Distribution Channels And Supply Chain Management Essay

This essay is about what is supply chain management. This will cover how different distribution channels and supply chains are used in the process of international trade. This will also show the different stages of the supply chain and the five defining themes involved in supply chain management. First I will start with defining what a supply chain is, Coyle, Bardi, Landgley (2003) describe a supply chain as the physical, financial and information networks that involve gathering the necessary materials, information and funds to deliver the final product to the end customer. Therefor the supply chain starts at acquiring the raw materials and finishes at delivering to the end user. The goal of supply chain management is to build an efficient and effective process that involves teamwork and technology to create value for the final customer (Fawcett, Ellram, Ogden , 2013). It is important to understand what supply chain management is Fawcett et al. (2013, p8) define supply chain management as, â€Å"The design and management of seamless, value added process across organizational boundaries to meet the real need of the end customer†. Wailding (2011) described supply chain management as, â€Å"Management of upstream suppliers and downstream customers to create enhanced value in the final market place at the least cost to the supply chain as a whole†. From the above definitions they display supply chain management to be enhancing value to the end customer and keeping supply chainShow MoreRelatedDistribution Channels and Supply Chain Management in High-Tech Markets1411 Words   |  6 Pagesmanage complexities of distribution channels and supply chains to successfully deliver products in high-tech market. The authors claim that effective managing distribution helps the firms to reduce redundancies and inefficiencies in their production system. 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Free Finance Essay LSE TMX Merger Free Essays

string(28) " the synergies of a merger\." EXECUTIVE SUMMARY This case study seeks to analyse the intended merger between London Stock Exchange Plc and TMX Group, Inc, the operators of London and Canada’s largest stock exchanges respectively. The intended merger is offering TMX Group’s shareholders 2.9963 shares in the newly created entity, for every TMX share owned. We will write a custom essay sample on Free Finance Essay: LSE TMX Merger or any similar topic only for you Order Now The aim of the merger is supposedly to create synergies and shareholder wealth for all shareholders involved. On close inspection of the figures, and with the aid of financial theories, this study found that TMX’s shareholders stand to gain much more than LSE shareholders (35% compared to 10%) in the integration within the new company. Furthermore, synergies such as improved global market share and cost savings have been found to be achievable as a result of the merger, however forecasts for revenue improvements would take careful planning and implementation. The LSE-TMX merger is therefore recommended, given the consolidation of the industry, and the need to achieve scale in order to compete effectively. 1 INTRODUCTION Mergers and Acquisitions between stock exchanges have been widespread globally, due mostly to the need to achieve scale and reduce costs through synergies (Guardian.co.uk, 2011). One of these proposed mergers has between the London Stock Exchange Group Plc and TMX, operator of Canada’s largest stock exchange. They have been in merger discussions recently that would see a new corporate entity formed; wherein LSE would own 55%, and TMX shareholders would own 45%, with the LSE CEO Xavier Rolet being the top boss in the newly formed organisation. This supposed merger is recommended as an ideal move for LSE, given the competitive environment in which it operates, and the need to continuously expand globally after its acquisition of Borsa Italiana (Italian stock exchange). However, it has sparked criticisms and controversy on the Canadian front, as a number of parties, including the government and several top organisations have stated that a merger between both entities would reduce the status of Canada as a financial capital, and could subsequently result in Canadian firms opting to list in London and not Canada. FT.com (2011) describes Canadian authorities as â€Å"tricky† when it comes to foreign investments, as they could block bids by multinationals if it is perceived not to be in line with the national interest. Such as was seen in 2010, when the Canadian minister for Industry blocked a ?26bn takeover of a fertilizer group by an American mining group BHP Billiton. This case study seeks to review whether mergers and acquisition increase shareholder wealth for both parties, and the sort of synergies that can be expected from such a relationship. 2 FINANCIAL PERFORMANCE INDICATORS The diagrams below show a snapshot of the change LSE and TMX before the merger. Diagram 1 and 2 show the revenue growth in LSE and TMX Plc respectively. Both companies have witnessed steady growth over the past four years. 3 WHY MERGERS AND ACQUISTIONS ARE INTERESTING Breedon and Fornasari (2000) notes that the main aim of mergers in organisations today is for companies to achieve global competitiveness, reduce costs, diversify and possibly improve growth and revenue by branching out into other sectors. Mergers are particularly rampant in highly competitive industries, where firms may be seen to be highly competitively or very fragmented and joining forces together with other players would assist organisations in achieving critical mass necessary to compete effectively. With particular reference to shareholder wealth creation and synergies, several organisations attribute synergies and increasing profit as the core reason why they are merging. For instance cost reductions when duplicate processes and roles are eliminated would assist in improving net profit (Devos et al, 2009). Furthermore, the now increased size of the joint company could be leveraged while negotiating contracts, and be used in achieving economies of scale (Salama et al, 2003). Salama et al further note that mergers allegedly offer the opportunity for new customers in new markets, improved marketing, product development, access to distribution channels and cross selling. It would also help improve market leadership, maintain current positioning and can inspire vertical integration. Even though these assertions are indeed interesting, the most interesting fact about mergers and acquisitions is the argument that down the line, most mergers fail to achieve the profit expectations, shareholder wealth and synergies they initially sought (Salama et al, 2003). This failure could be readily observed in the high price often offered in acquisitions, the substantial, albeit unmet promises given on employee retention, synergies and revenue growth, and the significant costs involved in concluding a merger and synergising operations. This area is therefore very important as a study of what actually makes mergers successful could assist us in analysing the LSE and TMX ongoing merger negotiations and draw recommendations on how they can improve shareholder wealth and achieve synergies. 4 RELEVANT STUDIES Several studies have been published on merger synergies, and the value created afterwards. Stahal and Mendenhall (2005) theorized that one of the major rationales for mergers and acquisitions is the need for businesses to synergize their activities with that of a target company, which is strategically positioned to provide an increase in value. Therefore companies aspire to merge horizontally with competitors in the same industry or vertically with suppliers/buyers in order to synergize their operational processes in a bid to develop a coherent operational strategy that takes advantage of all elements of the business process, eliminates additional cost through redundancy and generates new revenue streams, thus promoting growth. Christofferson et al (2004), in what they described as the winner’s cause argued, â€Å"when companies merge, most of the shareholder value is likely to go to the target. Indeed, on average, the buyer pays the seller all of the value generated by a merger, in the form of a premium of from 10 to 35 percent of the target company’s preannouncement market value.† A complimentary study conducted by Gomes et al (2007), found that the winner’s cause in this sense mostly materialises as a result of an overestimation of the synergies of a merger. You read "Free Finance Essay: LSE TMX Merger" in category "Best finance essays" These synergies are usually as a result of economies of scale and scope sought, new markets, leveraging of capabilities, and greater opportunities for the combined company. Furthermore, Soderberg and Vaara (2003) argued that most acquirers usually have little information about the target company, especially when it comes to the human capital they are acquiring, which often leads to integration issues once the merger is completed. However, Chatterjee (2007), in his study of 264 larger mergers, found that the average synergy gains were 10.03% of the combined equity of both merged firms. Most of which came from tax savings (1.63%) and operational synergies (8.38%). Most of these operational gains were however due to â€Å"cutbacks in investment expenditures rather than by increased operating profits†. In conclusion, Holland and Salama (2010) noted â€Å"careful and well-planned integration strategies are responsible for sustainable learning occurring, leading to desirable synergies between firms engaged in a merger process†. 5 TESTING MERGER THEORY 5.1 SYNERGIES The main objective given for the LSE and TMX merger is to create synergies, in a deal that would create the largest exchange globally in terms of the number of companies listed (6,700), and would also create an exchange where mining companies would be most concentrated. Furthermore, the combined companies are targeting an annual cost savings of ?35m by the second year after the merger, and a revenue growth of ?35m and ?100m in the third and fifth year respectively. Even though the revenue growth cannot be easily ascertained, the synergies can be readily verified. If they do merge, according to Breedon and Fornasari (2000) they would objectively increase in size, have the largest listing of mining companies, and be the world’s largest stock exchange based on the number of listed companies. Furthermore, it is indeed realistic that they can achieve cost savings in the second year, due possibly to cost cutting processes as illustrated by Chatterjee (2007). However, revenue growth in the third and fifth year cannot be easily ascertained, and the likelihood of that happening, may be slim. According to Gomes et al (2007), even though cost reduction and market size synergies are indeed achievable in mergers due to the objective and easy manner in which they can be achieved following a deal, those centered on revenue growth are usually more difficult to achieve, and often result from very optimistic synergy expectations pre-merger. 5.2 SHAREHOLDER VALUE The LSE and TMX merger is supposed to have a combined value of ?5 billion (including debt), and would be jointly headquartered in London and Toronto. LSE is offering TMX shareholders 2.9963 ordinary shares for every common share they have, and based on Diagram 4, that would result in them owning 45% of the combined company. However, in what way does this actually increase the value of shareholders in both companies? Diagram 3: Pre and post merger valuation calculation. Source: FT.com (2011) The diagram above shows the calculation of the pre and post merger valuation of both companies. Based on the market valuation of both companies on 9th of February 2011, when the merger was announced, they had a collective market cap of ?4.2bn. However, by offering TMX shareholders 2.9963 shares for every share held, they would own 45% of a ?5bn combined entity, which takes up their valuation to ?2.25 billion from ?1.70, thus representing a 35% increase on their current shares; whilst LSE shareholders only gain 10%. Even though shareholders in both companies would increase their wealth as a result of the merger of both companies, TMX shareholders stand to gain a lot more than LSE shareholders. These findings contradict that of Salama et al (2003), who stated that the only shareholders that gain considerably from acquisitions are the target companies. In this situation, both companies stand to gain, just that the target gains a lot more. An explanation for this can be found from Chatterjee (2007), who stated that most mergers have to include a premium valuation for the targets to accept, and the substantial increase in valuation within the new entity could be regarded as a premium payment for the acquisition to take place. It can thus be said that LSE has paid a premium in order to acquire TMX, which has resulted in increased shareholder wealth for TMX shareholders. 5.3 INCREASING BARGAINING POWER AND EFFICIENCIES In an effort to determine the status of past mergers, Salama et al (2003) reported that up to 60% of acquisitions fail, and this failure is mostly represented in their inability to achieve cost reduction or revenue growth objectives, or in the general lack of integration between both parties. However, Buono and Bowdith (1989) in contradiction noted that horizontal mergers do benefit organisations, even in situations where cost savings and revenue growth is difficult. They further noted that this benefit is usually in the form of market share growth and operational efficiencies that are crucial in multinational businesses seeking to establish critical mass in an increasingly global industry. FT.com (2011) notes that the most stock exchanges are often chosen for listing based on their market value and popularity amongst investors. Therefore a stock market with a larger market share has more chance of attracting lists, than others. By joining forces with TMX, LSE would be able to gain a larger market share of the global stock exchange industry, thus being able to attract more listings, trading and revenue. Without this, it faces the fear of being taken over by larger players. Therefore, in light of these findings, the merger between LSE and TMX is therefore crucial in order for it to remain competitive and useful in the global stock exchange market. Diagram 4: Market share of leading stock exchanges. Source: FT.com (2011) 6 DISCUSSION AND CONCLUSION This study has considered the LSE and TMX findings in light of academic theories, and analyzed existing information with the aim of testing various theories. The major reason given for the merger, which is supposedly to achieve synergies, seems very achievable given the operations of both companies. By creating a multinational entity, the new entity would automatically become the largest exchange for mining companies, and would house the highest number of listed companies. This synergy is also well connected with the theory on bargaining power and efficiencies, as a larger LSE-TMX would attract more companies to list, help reduce overall costs, and improve efficiencies. The manner and success rate of achieving these however depends highly on the careful planning and execution that goes into integrating both companies (Buono and Bowditch, 1989). If these were not done appropriately, then even though LSE-TMX would still be a large multinational stock exchange, by nature of its merger, it may not uphold its competitiveness or be able to the sort of efficiencies envisioned. Finally, the merger does seem to create wealth for both shareholders, but the TMX shareholders stand to gain a lot more, mostly due to the premium being included in the price. This is therefore not a â€Å"merger between equals† (FT.com, 2011), but an acquisition of TMX by LSE, in a diplomatic manner aimed at appeasing Canadian authorities. 7 REFERENCES Breedon, F and F Fornasari (2000) FX impact of cross-border MA., Lehman Brothers, Global Economics Research Series, April Buono, A.F., Bowditch, J.L. (1989), The Human Side of Mergers and Acquisitions, Jossey-Bass, San Francisco, CA Chatterjee, S. (2007) Why is synergy so difficult in mergers of related businesses?, Strategy Leadership, Vol. 35 (2), pp.46 – 52 Christofferson, S, McNish, R, Sias, D (2004), ‘Where mergers go wrong’, McKinsey Quarterly, 2, pp. 92-99, Business Source Premier, EBSCOhost, viewed 8 April 2011. Devos, E, Kadapakkam, P, and Krishnamurthy, S. (2009) ‘How Do Mergers Create ValueA Comparison of Taxes, Market Power, and Efficiency Improvements as Explanations for Synergies’, Review of Financial Studies, 22, 3, pp. 1179-1211, Business Source Premier, EBSCOhost, viewed 8 April 2011. FT.com (2011) LSE and Canada’s TMX agree merger, www.ft.com, [accessed: 03/04/11] Gomes, E., Donnelly, T., Morris, D., Collis, C. (2007), â€Å"Improving merger process management skills over time: a comparison between the acquisition processes of Jaguar and of Land Rover by Ford†, The Irish Journal of Management, Vol. 28 pp.31-58. Google Finance (2011) TMX Group, Inc. financials, London Stock Exchange Plc. Financials, http://www.google.co.uk/finance?q=TSE:Xfstype=ii, [accessed: 03/04/11] Guardian.co.uk (2011) TMX-LSE merger: a timeline of takeover battles, www.guardian.co.uk/business, [accessed: 03/04/11] Salama, A., Holland, W., and Vinten, G. (2003), Challenges and opportunities in mergers and acquisitions: three international case studies: Deutsche Bank-Bankers Trust; British Petroleum-Amoco; Ford-Volvo, Journal of European Industrial Training, Vol. 27 pp.313-21. Soderberg, A. M., and Vaara, E. (2003), Merging across Borders: People, Cultures and Politics, Copenhagen Business School Press, Copenhagen Stahal, G.K., Mendenhall, M.E. (2005), Mergers and Acquistions: Managing Culture and Human Resources, Stanford University Press, Stanford How to cite Free Finance Essay: LSE TMX Merger, Essays

Huge Orange at Riverland In South Australia †MyAssignmenthelp.com

Question: Discuss about the Huge Orange at Riverland In South Australia. Answer: Reflection: Huge Orange, Riverland, South Australia I along with my investors are planning to open a Huge orange at Riverland, located in South Australia. We have a plan to construct it with steel frame, which has a fiberglass panel around it. We have a plan to include souvenir shop and function room at the first floor of the structure, and on the second floor we plan to construct a caf, on the third floor we plan to have a 360 degree mural, which shows the local scenery of the place, and on the fourth floor we want to have a lookout that gives the view of nearby orchards. This building will have a height of 15 meters, along with 12 meters in diameter. According to the plan, we might incur the total expenditure of $145000. We are sure that our building will prove to be very successful, and lots of tourists will visit this place (Bramwell Lane, 2000). As the building will have four levels, we are planning to build a footbridge for accessing the primary structure. Due to so many things available at a single place, tourist will be attra cted (Burns, Palmer, Lester Bibbings, 2010). This place is a central place, and transportation facility is also available near to the building. This building included four different theme restaurants for the visitors, who can enjoy Australian cuisine over here. In the present time, the tourist is always looking around for trying something new, and that place should hold enough fun and new things to be seen (Bramwell Lane, 2000). The price value of this building is between $100000 to around @120000. The Huge Lobster, Kingston, South Australia My investors and I are planning to open a huge lobster in the Kingston town of South Australia. Though this town is a small one, its popular and includes various facilities. The Huge lobster structure which we are planning to build will be 17 meters tall, and I am sure it will be considered as the impressive building of Australia. It will be made of steel and include fiberglass, which will attract the tourist towards the restaurant as well as a visitor center (Buhalis, Costa Ford, 2006). This visitor complex will consist of restaurant, small theatre as well as a tourist area. With the help of management, the restaurant will offer open space, which will also include wine tasting area. It will also include accommodation facility as well as accelerated tourist centre within the venue (Burns, Palmer, Lester Bibbings, 2010). Our investors are also planning to come up with a retail store in this building, which will offer fresh local seafood, including lobster dishes (Buhalis, Costa For d, 2006). The estimated cost that will be incurred in the construction of this structure will be around $1an 20000. With this building, we plan to offer lifetime experience to our tourist, who can visit this place and take a lot of memories with them. I plan to provide world-class food items through our retail store. It will be a collection of things, which tourist can quickly get from here, and it can be a specialty of Australia (Burns, Palmer, Lester Bibbings, 2010). In this structure, we also plan to offer many photographic places to tourist, including the nearby view of the city (Buhalis, Costa Ford, 2006). References Bramwell, B., Lane, B. (2000). Tourism Collaboration and Partnerships: Politics, Practice and Sustainability. Channel View Publications Buhalis, D., Costa, C., Ford, F. (2006). Tourism Business Frontiers. Routledge Burns, P. M., Palmer, C., Lester, J., Bibbings, L. (2010). Tourism and Visual Culture Methods and cases. CABI Edelheim, J. R. (2015). Tourist Attractions: From Object to Narrative. Channel View Publications Hannam, K., Knox, D. (2010). Understanding Tourism: A Critical Introduction. SAGE Mowforth, M., Munt, I. (2008). Tourism and Sustainability: Development, Globalisation and New Tourism in the Third World. Routledge Singh, T., Singh, S. (1999). Tourism development in critical environments. Cognizant Communication Corp.

Reflection Letter free essay sample

It was my actions that have caused me all these mess and according to the lessons I have learnt in the Academic Integrity Seminar, I believe in high degree of integrity from today. My friend and I were caught cheating on quizzes and online tests. Unfortunately, our instructor caught us red-handed and we were referred to the Office of Student Conduct. My relaxed efforts on academics led me into all these mess. Instead of going to do more studies on previously learnt topics, my peers and would go to the clubs and any other place that we could have fun and forgot our academic roots were more important.Only to find that had nothing to offer whenever there was an exam. Thats when my best friend would suggest that we improvise a way in which we can acquire high grades and achieve academic scholarship. The truth is that our efforts were imposing a great danger in my academic and personal life. We will write a custom essay sample on Reflection Letter or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This kind of incidences has also happened to my peers especially my best friend. To avoid such a circumstance occurring again in my life, I have decided to take my studies more seriously. Again, I have decided to make proper preparations in my studies prior to examination period or any other test and quiz. Eave also cited to avoid the bad groups or peers in the campus and choose a company with good academic morals. During the Academic Integrity Seminar, have learnt that I am only destroying my life. Am a person with great vision for my life, my county and the entire world. I dont want to shun this away. My knowledge on ethics and integrity has gone a notch higher. Being able to know that ethics and integrity is part of my scholar achievement during my academic life, its an assurance that I will practice it both in college and after college. This lesson on integrity will go a long way in my life as I have to reactive even at work place.Knowledge without ethics and integrity is harm to a scholars life. I went through all the modules in the integrity seminar and learnt that some Of us fall victims Of plagiarism knowingly or knowingly. We have to include citations in our term papers whenever we use work from other authors whether its from the internet or from any other public sources. We should not have the assumptions that the sources belong to the community. From now onwards, I will make sure that cite any reference that quote in my academic term papers and any life research papers I work on.

Steps for Strong Time Management for College Students

Steps for Strong Time Management for College Students Within the first few days of starting college, many students quickly learn that managing their time is one of the most challenging and difficult aspects of being in school. With so much to do and keep track of, strong time management skills can make all the difference. Get and Use a Calendar It can be a paper calendar. It can be your cell phone. It can be a PDA. It can be a bullet journal. No matter what kind it is, though, make sure you have one. Write Down Everything Write down everything in one place. (Having multiple calendars just gives you more to do amidst an already tight schedule.) Schedule when you plan to sleep, when you are going to do your laundry, and when youre going to call your parents. The crazier your schedule gets, the more important this becomes. Schedule Time to Relax Dont forget to schedule in time to relax and breathe. Just because your calendar goes from 7:30 a.m. to 10:00 p.m. doesnt mean you can. Keep Trying New Systems If your cell phone calendar isnt big enough, buy a paper one. If your paper one keeps getting torn, try a PDA. If you have too many things written down each day, try color-coding to help simplify. Very few college students make it through their programs without some kind of calendaring system; keep trying until you find one that works for you. Allow for Flexibility Things inevitably come up that you werent expecting. You may not have known that your roommates birthday is this week, and you certainly dont want to miss the celebrations! Leave room in your calendar so that you can move things around a little when needed. Plan Ahead Do you have a large research paper due the last week of the semester? Work backward in your calendar and figure out how much time you need to write it, how much time youll need to research it, and how much time youll need to pick your topic. If you think youll need six weeks for the entire project, work backward from the due date and schedule the time into your calendar before its too late. Plan for the Unexpected Sure, you just might be able to pull off two papers and a presentation during midterms week. But what happens if you catch the flu the night youre supposed to be pulling the all-nighter? Expect the unexpected so you dont have to spend more unplanned time trying to fix your mistakes. Schedule Rewards In Your midterms week is a nightmare, but it will all be over Friday by 2:30. Schedule a fun afternoon and a nice dinner out with some friends; your brain will need it, and you can relax knowing that youre not supposed to be doing anything else.

Essay About Traveling Why Should You Start Travelling Today

Essay About Traveling Why Should You Start Travelling Today Traveling is an extraordinary experience every person needs to try. It reveals a whole new and exciting world out there, opens out your inner strength, and presents with unforgettable adventures. Read an example of essay about traveling to learn more and get inspired. Traveling – The First Thing on Your To-Do List There is nothing quite like traveling, like seeing a new place for the first time or returning to a favorite one. People of all ages, from all around the world, go to foreign places for different reasons – mainly, for work, family, and leisure. Whether by plane, train, ship or by automobile, traveling is generally a pleasurable experience, at least for the people who can financially afford comfortable and safe methods of travel. But it has more benefits than satisfying one’s need to make money, like, for example, to see loved ones and enjoy oneself on vacation. There are other benefits of traveling worth mentioning and trying out. HOW DIETING AND EXERCISING CAN CHANGE YOUR LIFE? One of the significant benefits of traveling is finding and keeping inner balance. Too often, people get wrapped up in their lives, their daily routine of working, sleeping, eating, and living. They become self-absorbed to the point when their fatigue affects their health, their happiness, and their future. It’s a great, big world out there with billions and billions of people, who each day live their life and have their own unique experiences. Traveling is a humbling experience. It is merely a superior feeling: to go to another country, and to see people live differently, speak differently, look differently. This is how one comes to understand how big and crazy our world is. Another benefit to traveling is coming to see one’s native country in a different light, in a different way. It is possible through making a comparison of your home and a foreign location. Sure, this is impossible without traveling. Going to unknown places create new perspectives and inspiration. Away from home, one comes to understand what â€Å"home† actually is and what it means. Perhaps their native country is not as free as they had been told or initially thought it to be, for example. One does not understand what it means to be a citizen of their native country until they have seen it from a distance, from another, completely different country. When traveling elsewhere and having to live according to a foreign place’s laws and social norms, one immediately thinks of how things are done in their own country and culture and begins to favor one way or another. This changes how one feels about their native land, whether in a better or a worse way. This notion can be applied to various characteristics, such as women’s rights, human rights, customs and traditions, beliefs, a trust for government, etc. Traveling is always beneficial for the individual experiencing it. Another great benefit of traveling is a life experience. Many people do not have the luxury of going to another country, or even to another city of their own country. Traveling gets a person out of their comfort zone, away from all their ordinary pleasures and comforts and way of doing things. This forces them to be adventurous, to live life to the fullest, to make the most of this precious gift and use the time they have to discover new things, and meet new people. This is similar to what people experience when reading a fictional story. They get to become whoever they are reading about, just like when traveling, they get to become the citizens of the country they are visiting, even if it is only for a short time. They live outside their life. To conclude, traveling is the perfect entertainment for a person of any age. On the one hand, it helps people to form a better understanding of themselves, their beliefs, and their lives. On the other, it also provides people with a better understanding of the world they live in, even if it’s beyond their immediate environment. Moreover, it may even help a person to feel connected to the many people living in the world. Nevertheless that their lives may never meet or they are so utterly different that they may as well be from different planets. There are no hesitations. Go and explore the world. In the meantime, will take care of your academic success. Just place an order and get ready for the trip without a second thought.

Enron subverted within the structure of the rational business Essay

Enron subverted within the structure of the rational business organisation - Essay Example The book by Bethany McLean and Peter Elkin (2005), talks of the way 'the hypothetical future value' of their investments were booked and profits shown for the shareholders to consume. Enron started with Oil pipelines and made it to the broadband and to a host of other services including electric distribution and power supply. While the core competency of the company lies in pipelines, they went into energy trading and broadband systems. They did not work out and build over their core competencies which are advocated by most of the management theorists (C K Prahlad & Gary Hamel, 1990). Enron was bankrupt on January 25th, 2002. Though there were number of fraudulent practices that the company and its executives practiced, it is also true that the society had a leading role to play in the making of the company and its debacle. Supporting an untrue situation arises when the people involved are greedy and tempt a crowd to be greedy as well. Enron became ambitious with the change in leadership and when the mantle was taken over by Jeff Skilling. Enron was ambitious even prior to that under the stewardship of Ken Lay. The growth was steady and the finances proved strong. But with Skilling taking over the leadership of the company, there was a subtle but a sure change in the approach of the management towards making money. ... It was just that Enron did not have time to reorient itself and plan for a classic change and none of the theories of change management seem to have been adopted (Kotter & Schlesinger, 1979). The company's executives were paid using the company shares which were traded freely in the market. The company maintained a high price for their shares and this resulted in their own staff having a larger value added to the share prices of the company. The company started benefiting by insider trading and ensuring that the company continued to have a high share price and the rate of growth of the company was well over 30 to 50% every year. This was too good to believe but then the share holders and the company employees too continued to believe in this performance. The company hid a number of facts about the debt status of the company and failed to show the right numbers on their reports. Hidden in numerous shell companies across the world were all these losses that was used by the senior execu tives of the company to hide and mislead the public and the share holders by giving them wrong information during critical times (Bethany McLean & Peter Elkin, 2005). This has also resulted in a gross violation of law by the company and its board. These hidden facts were so high that the company could not rectify these problems and come out of it unscathed. This in itself led the company to file for its bankruptcy. The senior executives were held for taking the country and its people for a ride and having misled them. The employees of the company and the share holders of the company felt cheated at the end of the game. This debacle led not only the company to bankruptcy but also took most of the senior people into the jail. Organisation Culture Organisation culture of any organisation