Nucor Corporation Case Essay Example for Free

Nucor Corporation Case Essay Summary: For more than 20 years the Nucor Corporation has been one of the leading manufacturers of steel and steel related products in the world. With their technology advancement, low debt ratio, decentralized type of organization and many more, this company still thrives to achieve better goals in their company. Aside from the positive views of the company, it also faced problems like bankruptcy. (te pakidagdagan n lng) History: Nucor traced its origins to auto manufacturer Ransom E. Olds, who founded Oldsmobile, and later, Reo Motor Cars. Through a series of transactions, the company eventually became the Nuclear Corporation of America, a company involved in the nuclear instrument and electronics business. In 1972, the firm changed its name to Nucor Corporation. By 1998, it had become America’s second-largest steel maker. Operations: Nucor related its diverse facilities in rural areas across the United States, establishing strong ties to its local communities and its work force. As a leading employer with the ability to pay top wages, it attracted hard-working, dedicated employees. These factors also allowed Nucor to select from among competing locales, siting its operations in states with tax structures that encouraged business growth and regulatory policies that favored the company’s commitment to remaining union-free. By mid-2008, Nucor operated 53 facilities throughout the United States and one in Point Lisas, Trinidad. The company also maintained operations through wholly owned subsidiaries, Harris Steel and the David J. Joseph Company (DJJ). Strategy: Nucor’s strategy focused on two major competencies: building steel manufacturing facilities economically and operating them productively. Organization Structure: Compared to the typical Fortune 500 company with 10 or more management layers, Nucor’s Structure was decentralized, with only the four management  layers illustrated below: Chairman / Vice Chairman / President Vice President / Plant General Manager Department Manager Supervisor Human Resource Policies: Employee relations at Nucor were based on four principles: 1. Management is obligated to manage Nucor in such a way that employee will have the opportunity to earn according to their productivity. 2. Employees should feel confident that if they do their jobs properly, they will have a job tomorrow. 3. Employees have the right to be treated fairly. 4. Employees must have an avenue of appeal when they believe they are being treated unfairly. Compensation: Nucor provided employees with a performance-related compensation system. All employees were covered under one of four compensation plan, each featuring incentives for meeting specific goals and targets. 1. Production Incentive Plan * employees directly involved in manufacturing were paid weekly bonuses based on actual output in relation to anticipated production tonnages produced. The bonuses were paid only for work that met the quality standards and were pegged to work group, rather than individual output. 2. Department Manager Incentive Plan * Department managers earned an annual incentive bonus based on the performance of the entire plan to which they belonged. The targeted performance criterion here was return on assets. 3. Non-Production and Non-Department Manager Incentive Plan * All employees not in the Production Incentive Plan or Department Manager Incentive Plan – including accountants, engineers, secretaries, clerks, and receptionists – received a bonus based primarily on each plant’s return on assets. It could total over 25% of an employee’s base salary. 4. Senior Officers Incentive Plan * Included all corporate executives and plant general managers. A portion of pre-tax earnings was placed into a pool that was divided among the officers. If Nucor did well, the officers’ bonuses, in the form of stock (about 60%) and cash (about 40%), could amount to several times their base salaries. If Nucor did poorly, an officer’s compensation was only base salary and, therefore, significantly below the average pay for this level of responsibility. Information Systems: Benefits: Nucor took an egalitarian approach toward employee benefits. Nucor’s benefit program also attested to the company’s commitment to education. Technology: Nucor did not have a formal RD department, a corporate engineering group, or a chief technology officer. Instead, it relied on equipment suppliers and other companies to do the RD, and they adopted the technological advancements they developed – whether in steel or iron making, or in fabrication. Teams composed of mangers, engineers, and machine operators decided what technology to adopt. Future: The company’s biggest challenge (in the future) is to continue to grow the company at 15 – 20% per year, and to keep earnings parallel with its growth. Analysis: Nucor Corporation became one of the top corporations in the steel industry because of their handwork and technology innovation. This company also sees and takes care of its employee’s needs, which in return gives them  a quality service in their work. Conclusion: Nucor, even though we can see it as a successful, almost perfect company, still faces problems like other businesses in the industry. Problem: The company has lost one-third to one-half of its market value when the stock reached its peak value (mid-2008), and has not recovered as of 2012. Recommendation: We can recommend change in the company’s technology, like getting more advance equipments in making steel and steel-related products. Or the company could make a merger to other company to utilize its resources to its maximum while keeping cost low.

expatriate failures :: essays research papers fc

EXPATRIATE FAILURES â€Å"The internationalization of business has proceeded at a rapid pace as the world has become a global economy.†(Mathis, Jackson 2000) This is the very reason why companies now have the need for international executives. As all aspects of a business spread worldwide, so must the employees. An expatriate by definition is a home-county national, usually an employee of the firm, who is sent abroad to manage a foreign subsidiary. (Rodrigues, 2001) A successful expatriate generally requires an extensive amount of time and money, however, a failed expatriate can be even more costly for an organization. A study of multinational corporations showed that 69% (of the firms surveyed) had recall rates of expatriates between 10 to 20 percent. Compared to Japan and their figures, (86% of firms had less than 5% recall rate) the United States has room for improvement. (Tung, 1981) There are many reason for expatriates to fail and many differences between Japan and United States’ hum an resource management planning.   Ã‚  Ã‚  Ã‚  Ã‚  One of the main reasons why expatriates fail is due to the social and physical environments of the foreign country. Adaptation problems can effect the on-the-job effectiveness of the expatriate. Different value systems and living habits are a main cause of adaptation problems and the inability to communicate only worsens the problem. Lack of communication verbally and nonverbally can affect every aspect of a persons career and person life. If someone can’t communicate, imagine the difficulty of going to the bank, dealing with customers, and even going grocery shopping. In addition to the new surrounding environments, if the expatiates family can not accompany them or is not happy with the new living arrangements then it could result in separation anxiety. Humans need to feel secure in their environments and with all of these downfalls it is extremely difficult to accomplish. When an expatiate is not happy with their situation, it will reflect on their job p erformance.   Ã‚  Ã‚  Ã‚  Ã‚  Some other reasons for expatriates to fail are differences in the managerial and organizational principles. If a foreign country has different principles than the home-country than implementation can be very difficult. This also applies to objectives and policies. With such differences the expatriate may need to conform to the local situation. â€Å"If the expatriate manager’s authority is visibly constrained, his or her opportunity to establish and maintain an effective relationship with local associates is diminished.† (Rodrigues, 2001) An expatriate’s authority can appear constrained if the home office overcentralizes the decision making.

Leadership Failure at Tyco Essay

William B. Lytton remembers the aura of working in the White House in 1987, amidst the power and the personalities that surrounded President Ronald Reagan. Lytton had taken leave from his Philadelphia law firm for six months to act as Deputy Special Counselor for Reagan during the Iran-Contra investigation. â€Å"I would mentally pause and think of how fortunate I was to be there,† Lytton recalled. But as if to check that emotion, he would summon the lessons of John Dean, the young White House lawyer who found himself caught up in the Watergate scandal after allowing himself to become â€Å"dazzled,† as Lytton put it, by the blinding light of power. Speaking to several hundred Vermont Law school students, Lytton recommended they readBlind Ambition, Dean’s memoir about the Watergate years. The book, he said, would serve as a vehicle for young lawyers to question themselves on how they might behave in such a situation. Lytton’s Oct. 6 lecture, entitled â€Å"Just Say No,† laid out the ethical challenges faced by lawyers in a culture where it is often difficult to speak up to power, whether it be in a politically charged atmosphere such as the White House or in a corporate culture such as Tyco International. Lytton stepped in as general counsel at Tyco in 2002 as the company was enmeshed in a multi-billion accounting fraud scandal. Lytton’s role was to resolve the legal issues and clean up the culture, no small feat in a $38 billion company that employed 260,000 people worldwide. His friend was among those under indictment. In the Tyco failure, Lytton said, â€Å"They failed as leaders. They forgot that leadership was about serving others and not themselves. † But it was also a failure of those who follow the leaders, the corporate lawyers who failed in their duty to keep the leaders in check. Like John Dean during Watergate, Tyco lawyers wanted to please their bosses. When the scope of the corporate corruption became clear, Lytton said, the remaining questions were, â€Å"Where were the lawyers? Where was the harsh spotlight of scrutiny? † Yet while the public clamors for criminal prosecutions in such cases, Lytton maintains that it is not illegal intent, but rather the culture of the corporate world and the pressure â€Å"to make your numbers† that often drives corporations into such scandals. Most of the people who became infamous for their misdeeds&helip;were not evil people,† said Lytton, who also serves as a VLS Trustee. As he sees it, they lost sight of the cultural boundaries, blinded by their own career advancement goals. That, he said, is where the role of the corporate lawyer becomes critical. â€Å"As a lawyer, you have a greater and a different responsibility than everyone else,† he said. While it might prove difficult to stop bad th ings from happening, â€Å"Sometimes,† he said, â€Å"you do need to just say no. † A leader plays very important role in the success of the organization. Good leader has vision and he can take the organization forward, a not so good leader finds himself unable to influence the employees and lacks vision and he may cause the failure of the organization. A good leader has exceptional quality to influence his followers . A leader has extraordinary effect on followers and followers become committed to the leader. So, if leader is taking his followers towards the organizational goal, it is positive for the organization. A good leader has power to motivate the followers to contribute individually and hence collectively to the organization. Leader helps the followers (employees) to achieve the goals and objectives set for the organization. A participative leader includes the employees in decision making process. He encourages the employees to share their ideas and views which is considered in decision making process. It makes the decision making like a team work and employees feel themselves a part of the decision making team. So, participative style of leadership motivates the employees to contribute more and increases the belongingness. The leader has vision to foresee the future of the organization. He motivates the employees accordingly. He has influence among employees and he leads from front. By sharing that vision with other followers, and allowing them to take part in achieving that vision, all individuals will benefit from the successful results (Bateman, & Snell, 2007). Any organization’s long term goal is more than just making profit. Organization needs to manage its resources including human resource, efficiently to achieve the set long term goal. Leader plays very crucial role in achieving the goal. He can lead the organization to success or failure. All leadership styles try to achieve same goal, i. e. o help the employees to contribute more individually as well as collectively, and take the organization forward. Organizational culture plays major role in the success of an organization. A successful leader helps in creating healthy organizational culture which allows individual as well as organization to grow and sustain the growth. The failure of the leader is reflected in the weak organizational culture which may result in the failure of the organization. Other important factor which decides the success or failure of an organization is management and organizational structure. Management is responsible for long term planning and setting up the goal of the organization. They have the control of the organization. Top management executes Planning function of management as per POLC model. Other activities of the organization are directed to achieve the goal set in planning phase. If top management fails in setting right long term goal of the organization, all other activities will also be directed in wrong direction and hence, organization may not sustain for long. Organization’s structure and hierarchy delegates power(authority) and responsibilities. It dictates who will do what and who has got what level of authority. Organization’s structure tells who is in charge of taking what decision and who is responsible for a specific act and decision. A successful organization should have clearly defined delegation of authority so that if something goes wrong, management can track the responsible person and know the reason why it went wrong. Sometimes organization deliberately create the organization structure in such a way that any mischief can not be determined easily. In short term organization may be benefited from such organizational structure, but in long term kit may be fatal for the organization’s very existence. TYCO International Tyco International is a diversified global manufacturing and service provider company, having stake in electronics and telecommunication, security, healthcare, flow control etc. Tyco Tyco has been victim of many scandals. It has been acquiring so many businesses and in year 2002 it posted extensive loss. In an effort to cut losses, Tyco divested Tyco capital business through IPO. Tyco healthcare segment also divested its Surgical Dynamics. As a result, in 2002, turnover rose to $35 billion but company incurred a loss of $9 million, including asset impairment write-down of $3 billion. In addition to the financial woes, Tyco faced another massive scandal in 2002- Its former chairman and CEO, L. Dennis Kozlowski was charged for excesses. In 2002, Edward D. Breen was appointed CEO of Tyco for three years. In 2004 Annual Report, then CEO Edward D.  Breen said- † Our success was based on a simple strategy: to make operational excellence a core competency, to build a platform for sustainable organic growth, to invest in our people, and to hold ourselves to the highest ethical standards†¦ † (Allen, & Hartman, 2008). Tyco was pursuing organic growth strategy. In organic growth, company seeks to grow by increasing revenue of existing business rather than acquiring other companies. This was a part of long term plan of Tyco. Tactical plans are made for shorter period to implement the long term plan successfully and achieve the long term goal set by the management. Tyco started working on reviving its corporate image and enhance consumer awareness. In order to build brand value, Tyco launched a global print campaign ion 2004 – â€Å"Tyco a vital part of your world. † Tyco started reviewing its core business and sold rest of the businesses. As a part of this strategy, Tyco sold TGN in 2004 (which was almost entirely written off by that time). In total, Tyco divested 21 businesses and liquidated 4 non-core businesses. In line of the strategic plan and tactical plan, Tyco’s operational plan was also showing same trend. Operational . Tyco had set very good operational plan as well. [pic] Failure of Tyco was the failure of management and leadership. All wrong decisions, lack of control, absence of any internal control system, organizational structure with flaw and weak organizational culture caused the failure of the giant Tyco International. Its former chairman and CEO, L. Dennis Kozlowski and senior managements faced prosecution for â€Å"larceny and conspiracy, falsifying business records and violating business law. † (Tyco Worldwide, 2004, 1). They were accused of misappropriating money and assets from the company for personal use totaling in the range of $210 million dollars. cover their theft, they entered into secret contracts, further damaging the company’s integrity. The executive’s unethical behavior resulted in huge debt and decoration of the value of shareholders. Tyco reached at the verge of bankruptcy. This kind of incident indicates how weak organizational culture was prevailing in Tyco. The leader himself was involved in unethical and illegal activities. A leader can cause success or failure of the organization. In case of Tyco, leader was the caused of the failure. Later, CEO and senior management had to resign and law indicted them. What happened in Tyco can be called failure of leadership and failure of management in checking unethical practice. All organizations have ethics code in place but it is merely a guideline. Organization should monitor how actively ethical code is followed. Moreover, a leader should take initiative and motivate and inspire the employees to follow the ethical practices so that slowly it becomes a part of the process and organizational culture.

Love Affair and Maturity of The Tramp and The Gamin in...

Love is displayed in many shapes and forms. Love can exist without it being acknowledged and the simplest things can draw two people together. Charlie Chaplin’s Modern Times displays an unusual love affair. The Gamin and the Tramp share a love like no another. They both share a common dream that brings them together. This dreams unites them in a relationship. The Gamin and the Tramp idealize of the â€Å"American dream†. They witnessed happy a husband and wife and made a dream for themselves from this image. This dream includes a husband, a wife, a house and everything that comes with it except the responsibility. In a particular scene in the movie the Tramp fantasize about life with the Gamin. His fantasy includes a cow milking†¦show more content†¦In this scenario the Gamin and the Tramp act as children. In comparison when children see for example a surplus of candy they feel the need to finish all at the designated time. Upon seeing the food in bu lk they feel the need to finish it at the set time instead of thinking of tomorrow. The ideas of the Gamin and the Tramp bring them together in a relationship. They both want to achieve that â€Å"dream†. Destiny happened to throw them together and they have no one else so they chose to live the dream as one. In terms of relationship the Gamin and the Tramp share an immature relation. Their bond is of a dream and realistic could not happen. They do not see father than what is in front of them. The Gamin and the Tramp think like children. They do not wonder where their next meal will come from. They live life in the moment and figure out what come next when they meet up with the situation. There are various aspects of the Tramp and the Gamins relationship that lacks maturity. Their relation is based upon what they think should happen and could happen but there is evidence of some kind of relation. It is a mere unfortunate encounter of two people-seeking refugee from the law. Both the Gamin and the Mussaleen 3 Tramp constantly is running from the law. The relation between them can defiantly be described as unique. They have no one but each other and found a sense of love from that. One scenario in the

Reasons to Support Same-Sex Marriage

Citizenship by Birthright Essay - 941 Words

Citizenship by Birthright According to the Council on Foreign Relations, birthright citizenship â€Å"grants citizenship to everyone born in the United States regardless of their parents status† (Rawlins, 2011). While this seems to be in-line with the fourteenth amendment which states â€Å"all persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the State wherein they reside† (Congress, 1866), the true intention of this part of the constitution is hotly debated, particularly in light of the current economic downfall in the United States. With that said it may behoove constituents to look into the real costs versus benefits of birthright citizenship and what effect†¦show more content†¦To spearhead the resulting economic impact of supporting the non-taxpaying immigrants, Mr. Graham supports a new initiative to first grant legal citizenship to millions of people already residing in the United States illegall y and then modify the amendment to reduce illegal immigration overall. The Birthright Citizenship Act of 2011 (H.R.140), was introduced to congress on January 4th, 2011 by United States Representative Steve King of Iowa. In short, this bill strives to put an end to birthright citizenship for those born to undocumented immigrants, alleviating the related economic burden. However, the bill would still allow children born to at least one United States Citizen, legal resident, or member of the military to be declared citizenship, protecting children of those parents who have followed the law appropriately. American residents seem to be showing support for this bill, as documented in a telephone poll conducted by Rasmussen Reports (Waddington, 2011). The results of the survey showed that only 28% of Americans believe birthright citizenship should be automatic for those born to illegal immigrants. Mr. King viewed this response as an overarching desire from the American public to secure borders and to start utilizing the fourteenth amendment in a differen t manner. So, what is the real cost of birthright citizenship? According to John Freere, Legal Policy Analyst at the Center forShow MoreRelatedBirthright of Citizenship702 Words   |  3 PagesThe Birthright Citizenship Amendment is one that has caused controversy. Should   a person that is   born in the US, regardless of whether the parents were here temporarily, or illegally be considered an American citizen? The 14th Amendment states â€Å"All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the States wherein they reside†, ( Spalding, 2010). The interpretation of this amendment has caused the controversy. Read MoreBirthright Citizenship Essay741 Words   |  3 Pagesthey really are. They are Sikes. No matter how hard they try to be Nikes, they will always be Sikes. You can cover the `S with an `N but can you ever really replace the `S? No, you can not, so why should an illegal immigrant gain American citizenship rights just because they were born in America? In 1868, the United States of Americas Congress adopted the 14th Amendment to the Constitution stating that, All persons born or naturalized in the United States, and subject to the jurisdictionRead MoreArgument Against Birthright Citizenship : Chain Migration1485 Words   |  6 Pages Arguments Against Birthright Citizenship: Chain Migration One major point policymakers argue against birthright citizenship is the fact that it incentivizes illegal immigration and can lead to a never ending series of chain migration. Chain migration occurs when the child can sponsor their parents and apply for their legal citizenship in the United States. Once the child turns 18, they can sponsor a foreign spouse and unmarried children of his own. When they turn 21, they can sponsor their parentsRead MoreThe Issue Of Birthright Citizenship922 Words   |  4 PagesThe question of birthright citizenship, can be one of America’s hotly debated topic; that is next to illegal immigration which it is married. â€Å"Birthright Citizenship†, addresses the children born outside the country of their parent’s legal residence, and this is not just an American issue. While this previous statement, does not specify state illegal immigration, which appears to be some of the debate of this issue, during political season this does become a talking point in political circles. TheRead MoreEssay on Immigration and Birthright Citizenship1003 Words   |  5 PagesImmigration and Birthright Citizenship Many people feel the issue on immigration and birthright citizenship may have become a touchy subject. Some people argue that the undocumented citizens or illegal immigrants steal jobs away from rightful US citizens. Also people say that the undocumented citizens want to have a baby in the United States of America with the assumption they will grant US citizenship to them as a family. In certain states the police were allowed to stop anyone that theyRead MoreIllegal Aliens and Birthright Citizenship4368 Words   |  18 PagesIllegal Aliens and Birthright Citizenship The United States Constitution is the supreme law of our great country. Found in our Constitution, is the fourteenth amendment. But, did the authors of the Fourteenth Amendment want or not want to grant citizenship to every person who happened to be born on U.S. soil? And does subject to the jurisdiction mean something different from born in the United States,? First, let’s see exactly what the fourteenth amendment states: â€Å"All persons born or naturalizedRead MoreRethinking Birthright Citizenship Is Not A Matter Of Blood Or Birth1885 Words   |  8 PagesRethinking Birthright Citizenship in the Unites States In his address to the country on immigration, President Obama said that â€Å"being an American is not a matter of blood or birth.† (2015, Klukowski), Would you agree? When you think of America and its constitutional rights afforded to all, it’s very likely that birthright citizenship (under the 14th amendment) is one of the rights that comes to mind- â€Å"All persons born or naturalized in the United States, and subject to the jurisdiction thereof, areRead MoreThe Debate Over Controversy : Turning Heads, White, And Blue Soil Of America897 Words   |  4 Pageswhether or not to enhance the Citizenship Clause. Based on the 14th amendment, anyone, no matter what race, born on the proud red, white, and blue soil of America has the right to become a citizen of the United States, similar to the â€Å"Birthright Citizenship Rule†. The Citizenship Clause curtails the Birthright Citizenship in certain cases. For example, the offspring of diplomats, attacking soldiers, and specific Native American tribe don’t have the right to Birthright Citizenship Rule. However, how do weRead MoreEssay about I Am An American1673 Words   |  7 PagesGovernment officials have claimed that the issue of birthright citizenship is the core of the dispute over immigration. To try and remedy this situation, holders of public office have held hearings and debates in an attempt to â€Å"redefine† what it means to be an American citizen. Birthright citizenship is the term used to refer to the citizenship that is granted to an individual who is born on the associated territory. Providing an individual with citizenship of any state or country means that one now hasRead MorePersuasive Essay On Birth Tourism1182 Words   |  5 Pagesto gain citizenship. This is becoming an increasing problem in the United States. The 14th amendment allows for American born babies to gain citizenship in the country. Many immigrants are taking advantage of this amendment to gain citizenship for their child and then flee. Despite the benefits that the 14th amendment presents, I believe that it should be altered to reflect its true meaning and awarding citizenship to people who greatly deserve it The 14th amendment guarantees citizenship to every

Communication Cocacola Company

Question: Discuss about the Communicationfor Cocacola Company. Answer: Introduction When it comes to achieving the goals of any business communication is important. With easy flow of information among the staff the set vision can be achieved with ease. Augment human capabilities are well facilitated through contemporary communication (Barry and Fulmer, p. 273). Just like any other business running a fizzy drink business requires one to embrace contemporary issues related to communication among staff and clients. When one has effective communication skills then their businesses are made to flourish in many ways. It ensures close ties with important stakeholders in the business like suppliers, retailers and consumers. It also provides room for opportunities which influence trends, perceptions and conversations. Effective communication ensures proper decision making and faster problem solving based on reliable information (Wood, p. 22). Use of social media to promote businesses has been embraced by many companies due to the ability to attract a great number of consumer s. Its the way to go for any person venturing into business in this 21st century. How Business Communication has Changed over the Last 20 years The business world has undergone great changes over the last 20 years. Some aspects of doing business have become radically different in todays world although some business practices have remained the same. For example, the way Coca-Cola Company markets its brands to its customers has just taken a new and different life of its own. This shift has resulted from changes in technology and the manner in which money is transacted in business. Changes in doing business have occurred in the following key areas with respect to Coca-Cola Company (Levitt, p. 94). Use of internet; in the last 20 years the widespread use of internet by the public was still in very early stages. In those years corporations were quickly vying to control the online market place. People were still trying to get over the idea behind creation of websites, using emails as well as learning of new ideas (Xiang and Gretzel, p. 179). In the early stages we had companies like face book, Amazon and Google emerging as the main central hubs of the modern commerce in the digital era. From then, social networking and bookmarking search engine optimization and many forms of digital traffic generation have grown tremendously. They have since existed as avenues of increasing volumes of internet based sales. Some affiliate programs such as email lists containing auto responders as well as blogosphere have equally emerged as appropriate ways of reaching out to masses. There have been an increasing number of online business transactions where the internet has realized billions in pro fits. Most business currently operate using company websites unlike the traditional ways of print advertisements (Bruhn, Schoenmueller and Schafer, p. 782). Use of POS System in Retail Businesses In the past 20 years most people had little or no experience with touch screen product access and making payments via mobile systems in the retail businesses. With time there has been the rise of modern Point of Sale (POS) systems which has come with a major optimization of sales volumes by the retailers. POS has made the running of retail businesses more cost effective and efficient by allowing customers to have direct access to onsite products as well as numerous payment options. Tracking and ordering invention has been revolutionized by the automation system which allows for the control of inventory measures. Mobile payment systems have also revolutionized business in the modern world (Munshi and McKie, p. 12). Crypto currencies; the most successful attempts in the revival of using crypto currency since its collapse in 1998, is the reinvention of payments via PayPal systems. The rise of Bit coin from 2008 has increased the online exchange of crypto currencies and these are viable forms of using currency to engage in business transactions in the current world. They are the safest unofficial mediums of money exchange in the less publicized private online markets (Xiang and Gretzel, p. 88). The app revolution; the first Smartphone series were realized in 1996 which was Nokia 9000 communicator. Currently the app driven commerce and Smartphone technology is at the heart of modern business. Some apps display company products while others provide payment methods for goods and services. Shoppers can also be able to do online comparison of products before settling on one. These changes have made consumers to be more savvy shoppers unlike 20 years ago. Challenges that businesses in the 21st century are facing with communication /negative effect of social media on business Marketing shift; this has become a burden since most businesses want to entirely rely on social media to reach their clientele but there is need for personal engagement with customers for one to realize success business success (Mulhern, p. 98). Increased customer power; before inception of social media the negative customer-company experiences could remain within an individual circle of friends but with the onset of social media communication a bad experience by a customer with any company can go viral within the shortest period of time possible on social media risking business losses. Tracking of negative or misleading statements; with social media communication its not easy to track negative statements about their brands (Vignali, p. 99). Accidental release of confidential information; this can be inadvertently done by individuals with inside knowledge of the company which may damage the companys competitive advantage. Before social media a letter that was sent to the wrong recipient could be retrieved and kept under wraps. Habits of unauthorized employees speaking on behalf of the company; this is because its very difficult for employers to monitor its employees social media activities and stop them from speaking on matters concerning the company without any authority (Snowden and Boone, p. 67). How changes in business communication have impacted the way that business is being done now People watch what they say; with changes in business communication business owners have to adapt to different races, cultures and even ones physical appearance. This is because their comments may not only be irrelevant but also plain and ignorant. To get the job done is the most important thing (Hanna, Rohm and Crittenden p. 266). Changes in communication skills; business owners should be prepared to write long mails, make updates on LinkedIn, make tweets, post on face book etc and this is because we are operating in a multimedia world and the message has to be communicated to customers wherever they are. One has to be on cal close to 24/7 and be mobile; out of office thing does not exist any more. One is expected to respond to mails, texts and even calls within minutes of receipt to keep up with the competitive world (Kim and Ko, p. 1482). Increased travel; even with social media communications customers still expect to meet the business owners one on one. This has even become more demanding than in the past with flights this has become easier, safer and cheaper ad in return increased customer base as one is able to meet many customers within short time intervals. Most business owners have become virtual and work from their homes unlike previously where one had to be in an office to have the business running. They have phone systems hosted and applications managed by someone else. Staff uses online collaboration tools to share files and a lot of information (Castronovo and Huang, p. 1). Getting work from different places; unlike 20 years ago when businesses were managed by telemarketers today business owners are getting leads online. Services such as Foursquare are being used by retailers and restaurants to attract new customers. All this is thanks to remote technologies. Less paper works and yet more people; checks are still being cut but not so many, paper invoices are no longer used by many businesses. People are archiving their documents online on platforms such as drop box and currently some businesses are moving to mobile e-signature system (Khang, Ki, and Ye, p. 279). Relying on people from far-flung places; wit the internet one can get help from any qualified people regardless of distance. Access to more data; with computer a lot of data can be stored for future use unlike the old ways of keeping records in files manually. One could have years of customer interaction and gigabytes of scanned documents all stored in one computer and easy to be accessed (Goman, p. 23). Two examples of how this business (Coca-Cola Company) is utilizing these new ways of communicating Coca-Cola as a company has remained among the top when it comes to business ranking and this success is partly attributed to how it has embraced use of current business communication to reach its worldwide customers. Such engagements include; Use of internet; various forms of Coca-Cola adverts have been placed on the internet. For example the brand online advertisement is often undertaken using use of pop-up ads, banners, onsite sponsorship and other online advertisement forms present in thousands of websites along the globe. Some forums and websites have been specifically dedicated to Coca-Cola funs globally and here users share their stories on Coca-Cola refreshment (Cocacola marketing) Advertisement through radio and television; the company spends a considerable amount of finances specifically for this purpose. The TV ads regarding Coca-Cola vary among countries and they are often prepared taking into account the different characteristics of the local culture so as to avoid misunderstandings that arise due to cultural differences this has maximized the positive impact of TV advertisements. Advertisement through the radio lasts for a few minutes but its considered to increase customer loyalty and level of brand awareness Conclusion There has been a huge influence of social media on business operations and marketing in modern world. It also has an impact on how the businesses engage with their target market. This growth is at an astounding rate and therefore its wise for any business looking to survive in this competitive world to work on developing and implementing a sustainable social media strategy so as to take full advantage of the rapidly changing business environment. However social media comes with its own negative impacts on any business such as loss of business data in case there was no backup as well as exposure of confidential information to the public unawares or by malicious employees. Therefore, business owners should embrace these changes with a lot of keenness and be on the lookout for any negative impacts. References Barry, B., Fulmer, I. S. (2004). The medium and the message: The adaptive use of communication media in dyadic influence. Academy of Management Review,29, 272- 292. Bruhn, M., Schoenmueller, V., Schfer, D. B. (2012). Are social media replacing traditional media in terms of brand equity creation?. Management Research Review, 35(9), 770-790. https://www. emeraldinsight.com/journals.htm?articleid=17044170 Castronovo, C., Huang, L. (2012). Social Media in an Alternative Marketing Communication Model. Journal of Marketing Development Competitiveness, 6(1). https://connection.ebscohost.com/c/articles/76482061/social-media-alternative-marketing-communication-model Cocacola Marketing. Retrieved from on April 16, 2017 from https://research-methodology.net/coca-cola-marketing-communications-a-critical-analysis/ Goman, C.K. (2002). Cross-Cultural Business Practices, Communication World 22-25. Hanna, R., Rohm, A., Crittenden, V. L. (2011). Were all connected: The power of the social media ecosystem. Business Horizons, 54(3), 265-273. https://www.sciencedirect.com/science/article/pii/S0007681311000243 Khang, H., Ki, E. J., Ye, L. (2012). Social media research in advertising, communication, marketing, and public relations, 19972010. Journalism Mass Communication Quarterly, 89(2), 279-298. https://jmq.sagepub.com/content/89/2/279. Kim, A. J., Ko, E. (2012). Do social media marketing activities enhance customer equity? An empirical study of luxury fashion brand. Journal of Business Research, 65(10), 1480-1486. https://www.sciencedirect.com/science/article/pii/S0148296311003584. Levitt, T. (1983). The Globalization of Markets. Harvard Business Review, MayJune, 92102 Mapping bias, business and diversity. BusinessCommunication Quarterly, 64(3), 9-22. Mulhern, F. (2009). Integrated marketing communications: From media channels to digital connectivity. Journal of marketing communications, 15(2-3), 85-101. https://www.scholars.northwestern.edu/pubDetail.asp?t=pmid=70449707615n=Francis+J+Mulhernu_id=1682. Munshi, D., McKie D. (2001). Toward a new cartography of intercultural communication: Snowden D.J., Boone M.E. 2007. A leader's framework for decision making. Harvard Business Review 85(11), 68-76. Vignali, C. (2001.) McDonalds: Think Global, Act Local the Marketing Mix, British Food Wood, J. (1997). Communication in our lives (p. 22). Boston, MA: Wadsworth. Xiang, Z., Gretzel, U. (2010). Role of social media in online travel information search. Tourism management, 31(2), 179-188. https://www.researchgate.net/publication/223710865_Role_of_social_media_in_online_travel_information_search