About Facebook Performance In The Social Media Market - 2200 Words

About Facebook Performance In The Social Media Market (Term Paper Sample) Content: FACEBOOK INC.ZACHARY GREENWOODCOURSE:INSTRUCTOR:DATE:Table of Contents TOC \o "1-3" \h \z \u 1.0 EXECUTIVE SUMMARY PAGEREF _Toc482267740 \h 22.0 INTRODUCTION PAGEREF _Toc482267741 \h 33.0 PROBLEM STATEMENT PAGEREF _Toc482267742 \h 44.0 PROJECT QUALIFICATION PAGEREF _Toc482267743 \h 44.1 The scope of Facebook PAGEREF _Toc482267744 \h 45.0 ASSUMPTIONS PAGEREF _Toc482267745 \h 56.0 LITERATURE REVIEW PAGEREF _Toc482267746 \h 56.1 Overview of the firms performance PAGEREF _Toc482267747 \h 56.2 Data collection approaches PAGEREF _Toc482267748 \h 66.3 Popularity of Facebook PAGEREF _Toc482267749 \h 67.0 STRATEGIES THAT FACEBOOK INC. CAN USE TO WIN THE MARKET PAGEREF _Toc482267750 \h 77.1 Market development PAGEREF _Toc482267751 \h 77.2 Diversification PAGEREF _Toc482267752 \h 87.3 Product development PAGEREF _Toc482267753 \h 87.4 Consistent focus on user experience PAGEREF _Toc482267754 \h 87.5 New means of monetization PAGEREF _Toc482267755 \h 97.6 Acquisition PAGEREF _Toc4 82267756 \h 97.7 Penetration Strategy PAGEREF _Toc482267757 \h 98.0 CONCLUSION PAGEREF _Toc482267758 \h 109.0 RECOMMENDATIONS PAGEREF _Toc482267759 \h 1010. REFERENCES PAGEREF _Toc482267760 \h 121.0 EXECUTIVE SUMMARYAs the leading social media company in the world, Facebook Inc. can reverse its current decline in the number of clients and remain competitive in the social media industry. Facebook Inc. boasts of 1.6 billion users worldwide and is the leading social media organization around the globe (Smith, Grimm, Gannon, 2014). Despite the fact that users are shifting to competitors products, employment of the right strategies can re-establish customer loyalty and lure more targeted consumers aged between 18 and 35. The research conducted has established that the company is capable of maintaining its current market leadership due to various reasons. Firstly, technology is consistently advancing providing consumers with convenient and efficient means to interact and communicate (Smi th, Grimm, Gannon, 2014). Individuals from different cultures and backgrounds are embracing social media as an effective means of communication. Social media is facing fewer restrictions in many nations. Social media is a growing e-commerce tool that is widely used by businesses and consumers to sell and purchase products. Facebook is a widely recognized brand hence investing in intense and aggressive marketing is not required (Shih, 2016).2.0 INTRODUCTIONThere is no doubt that Facebook Inc. is arguably the leading social media network around the globe. However, due to the entry of other players in the industry, there has been a decline of Facebook users. Therefore, due to the recent and current decline in the number of Facebook consumers, the company has considered our group suitable to evaluate the strategies that can be undertaken to revive its market leadership position. Therefore, the group conducted a study to determine suitable strategies to reverse the decline, lure new cus tomers and maintain consumer loyalty. Facebook is a global entity; it operates in almost all countries across the globe. Competition has become stiff due to innovations and the growing number of social media companies in the global setting. The company is a recognized brand image both in the United States and other continents such as Europe, South America, Asia, Africa and Australia (Shih, 2016).This report aims at covering numerous factors that will lead to reviving the market leadership position of Facebook Inc. These strategies include mergers, product diversification, product development, market development, Consistent focus on user experience, new means of monetization and acquisition. This study will involve the management at Facebook Inc. Social media consumers in America and across the globe. Most of the research will be conducted through the web because consumers of social media products and services are located globally. Contrary to many existing opinions, we believe that the company can revive itself by applying the right market strategies and developing customer products that can attract and retain its clients.3.0 PROBLEM STATEMENTAs one of the major social media corporations, which also provide social networking services, Facebook has recently experienced a decline in its total number of users. This research aims at establishing strategies that can be applied to reverse this decline for the company to remain relevant in the current social media industry.4.0 PROJECT QUALIFICATIONThe current world is driven by globalization. All the communication barriers are broken down. Facebook Inc. is one of the companies that managed to create a platform that is allowed people not only to communicate but also to make business deals. Therefore, the recent decline of its dominance in the social media industry must raise concerns to the owners. There are many other players in the social media industry thus leading to stiff competition.4.1 The scope of FacebookFace book is a global entity; it operates in almost all countries across the globe. Competition has become stiff due to innovations and the growing number of social media companies in the global setting. The company is a recognized brand image both in the United States and other continents such as Europe, South America, Asia, Africa and Australia (Shih, 2016). This report aims at covering numerous factors that will lead to reviving the market leadership position of Facebook Inc. These strategies include mergers, product diversification, product development, market development, Consistent focus on user experience, new means of monetization and acquisition. This study will involve the management at Facebook Inc. Social media consumers in America and across the globe. Most of the research will be conducted through the web because consumers of social media products and services are located globally.5.0 ASSUMPTIONSThis study will be based on various distinct assumptions. Firstly Facebook is a globally recognized brand hence the audience that will be engaged in this research have a basic knowledge of Facebook. Additionally, the researchers assume that the decline in the number of consumers of Facebook products has been experienced across the globe, in all nations. Moreover, the marketing techniques and other corporate practices are uniformly carried out across distinct countries around the globe.6.0 LITERATURE REVIEW6.1 Overview of the firms performanceFollowing researches that I conducted including literature reviews, observation, expert reviews and personal experiences, I believe that Facebook is capable of reviving itself as a leading social media corporation. Currently, Facebook Inc. boasts of 1.6 billion users worldwide (Walther et al., 2013). The company is also the leading social media service corporation with the largest number of users around the globe. Currently, the company utilizes a marketing mix, which supports and capitalizes on its popularity. In the comp anys marketing mix, major considerations entail the nature of its online mobile apps and networking websites. However, users are opting for other services due to fact that the service has been overwhelmed with political rants and bad memes. Additionally, some of these sites deliver fast news and contents, which are easy to assess just by a click of a button. Nevertheless, I believe that Facebook has what it takes to regain its market leadership position by using the right marketing approach.6.2 Data collection approachesDue to the scope limitations pertaining primary sources such as observation and interviewing, primary research will be complemented by secondary research. In this regard, secondary sources will be widely utilized. Secondary sources include online materials in the form of journals, expert analysis, scholarly articles, data from the stock exchange and the companys recent financial year reports.6.3 Popularity of FacebookFacebook is the leading social network globally an d there is no doubt about that. The statistics indicate that despite the entry of many other players in the market, not of these competitors have been able to win the market against the Facebook in the market. Therefore, the firm still remains a leader in the market despite the challenges that the Facebook is facing in the current social industry.Fig. 1.1: Source statics 2016Facebook is the leading social media network with over 1.4 billion users. The company is followed closely by QZone, which holds the second position (Shih, 2016). This means Facebook is an established brand that controls the biggest share of the social media market, which is an advantage for the organization. Additionally, the recent acquisition of other competing networks such as Whatsapp and Instagram has helped ease competition making the company relevant in the social media market.7.0 STRATEGIES THAT FACEBOOK INC. CAN USE TO WIN THE MARKET7.1 Market developmentThis is a secondary business intensive strategy t hat the company can use for corporate growth. The main goals of this growth strategy are to penetrate a new market. One of the main techniques under this strategy entails coordinating with governments to ensure citizens can access online social networks globally (Shih, 2016). This strategy is deemed to yield results because it aligns the companys vision with its mission statement, which entails expansion through a global market penetration. This form of global market reach will maximize efficiency and effectiveness of the corporation, hence enhancing the organizations cost leadership generic strategies.7.2 DiversificationDiversification can be used as a supportive intensive strategy for the companys growth. The main goal of this growth strategy is to initiate new corporate ventures. For, instance, the company successfully bought Ocu...

Earl Richard Quinney And The Black Collar Crime - 782 Words

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Professional And Academic Knowledge At The Fairfax County...

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Ethical Issues in Auditing Company Encompasses

Question: Discuss about the Ethical Issues in Auditing for Company Encompasses. Answer: 1(a): Audsabumrungrat, Pornupatham and Tan (2015.) states that business risks of a company encompasses factors that are primarily within the purview of the company, however, few risks factors are uncontrollable in nature by the companies in general and industries as a whole. The assessment of business risk profile comprises of evaluating several parameters as enumerated below: Risk pertaining to the claims: The business decisions undertaken by HIH showcases that the company has invested towards coverage sectors that entails a high risk profile. The quantum of high claims arising from the large sets coverage which were perceived to have low chance of occurrence, such as natural disasters and marine calamities, later on resulted in disbursing of high claim amounts. The inclusion of FAI in the company portfolio again raised the risks pertaining to high claims as the business operations of FAI aggravated faulty decisions in providing coverage to businesses that entailed high probability of claims. Exogenous Risks: Insurance products offered by the companies that cover natural events encompassed a high amount of risk depending on the probability of occurrence (https://www.treasury.gov.au). The change of governmental policies can in term hike the level of claims made the companys clients. The exogenous risks pertaining to the company delves towards increasing the costs of the company (Hih.com.au. 2016). Since the company focused upon providing coverage from natural disasters, the frequency of occurrence of calamities such as the Florida Typhoons and Sydney hailstorms increase the losses substantially. The maritime risks such as security concerns along with adverse weather conditions resulted in high payout to clients, therefore the company has experienced heightened amount of risks pertaining to the environmental risks. Financial Risk: The company was involved in controversial insurance products resulting towards insolvency issues. The high quantum of losses resulting from high insurance claims showcases the amount of cash outflow from the company. Moreover the acquisition of FAI that was grossly overvalued to the tune if over $300 million further aggravated the solvency issues. The subsequent writing off $400 million from the books of HIH further deteriorated the solvency conditions. The shifts in company policies towards increasing the amount of insurance coverage on high risk areas such as coverage of natural calamities, coverage of maritime activities along with the level of insurance on film industry resulted towards adverse. The restricted access to management reports aggravated the amounts of wrongdoing in management operations. Post the acquisitions of FAI the company showcased losses in case of its US and UK business (Budescu,., Peecher and Solomon 2012). The overstating of the balance sheets and income st atements resulted in misrepresentation of the financial positions in turn resulting in favorable ratios in terms of efficiency activity, liquidity and solvency positions of the company. Moreover, large lists of losses from Florida Typhoons, hailstorms in Sydney along with losses from coverage of films further escalated the adverse financial position that the company is in. 1(b): It can be inferred that involvement of directors from Arthur Anderson compromised the level of integrity in terms of preparation of financial statements. The of material fact from the HIH prospectus also reiterates that degree of disclosures was insufficient and misleading for investors of the company and its different stakeholders. In terms of opinion of auditors in relation to the financial statements, their evaluations were grossly misstated due to the degree of influence the board members exerted upon the release of financial figures. Moreover, the discounting of amount earmarked for prudential margin by the company reduced the degree of buffer that insurance companies applied to safeguard against claims of natural calamities. Therefore the risks of bankruptcy increased substantially. The implementation of reinsurance policies by the company aggravated the amount of inherent risks. That contributed significantly towards the misappropriation of funds away from the company. 2a) Reviewing of the facts from previous court cases of HIH: Statements of court cases relevant to the clients: The findings of the Royal Commission stated that HIH collapsed because of its failure to mitigate the risks pertaining to the adverse factors emerging in the insurance markets around the globe. The Commission Report also stated the presence of mismanagement pertaining to the company operations. Moreover, the claim by HIH that the downfall of the company was caused by inappropriate regulatory sanctions made by Australian Prudential Regulation was dismissed by the Commissioner of the Royal Committee (Ministers.treasury.gov.au. 1996). The subsequent recommendations made on the strengthening the independence of auditors after the Royal Commission Report showcased that the comprising of auditory guidelines were present in case of HIH, thereby indicating passively Anderson of being guilty of malpractices in auditory services. The instances of receiving payments to the tune of $124,000 by the insurance agents towards the awarding insurance payments of higher amounts have been observed by the investigators. Moreover, the involvement of company officials into large scale misappropriation of funds has been showcased by the investigation reports (Ministers.treasury.gov.au. 1996). Further, insurance coverage of assets that encompassed high rates of risks were aggravated in numbers as the company officials along with the insurance agents streamlined such efforts in consideration for monetary benefit from a few of the companys clients. Statements of court cases relevant to the creditors: As can be observed from the instances with regards to Daniel Wilkie, Terry Cassidy along with other board members, the court found them guilty of suppressing material facts regarding the financial performance of the companies. Moreover, serious lapses were observed in case of limiting the independent functioning of audits. Further, the court also found by the management of sacking or removing the financial analysts hired by the company who have expressed their concerns regarding the rising levels of losses and the financial structure of the company. Moreover, the trials and the subsequent indictment of the board chairman along with the other board members showcases that the managements followed large sets of corporate malpractices. 2b) Depiction the factors pertaining to negligence actions by HIH: Lack of transparency in corporate practices: Bhattacharjee, Maletta. and Morena (2015) states that transparency in terms of depicting true and fair view of the companys financial position along with the level of transparency in operating and investing activities are prerequisites for a companys prospects. Moreover, the presence of directors with questionable background and subsequent challenges to ethical parameters has put a doubt in terms of the integrity in business practices of the company. Issues regarding corporate governance practices: The conflict of interests arising from the wrongful governance practices can be attributed for the adverse financial repercussions in an organization (Bhattacharjee, Maletta and Moreno 2015). The non alignment of the shareholders interests with that of the managers resulted in negative effect upon the levels of corporate governances measures undertaken by HIH. Moreover, the issues pertaining to the restriction upon the non executive directors by limiting their power among the board of directors led to increment towards the level of bad governance practices. Gunin-Paracini, Malsch and Paill, (2014) states that the quantum of transparency influences ethical consideration in auditing. Moreover, the rise in principle agent problems followed from corporate governance issues resulted towards higher level of agency costs as the non alignment of interests have far reaching outcomes (Audsabumrungrat. and Tan, 2015.). 3a: The inclusion of executives from the external auditor showcases a clear conflict of interests in terms both the audit firm and the company. Gunin-Paracini, Malsch and Paill (2014) states that in order to increase the level of transparency the workings and proceeding of auditors have to be devoid of any influence from the management of the audited firm. Further, as per guidelines laid down in the Corporations Act, 2001 the company auditor requires to declare in person or as an audit firm that no external sources of coercion have been inflicted upon the proceedings of the auditor. Moreover, the Act also states the auditors require declaring whether external audit has been conducted independently. The appointment of former executives of Anderson showcases that there is an underlying set up between the company and the external auditor. Point to be noted is the fact that the chairman of the board of director himself is former employee of Anderson; thereby the magnitude of fraud in auditin g the financial statements can be measured by such adverse managerial appointments. The reasons behind the inclusion of the Andersons former executives on the managerial board of HIH can be several, primary among them being enumerated below: To bring expertise into managing company policies in accordance with the accounting standards and legal framework of the market that the company deals in. In order to initiate window dressing comprising of suppressing large losses that the company incurred from covering high risk assets. To vitiate the independence of external auditors of the firm through alignment of Andersons goals of higher revenues, from audit and non audit services, with that of HIHs objective to increase its market price. To overstate the acquisition costs of FAI with the external auditor providing favorable audit reports. In order to suppress details of actual financial performance of the company through assistance from its external auditors. 3b Auditing firms usually tends to have expertise in terms of regulations and guidelines pertaining of investigating servies (Keune and Johnstone 2012). The non audit services provided by the external auditor of the firms tend to have several advantages as enumerated below: The safeguarding of revenues from high payments towards corporate taxes can be initiated with the assistance from the external auditors as the auditors have sufficient knowledge regarding tax laws and acts (Griffin, J.B., 2014). The insight into the operations of the company by the external auditor because of inspections and evaluation of company activities for preparation of audit report may in turn make the auditors well versed with the companys operations. Thereby, the auditors of the company are in a better position to provide consultation services. Exposure to operating and financing activities of the firm helps the auditors to earmark the discrepancies in different sets of corporate operations. The probability is high that the auditor is well versed with the challenges that are unique to the industry, in which the company belongs to. Moreover, the fees for consultative services from the external auditor are lesser than what is charged by other consultants. 3c: There is multiple numbers of ethical violations committed in the current case by the auditors of the firm. In this case, the fees for non audit services does not exceed the amount of auditing fees thereby not exceeding the ceiling prescribed in the taxation laws such as the Corporations Act, 2001 among others. However, the presence of former associates of Arthur Anderson, the external auditors, in the board of HIH followed by non audit fees that is close to matching the level of audit fees provides space for speculations. Investigations into the case revealed that the investors were provided audited financial statement that contained inflated levels of profits and were bereft of any fair representation of material facts. Moreover, it can also be inferred that the losses faced by HHI could have been mitigated if adequate amount of auditory control on the company were applied. Thereby, the auditors have restrained themselves from following ethical guidelines while conducting audits. 3d: Different recommendations enumerated in the Ramsay Report and CLERP 9 aims towards ensuring corporate governance practices in organization through limiting the scope of unethical auditory practices. The recommendations are depicted as follows: Ramsay report suggested that the auditor requires formally declaring that the auditor has been independent in conducting auditory services. The CLERP 9 requires that the CEOs and CFOs certify that their balance sheet and financial statements have been prepared in accordance with the relevant corporate laws. Entitlement of shareholders to submit queries relating to the audit in the annual general meeting. Compulsory attendance of auditors in annual general meetings of their companies. Compulsory disclosure of payments made to the auditors for non audit service fees. The compulsory declaration made by directors certifying that they are satisfied that non audit services does not compromise the independence of the auditor. The implementation of such recommendations is aimed towards limiting the quantum of unethical practices with regards to misrepresentation of material facts in financial statements. Moreover, the key executives are included under the aforementioned sets of recommendations in order to make them accountable for any lapses in fair representation of financial figures in financial statements and annual reports. Further, emphasis has been made towards ensuring that audit proceedings are bereft of any biasness by recommending that the declarations are made by auditors in regards to independence of auditory services. Moreover, in order to further mitigate unethical practices the non audit services provided by the auditors are checked for any influence upon the auditory proceedings. References and Bibliography: Amiram, D., Chircop, J., Landsman, W.R. and Peasnell, K.V., 2015. Mandatorily Disclosed Materiality Thresholds, their Determinants, and their Association with Earnings Multiples.Available at SSRN 2631876. Audsabumrungrat, J., Pornupatham, S. and Tan, H.T., 2015. Joint Impact of Materiality Guidance and Justification Requirement on Auditors' Planning Materiality.Behavioral Research in Accounting. Beck, M.J. and Mauldin, E.G., 2014. Who's really in charge? Audit committee versus CFO power and audit fees.The Accounting Review,89(6), pp.2057-2085. Bhattacharjee, S., Maletta, M.J. and Moreno, K.K., 2015. The Role of Account Subjectivity and Risk of Material Misstatement on Auditors' Internal Audit Reliance Judgments.Accounting Horizons,30(2), pp.225-238. Boritz, J.E. and Huo, K., 2013. The Effect of Alternative Business Model Representation Techniques on Business and Audit Risk Assessment. In Academic Accounting Association (CAAA) Annual Conference, June. Budescu, D.V., Peecher, M.E. and Solomon, I., 2012. The joint influence of the extent and nature of audit evidence, materiality thresholds, and misstatement type on achieved audit risk.Auditing: A Journal of Practice Theory,31(2), pp.19-41. Chen, T.T., Zhang, F.F. and Zhou, G.S., 2016. Secrecy Culture and Audit Opinion: Some International Evidence.Journal of International Financial Management Accounting. Foo, W., Bliss, M.A., Gul, F.A. and Lai, K., 2016. Auditors Response to Analysts Forecast Properties: Some Evidence from Audit Fee Pricing.Available at SSRN 2800904. Griffin, J.B., 2014. The effects of uncertainty and disclosure on auditors' fair value materiality decisions.Journal of Accounting Research,52(5), pp.1165-1193. Hih.com.au. (2016). HIH Insurance - Royal Commission. [online] Available at: https://www.hih.com.au/Group-HIHRoyalCommision.html [Accessed 1 Sep. 2016]. Gunin-Paracini, H., Malsch, B. and Paill, A.M., 2014. Fear and risk in the audit process.Accounting, Organizations and Society,39(4), pp.264-288. Hih.com.au. (2016). HIH Insurance - Royal Commission. [online] Available at: https://www.hih.com.au/Group-HIHRoyalCommision.html [Accessed 1 Sep. 2016]. Hines, C.S., Masli, A., Mauldin, E.G. and Peters, G.F., 2015. Board risk committees and audit pricing.Auditing: A Journal of Practice Theory,34(4), pp.59-84. Keune, M.B. and Johnstone, K.M., 2012. Materiality judgments and the resolution of detected misstatements: The role of managers, auditors, and audit committees.The Accounting Review,87(5), pp.1641-1677. Legoria, J., Melendrez, K.D. and Reynolds, J.K., 2013. Qualitative audit materiality and earnings management.Review of Accounting Studies,18(2), pp.414-442. Ministers.treasury.gov.au. (1996). Press Release - Report of the HIH Royal Commission [16/04/2003]. [online] Available at: https://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2003/020.htmpageID=003min=phcYear=2003DocType=0 [Accessed 1 Sep. 2016].. Sarens, G., Christopher, J. and Zaman, M., 2013. A study of the informal interactions between audit committees and internal auditors in Australia.Australian Accounting Review,23(4), pp.307-329. Woo, S., Rhee, C.S. and Woo, S., 2015. The Effect Of Directors And Officers Liability Insurance On Audit Effort.Journal of Applied Business Research,31(6), p.2039. Yao, D.F.T., Percy, M. and Hu, F., 2015. Fair value accounting for non-current assets and audit fees: evidence from Australian companies.Journal of Contemporary Accounting Economics,11(1), pp.31-45. Treasury.gov.au. (2016). 3. Aftermath of the HIH collapse | The Treasury. [online] Available at: https://www.treasury.gov.au/PublicationsAndMedia/Publications/2015/Economic-Roundup-Issue-1/HTML/article-3/3-Aftermath-of-the-HIH-collapse [Accessed 1 Sep. 2016].