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Essay

Phar-Mar Inc. Accounting Scandal

Essay specific features

 

Issue:

Business

 

Written by:

Jason B

 

Date added:

June 8, 2012

 

Level:

University

 

Grade:

A

 

No of pages / words:

8 / 2200

 

Was viewed:

9942 times

 

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Essay content:

The president, founder, and COO of Phar-Mor was Mickey Monus, who became quite extravagant with his money as Phar-Mor grew. The key to the company's success was "power buying" a phrase coined by Mr. Monus, it was a practice of stocking up on products when suppliers where offering rock-bottom prices. After using this "power buying" strategy Phar-Mor then sold the products at deep discounts, beating any competitor's prices...
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After using this "power buying" strategy Phar-Mor then sold the products at deep discounts, beating any competitor's prices. This practice was indeed a key practice that attracted many price conscious consumers and led to the company's rapid success. However, the deep discount prices where so low that eventually Phar-Mor was no longer able to turn up a profit...
displayed 300 characters

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