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I had a lot of trust and support for Martha Stewart and her brand Martha Stewart Living Omnimedia. Through her brand, Martha had managed to change the lives of many women and their families. Her impact could be felt in the United States and the rest of the world. Through her publications, shows and presentation, she managed to install positive living in people. Through her work, Martha was able to have a positive impact on fashion, home making, cooking and lifestyle. Due to this, she was my icon and role model.
However, in the year 2001, Martha was convicted of insider trading, obstruction of justice and conspiracy. This was shocking as it was difficult for me to believe that her person of her calibre can commit such crimes. She had betrayed her fans and personally destroyed the trust and respect that I had for her. Things became even worse when she was found guilty of the charges laid against her. This proved that she had been lying to all of her fans and her main aim was to make money and not to help and change the lives of people. This essay will thus focus on Martha Steward and her brand and the impact her case had on my trust and belief on her.
Contribution of Martha to MSOs Early Success
Martha Stewart has been an innovator and entrepreneur throughout her life. In the course of her life, she has been able to successfully run a number of businesses and ventures. However, the break of her career came in the early 1980s when she published her first book, Entertaining (Shetty 5). This book was became one of the bestselling books during that time. Due to this fact, Marthas name grew.
Since then, she published several books, was invited to major TV shows such as The Opera Winfrey Show and Larry King Live. In the 1990, she started her own magazine called Martha Stewart Living. Therefore, Marthas name played a huge role in the success of MSO during its early days. People all around the world quickly recognised the brand. This made it easier to market the services and products of the brand.
Synopsis of MSO History
Martha Stewart Living Omnimedia, Inc. is a corporation that was established by Martha Stewart in 1997 (Reference for Business 10). This corporation is made up of several enterprises that focus on publishing, merchandising and broadcasting. The products and services that the corporation offers reflect to the personal taste of the founder of the company, Martha. From simple beginnings, the company has grown to become one of the most viable corporations in the United States and the entire world in general. Its brand name has grown to earn the respect that is given to brands such as Calvin Klein and Ralph Lauren (Reference for Business 11).
The companys main aim is to enrich and bring a positive change to the lives of women and their families. To achieve this, the company is devoted in empowering women to be more successful in life by teaching them new ideas that will make them more innovative and creative in life. This will make their lives to become better every day. This is achieved through the quality services and products that the company has to offer to its customers all around the world.
Conviction of Martha
In1999, Martha bought shares of ImClone, a drug manufacturing company. Two years later, the company anticipated a boost in the sale of their shares due the release of a new drug, Erbitrux that was a cure for cancer. However, the drug had to await the approval of the FDA before being released into the market. A few days before the release of the verdict by FDA, Martha was advised by ImClone CEO to sell her shares as a result of inside information that the FDA will not approve the new drug. Martha went on and sold all her shares. Indeed, the FDA disapproved the drug and the value of shares of the company declined drastically.
This created a lot of fury and concerns in the stock exchange market. When questioned about the incident, Stewart and her stockbroker, Peter Bacanovic, denied the allegations that they sold the shares after being tipped that the FDA will not approve Erbitrux. Instead, they argued that they had an agreement to sell the shares once they fell below $60 per share. Indeed, this was not true and like any other individual, Martha Stewart had to face the law. However, she had acted against the principles that she used to preach, a move that disappointed me personally.
I lost the respect and faith that I had for Martha Steward after finding out about the allegations that were laid against her. As a result, I stopped being her fan and purchasing her products. Consequently, many other individuals followed the same trend. This led to the decline in the sale of her products that resulted to the drop in the share prices of her company. In addition, Martha received a lot of criticism during and after her conviction. This destroyed her public image.
Reference for Business. Martha Stewart Living Omnimedia, Inc. Reference for Business. Web.
Shetty, N. Organisational Structure of Martha Stewart Living Omnimedia. Managementparadise.com. Web.