Building Standard Oil Company Research Paper Example | Topics and Well Written Essays - 1250 words

Building Standard Oil Company - Research Paper Example Rockefeller paid attention to every aspect of his business, checking every detail to cut his costs, to make his product better, and to add new products. Sometimes he worked with the manual laborers to understand his business better and greatly influenced his partners and managers to follow his example. Dominick Armetano described that his business: â€Å"prospered quickly in the intensely competitive industry due to the economic excellence of its entire operations. Instead of buying oil from jobbers, they made the jobbers' profit by sending their own purchasing men into the oil region. They also made their own sulfuric acid, barrels, lumber, wagons, and glue. They kept minute and accurate records of every item from rivets to barrel bungs. They built elaborate storage facilities near their refineries. Rockefeller bargained as shrewdly for crude as anyone has before or since; and Sam Andrews coaxed more kerosene from a barrel of crude than the competition could. In addition, the Rocke feller firm put out the cleanest burning kerosene and managed to profitably dispose of most of the residues, in the form of lubricating oil, paraffin wax, and Vaseline.† (Armetano, 1982) In his quest to make better products Rockefeller started in-house preparation of important inputs into the production process now recognized as â€Å"vertical integration†. ... Turning waste into a product to resell increases income and lowers the costs. Rockefeller made the oil-refining industry much more efficient, so he was able to purchase many of poorly managed refineries yet his competition like Sun Oil in the USA still existed while international competitors were even larger. Even his most hostile critics like Ida Tarbell (whose brother was in management of competing company, Pure Oil Company) recognized this efficiency: â€Å"Not far away from the canning works, on Newtown Creek, is an oil refinery. This oil runs to the canning works, and, as the newmade cans come down by a chute from the works above, where they have just been finished, they are filled, twelve at a time, with the oil made a few miles away. The filling apparatus is admirable As the newmade cans come down the chute they are distributed, twelve in a row, along one side of a turn-table. The turn-table is revolved, and the cans come directly under twelve measures, each holding five gall ons of oil — a turn of a valve, and the cans are full. The table is turned a quarter, and while twelve more cans are filled and twelve fresh ones are distributed, four men with soldering cappers put the caps on the first set†¦. The cans are placed at once in wooden boxes standing ready, and, after a twenty-four-hour wait for discovering leaks are nailed up and carted to a nearby door. This door opens on the river, and there at anchor by the side of the factory is a vessel chartered for South America or China †¦ waiting to receive the cans†¦. It is a marvelous example of economy, not only in materials, but in time and footsteps (Tarbell, 1972) Making good quality products efficiently and selling

Informative speech - continuation career path Essay

Informative speech - continuation career path - Essay Example We have different units for dyeing, woodworking and enveloping. Taken together these different units contribute to the overall success of the business and adding to the bottom-line of the company. We supply furniture to universities, offices and hotels among others on a contract basis. We ensure good quality and reliability in our delivery that ensures repeat business from many of our clients. To come to my career plans in this business, I want to use my education as an IT major to contribute to the success of the company. I believe that with the use of IT in business, it would be possible to manage inventory and sales and purchases in a better way. To start with, we could have an integrated solution that has the components of sales and finance along with inventory. Each of these components would cater to one particular business area and would be integrated as a whole with the net result that there would be a systemic approach to the whole concept of doing business in total. I want to use my training in IT to design the system and implement it across the business. Thus, my career path would be that of an entrepreneur who uses his education to the advantage of the family’s business. To focus on the likely rewards that may accrue to me, first, I would be happy with the fact that I am helping my family along with taking care of the entire business in the future. At another level, it would also mean that I would be giving back to the country of my nationality from which I have gained substantial benefits and privileges. Taken together, these would constitute my motivation in serving my family and country. In monetary terms, I would have the satisfaction of growing the business and ensuring an augmented income stream for me and my family. The flip side of my career plan is that I may not be able to realize my earlier goals of a career in the IT industry. However, I have started taking