Procter&Gamble Essay Example | Topics and Well Written Essays - 500 words

Procter&Gamble - Essay Example ledge and learning, discipline and thoroughness are part of Procter and Gamble’s ideals of best practice.By implementing profit sharing, the company reinforces loyalty for the company, mutual respect and trust between management and workers. Among the principles and values are a deep commitment towards customers’ best interests, social service, employees’ welfare and business operations that are simple, direct and transparent. (Dyer et al, 2004: ix, 46, 305). Increasing intense competition from Unilever, Johnson and Johnson, Kimberly-Clark, L’Oreal and other companies is weakening the company’s position in the share market. Further, demand for consumer goods is impacted by the soundness of the United States economy and particularly by corporate profits. Also, investigators have uncovered the fact that animal testing is being done by the company in harsh conditions for its cosmetic and drug manufacturing units (Swasy, 1994: 196). Since consumers are aware of the ethics behind production and the need for corporate social responsibility, this may affect the marketability of its products. Acquisitions such as the recent one of Gillette prove to be mutually beneficial (Hannon, 2008: 46). Further, developing the different markets which are opening up opportunities for P & G to establish itself has to be done with priority product categories, and the organization to be developed to carry out the strategies have to be planned (Conklin, 2006: 189). Technological advances have made it possible to increase the rate of production several times, thus reducing overhead costs (Swasy, 1994: 97). With the aging population all over the world increasing in proportion, as compared to a decade earlier, the growing need for skin care and pharmaceutical products along with research development has opened up new opportunities in these spheres. Competitors have been devoting more research funds to cosmetics than to detergents or other products, with higher profit margins

Financial Accounting Theories Essay Example | Topics and Well Written Essays - 2250 words

Financial Accounting Theories - Essay Example ..that are taken for granted in current accounting research". Political Economy Theory (PET) is divisable into two broad streams of thinking. One being the Classical Political Economy Theory, the other, Bourgeois Political Economy Theory. For the purpose of this writing the Classical Approach will be the main focus. Classical Political Economy Theory follows the basic ideas of P.E.T, but goes further in its bid to highlight and scrutinise structural conflicts and inadequacies within society. The followers of the Classical approach are of the strong opinion that within society even in these modern and seemingly liberal times, a class divide is still very apparent. This theory is based around the works of such philosophers as Karl Marx and therefore opposes the very basis of the Capitalist system. In the writing of Howieson (2006) it is stated that "a Classical Political Economy places structural conflict, inequality and the role of the state at the heart of the analysis". The Critical Perspective is a branch of the Classical Political Economy Theory. ... Critical theorists do not simply question which methods of accounting should be used, instead they investigate the role accounting as an entity takes within society and cast doubt upon the very underpinnings of the profession. In order to understand the critical theorist's view of unregulated corporate disclosures, the bigger picture of their theory must be investigated. The basis for most of the Critical theorists judgements is based upon the idea that "most rights, opportunities and associated power resides in a small (but perhaps well defined) elite," Deegan (2000). They believe that power is not spread evenly throughout society and is not something one can easily acquire but is instead controlled by this so-called "elite". Included in these elite are those who are already in power and who use this power to remain in such a position while also keeping those without power in a position where they will not be able to achieve power. The Critical view is that these elite will inevitably wish for their own good to maintain the status quo, which is already in existence and is to their benefit. If these powerful individuals were to work towards giving more opportunities to those without power it would decrease their own power level, and, in effect, their social standing. The only people who would benefit from the radical reforms, which would be entailed in the re-distribution of power throughout the various social levels, are those who do not have the ability to bring about those changes. The elite comprises of, the state, those who hold a large capital share in the economy, accountants, accounting researchers, large corporations etc. These groups of powerful people may seem very separate, but, are in fact interlinked in their control of power