabbard and Ian Mane , Swaziland , Atkinson , Tanzania , Transmittal , Tuba , Uganda , Vaunt , Vatican City , Yemen and Zambia . Adding support for new languages will primarily Spanish- , French- and Chinese- speaking users to avoid a certain kind of confusion when making online purchases. Customers using the web browser on one of these three languages , with the first site visit will be prompt to translate it into the language of their browser. We are very excited about our expansion into new markets around the world, as well as adding the ability to view our website in three ewe languages. Recent innovation allows users to directly in 46 countries and work with us in their own language. This will help make both internal and international payments easier and safer for millions of customers around the world, “commented innovation Dana Stalled (Dana Stalled), senior vice president of Papal. Add that to the moment Papal has 143 million user accounts worldwide.

In the first quarter of 2007, the volume of payments through Papal amounted to more than $ 11 billion. Http://ahead. Org/archives/ahead_archive/may-Junco/0066. HTML Globalization in e-commerce: Papal arrives in Russia November 1, the international online payment system Papal starts working with Russian rubles. This information is contained in the text of the amendments to the “User Agreement” and ” Privacy Policy В» Papal. As the portal Moneys. Our, document, in particular, establishes an equivalent charged for transactions through Papal commissions in Russian rubles.

Thus, the fixed charge for domestic payments in foreign currency will be 10 rubles, and for incompetents between users from different countries – only 2 of the ruble. The maximum size of the Commission for Mass Payments in Russia and around the world is set at 240 rubles and 1,400 rubles, respectively. The fee for “greenbacks” will be 64 rubles. For active users Papal, freelancers, online stores and services especially relevant is the question of the possibility of withdrawing from a purse in the Papal account in a Russian bank. Confirmed information on this matter until it has none.

Back in April 2012, Papal will filed documents with the CAB to create a non-bank credit organizations ( Nags), but still do not know at what stage the approval of documents . Optimistic predictions that the withdrawal of funds to the accounts of Russian banks will be available simultaneously with the upcoming November 1 changes can neither confirm nor deny. On the one hand, of course, the arrival of Papal will make an additional stimulus to the development of e- commerce in Russia at the expense of the same eBay and foreign online stores often provide more favorable conditions for buyers.

On the other hand, many experts and members of the Russian market of e-commerce users to predict the outflow popular now in the country of online payment service to Papal. The undoubted advantage for Runner is to increase the level of confidence of taxpayers to payments on the internet and projected in connection with the introduction of market growth Papal e- commerce in general, Russia 4. 0 Do you use Papal? Yes, of course I use.

And here are the reasons why I choose Papal Because, Papal is the easiest and safest method of payment, which will save you the headache and confusion can quickly build a successful positive feedback. Once the client has paid for the goods, Papal immediately, within a few seconds sends you an email notification that the money is credited to the account. Nice to wake up in the morning, open the email and see the yawning so dear words – muff got Cash!!! ” Papal is enjoyed by people from 190 countries. What else is good Papal to me?

Do you have the money in the account, which will allow you to get a debit card fast enough! If the situation is such that you cannot use a credit card relative, and get a debit card there is no possibility of that is not available even hundreds of dollars, which would be put in a bank account, Papal will take you Just a cool way out of the situation. After 60 days of opening a Papal account and the money is transferred o this account from trading on eBay, make an application for obtaining card. Debit card Papal allows you to pay for goods and services both online and in real life.

You can open one of the three types of accounts on Papal: Personal Accounts, Premier Accounts, Business Accounts. Open the Premier Account, as in the Personal there are many limitations, such as the owners of Personal Accounts debit card is not entitled. In the case of Premier Accounts you will have a good prospect of a debit card, and a little later, and credit cards. When you send money to the Premier Account, then you will not be taking fee. If you sold it on eBay and either you received money on account, Papal will take with you a small fee.

According to statistics, about 78 % of the visitors are eBay’s Papal account. Buyers who do not have such an account could send me a check or Money Order, but I deliberately refuse this. I refuse it for one reason; I want to live in peace. The fact is that, the letters sent checks. Sometimes the letters are delayed, buyers are nervous, you’re too worried. I cannot force you to use your example predominantly Papal for billing the customer, each with its own head on his holders, but I cannot resist the Board: I am very happy with Palsy’s service. 5. Conclusion If briefly conclude, today, the remarkable system Papal – the undisputed leader in its sector and so far no one service does not attract the same number of customers as the project. Also among the benefits of the famous service Papal, which determine its relevance , it is worth noting , such as the maximum ease of use , user-friendly interface , international, multilingual and multi-currency , the ability of mobile payments , the maximum level of safety , insurance funds. And that the company is irking without stopping in many countries to satisfy their customers.

Example for innovation is mobile wallet: Papal is ready to accelerate their adoption by the insertion of additional services designed to give consumers a reason to use the Papal wallet into several categories and merchants to give a reason to consider adding another method of payment. If Papal has several features, so why don’t use it? My choice is Papal. 6. 0 Reference World Wide Web HTTPS://www. Papal-media. Com/ http://www. Freelancer. Mix/page. PH? P=info/terms HTTPS://www. Papal-media. Com/history

With the resubmission of this paper, I actually conducted research on the topic I’m writing about and made sure I understood the research gathered for this assignment. I hope to gain a better understanding of what the Chamber of Commerce is and how it affects my community and the people in it. This revision has taught me to take the time to understand the topic and to conduct the research needed to complete the assignment and also not to complete an assignment based entirely on my thoughts of what I would do if I were in that position.

Illustrate the Message’s View of the Audience and Stakeholders based on the Written Profile. The Greater Richmond Chamber of Commerce is a great service to communities. They generate business, raise awareness, create value, network, set up alliances and work together socially and politically. A great Chamber can do wonders for a community. Founded in 1867, The Greater Richmond Chamber of Commerce focuses on shaping the financial, educational, and civic well-being of its region. GRCC, 2011). The Chamber acts as an advocate or protector for public policies that create a stable vibrant economy and business area. Those range of issues that the Chamber feels the need to protect its members from are taxation, business and environmental regulation, transportation, workplace and labor relations, health care, education, workforce training, compensation, technology and economic development just to name a few.

The vision of The Greater Richmond Virginia Chamber of Commerce is to be the voice of the Virginia business community and the most influential business advocacy organization in the Commonwealth. The mission of The Greater Richmond Virginia Chamber of Commerce is to be a non-partisan, business advocacy organization that works in the legislative, regulatory, and political arenas to act as the catalyst for positive change in all areas of economic development and competitiveness for the Commonwealth of Virginia. We believe that the business community must be a positive force for enhancing the quality of life in the Commonwealth. To that end, The Greater Richmond Virginia Chamber must be a proactive leader in the search for solutions to problems, a voice for free market competition and limited government, a catalyst for progressive thinking and problem solving, and a partner with the government as appropriate.  Create your own Analysis of the Community Stakeholders and Audience using the Demographics, Geographics, Psychographics, Sociographics, User graphics, and Webographics described in this Chapter.

Both stakeholders and audiences of The Greater Richmond Virginia Chamber of Commerce are members or future members, not to mention, are also heavily involved in businesses around the Richmond area. According to the Census, demographics have shown that Richmond has a population of 197,790. Of that, 53% is made of up females while 46% is made up of males, households of 84,549 and 43,627 families. Of the 84,549 households 23. 1 had children under the age of 18 living with them, 27. 1% were married couples living together, 20. % had a female householder with no husband and 48. 4% of households were non-families. Of that, 37. 6% of all households were made up of individuals and 10. 9% had someone living with them who was 65 years of age or older. The average household size was 2. 21 and the average family size was 2. 95.

There were 21. 8% of under the age of 18, 13. 1% from 18-24, 31. 7% from 25-44, 20. 1% from 45-64 and 13. 2% who were 65 years of age or older. Of those, only 18. 80% hold a High School Diploma and 32. 5% hold a Bachelors Degree. (Census. ov, 2011). According to geographics, Richmond is located at the fall line of the James River and south of Washington, DC. According to psychographics, most people would migrate to Richmond or Tri-Cities area, the Tidewater area which consists of Norfolk, Suffolk, Portsmouth, Hampton, Chesapeake, Williamsburg and Virginia Beach or Northern Virginia which consist of Arlington, Alexandria, and Fairfax just to name a few. The main attractions would be dining areas, historical landmarks, shopping areas, and nightlife attractions.

With Sociographics, audiences would be attracted to where most people lived like the Richmond, Northern Virginia and the Tidewater areas, which are the main attractions of Virginia. Those cities mentioned above have more main attractions and create a buzz to bring more people into Virginia. The Greater Richmond Virginia Commerce also attracts a lot of attention with their business community as well. Majority of the businesses are owned by African Americans and about a quarter of those businesses are managed by women.

There are over 120,000 businesses here in Virginia which gives more room for growth and the Chamber may want to act on establishing more relationship with these businesses. The Greater Richmond Virginia Chamber of Commerce focuses on four priorities when connecting with our community web-base:

• The Chamber advocates and supports positive change in the community.
• Offer members of the Chamber to get involved by participating in committees, councils, networking events, and educational workshops.
• The Chamber claims to understand the need of a strong workforce and business development initiatives, and has centers for training purposes. The Chamber states that it builds groundwork for success through services, tangible value, and return on investment for the purpose of sustaining capacity and viability of the organization. (
• The above information is easily accessible through the Greater Richmond Virginia Chamber of Commerce website and also shares vital information for the intended audience and business owner who may want to be a part of the Chamber in the future.

Give two Recommendations that would improve the message, based on Audience Analysis. First, I would recommend the Chamber to get involved in the community not just for Chamber members but for non-members as well. This would be beneficial to the Chamber because they can recruit new members and be beneficial to businesses to bring in more business. Get involved with those around your community, find out what is needed and what should be changed. Look at the small businesses surrounding the area, think of ways to help that business become more profitable. Minorities make up a large part of the population but are overlooked in so many ways. The Chamber should take the time out to establish relationships with those businesses and the communities surrounding that business. Second, I would focus more on education. There are a lot of children who make up the population and not getting the proper education to be successful in life.

Education is the foundation of the community and the Chamber should be more involved with making sure the schools can hold its students and provide a safe learning environment for its students. For those children who are in poor communities, I feel it’s important to reach out to them most f all to ensure they have the proper supplies and clothing to attend school. Provide your Rationale as to why your Version would be better than the Original. I believe my version would be better than the original because I would take the time to establish relationships with the minority businesses surrounding our community. Even though they’re not members of the Chamber I would hope to change that in the future. Minorities make up the majority of our community so to not acknowledge them is the same as not acknowledging our community as a whole.

With education, I strongly believe it is the foundation of community and I believe no one should be without education. Everyone deserves a fair chance at earning a High School Diploma, Bachelors Degree, or higher and who are we to determine who can and cannot further their education. Everyone makes up a community not certain sections people occupy every part counts. With that said, The Chamber should focus more on networking more with non-members of The Chamber to establish long-lasting relationships going forward.