Profit: a means or an end?

Article Abstract:

Profit objectives are a means toward satisfying the needs of various stakeholders in an organization. Recognizing and meeting the changing priorities of all stakeholders is ultimately the key to the long-term success of an organization. The stakeholders in an organization include its shareholders and institutional investors, its employees, and its suppliers and customers. Corporate organizations must set priorities reflecting stakeholders' views even though these often conflict. The use of a corporate mission statement can help an organization focus on its long-term goals. Nonprofit organizations face a different problem, they often need to generate adequate cash flow to satisfy their basic mission. Examples of how several British organizations have undertaken strategic management planning are discussed to illustrate the issue of the role of profit objectives.

Analysis, Management, Usage, Profit, Profits, Nonprofit organizations, Strategic planning (Business), Mission statements

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Out of Africa

Article Abstract:

The role of the accountancy profession in South Africa's economic development was underscored at the Ninth National Congress of The South African Institute of Chartered Accountants held in May 1992. Keynote speaker Mike Levett, Old Mutual's chairman and managing director, stressed the importance of maintaining the highest of standards particularly at a time when the difficult business environment may tempt companies to let standards slide. South Africa's accountants are also facing tremendous challenges now that sanctions against the country have been lifted and the democratization process is being put in motion. The increasing demands upon and expectations of practicing accountants call for the Institute to fulfill its job of policing the profession while simultaneously looking after the interests of its members.

Economic aspects, South Africa, Accountants

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Brands means business

Article Abstract:

A brand is something that identifies a specific product as having an advantage over competing products. Anything that consumers buy is potentially a brand. Accountants should understand the relationship between consumers' perceptions and brands to understand the psychology underpinning brand valuation. Brands have value, and research indicates that the appeal of many brands is irrational. Consumers attach meanings and feelings to brands that give those brands a value over other products. Brands have two values: functional values, which are consumers' beliefs as to the advantages of a brand; and non-functional values. Non-functional beliefs consist of personal values, or what owning a product makes consumers feel about themselves; and social values, or what owning a product makes others feel about the consumers.

Psychological aspects, Consumer behavior, Valuation, Brand name products, Brand names

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