Grupo Elektra Essay

1403 words - 6 pages

Grupo Elektra is a Mexican financial and retail corporation services company, serving the Latin America market by providing consumer credit. Grupo Elektra is divided in two divisions: retail and financial.
Elektra, the main chain of the group has over 600 stores in Mexico and Latin America focusing on electronics, white goods, home appliances and furniture. Founded in 1950 by Hugo Salinas Rocha, the grandfather of the chairman, Ricardo Salinas Pliego, this company has been a family run business since it started. Elektra was the first manufacturer of television in Mexico selling TV sets through door-to-door vendors.
In 1954, Elektra opened its first credit program extending credit to ...view middle of the document...

Electra also introduced other programs, domestic wire transfers, extended warranty programs, photoproducts, processing services, and saving accounts. Electra also created Bodega de Ramates, a retail refurbishing, repossessed goods and discontinued models that they used to target low-income customers that had income of $200 or less per month.
Elektra opened its first stores abroad in Guatemala in 1997, and 43 other stores in El Salvador, Dominican Republic and Honduras. The following year 20 more stores opened in the Peruvian Market. Prices were kept 20% below La Curacao, an aggressive competitor who had more than 400 stores in the region.
The company continued to grow and in 1999 Elektra took over Salinas y Rocha stores, a furniture and home appliance retail chain, founded by Ricardo’s great grandfather and one of his cousins. The store had a strong national recognition and targeted the higher income families making $3,000 to $7,000 per month income.
By 2001 Elektra had an impression board of director including Alvaro Rodriguez, a former banker in Latin America, Europe and the United States. Rodriguez held a bachelor’s degree from the Instituto Technologic Autonome de Mexico and a MBA from Harvard Business School and joined the company in 1997.
Joining the team in 1999 as Vice President of Marketing, Mario Gonzalez spent 23 years in marketing, marketing research, sales and operation working for companies including Nabisco, Gillette, PepsiCo and Casa Cuervo. Gonzalez holds a degree in Business Administration and Marketing specialization.
Filiberto Jimenez joined Elektra in 1996, and became General Director of Store Operation in 2000. Jimenez holds a degree in Marketing and a MBA with a major in International Business. Jimenez also served as Director of Operations of Elektra and the CEO of the Salinas & Rocha, another chain of Elektra.
Completing the main directors and officers of Elektra is Mario Gordillo who joined the team in 1993 occupying several positions within the company departments of purchasing, financial services, and distribution. Gordillo has an undergraduate degree in Industrial Engineering and Systems and two Master’s degrees, one in Finance. In 2001, Gordillo joined the officers as head of Financial Services.
As the company continue to grow so did the need for customers to purchase on credit. In October of 2001, Elektra charged an interest rate of 42.45% per year. There was not a ceiling in Mexico on the interest rate charged by merchants. Not only was the interest rates high, but the risks of loaning money to the consumers was not as convenient as it is here in the United States. Elektra was not able to go onto the computer and run credit checks or call the local bank and get references. The majority of the customers that Elektra dealt with had the income of $200 a month up to $3,000 and most did not have credit cards, telephones, automobiles or even television sets. In order for Elektra to extend...

Find Another Essay On Grupo Elektra

Enlightenment Thought in New Zealand Schools

1594 words - 6 pages In this essay I will be looking at how the political and intellectual ideas of the enlightenment have shaped New Zealand Education. I will also be discussing the perennial tension of local control versus central control of education, and how this has been affected by the political and intellectual ideas of the enlightenment. The enlightenment was an intellectual movement, which beginnings of were marked by the Glorious Revolution in Britain

Psychological Egoism Theory Essay

2240 words - 9 pages The theory of psychological egoism is indeed plausible. The meaning of plausible in the context of this paper refers to the validity or the conceivability of the theory in question, to explain the nature and motivation of human behavior (Hinman, 2007). Human actions are motivated by the satisfaction obtained after completing a task that they are involved in. For example, Mother Teresa was satisfied by her benevolent actions and

How Celtic Folkore has Influenced My Family

1587 words - 6 pages Every family has a unique background that influences the way they live and interact with other people. My parents, who emigrated from Ireland to the States with my three brothers in 1989, brought over their own Celtic folklore and traditions that have helped shaped the way our family operates and lives. One aspect of folklore that has helped shape my family dynamic is the Celtic cross—both its background and what role it has played in our lives

Julia Margaret Cameron

1406 words - 6 pages At a time when women were looked upon as being homemakers, wives, mothers and such the late 1850's presented a change in pace for one woman in specific. Photography was discovered in 1826 and soon after the phenomenon of photography was being experimented with and in turn brought new and different ways of photo taking not only as documenting real time, but also conceptualizing a scene in which an image would be taken. Julia Margaret Cameron will

Evaluation of School Improvement

1403 words - 6 pages The evaluation process should be progressive to incorporate overall planning, implement changes, which contribute to success. In order to focus on school climate and norms, the evaluation design must include the students, instructions, and outcomes to improve communication and building-level concerns to be address in this response. School Climate and Social Norms The school principal, other staff leaders, and personnel set the tone and the

Case Study: The Benefits of Animal Testing

1757 words - 7 pages Nine year old Amy has already had a rough start in life. She was born with an abnormal heart that hinders her everyday activities. Amy is unable to keep up with kids her own age because she often tires out easily. As a consequence, she has very little friends and is often alone. Amy is forced to take different medications everyday just to survive. Amy’s life consists of medicine, doctors, and constant hospital visits. However, Amy is due for a

Myth and Magic: Realism in "One Hundred Years of Solitude"

1531 words - 6 pages “He enjoyed his grandmother's unique way of telling stories. No matter how fantastic or improbable her statements, she always delivered them as if they were the irrefutable truth” (Wikipedia, 2011). Experiences are particular instances of one personally encountering or undergoing something and in these moments of time life changes for the best or the worst and memories are formed. These recollections such as riding your first bicycle, going to

Adiponectin: a Novel Indicator of Malnutrition and Inflammation in Hemodialysis Patients

2384 words - 10 pages Objective Protein-Energy malnutrition (PEM) and inflammation are common and overlapping conditions in hemodialysis patients which are associated with increased risk of morbidity and mortality. Adiponectin is an adipocytokine which is exclusively produced by adipose tissue. Few studies in hemodialysis patients have demonstrated that serum levels of adiponectin were significantly higher in malnourished patients compared to well-nourished ones. The

The Congo Free State: A Legacy of Apathy, Exploitation and Brutality

2298 words - 9 pages Between 1885 and 1908, Belgium’s Leopold II ruled Congo, a region in central Africa, as his personal colony, exploiting the resources and inhabitants for his own gain. Leopold allowed and encouraged Europeans and other Westerners to enter Congo and set up companies whose primary purpose was to gather rubber, which was abundant but difficult to get to in the Congo, using the Congolese as the laborers for the Europeans. Rubber gathering in Congo

Selective Exposition in The Lottery, by Shirley Jackson

1073 words - 4 pages Usually when someone hears the word “lottery” the first thing that comes to mind is a large sum of cash that people compete against highly impractical odds to win. Shirley Jackson’s story The Lottery might imply a similar conception based on the title alone, but the story is filled with unknowns never revealing exactly when and where the story takes place, or why the lottery exists; even what the lottery is isn’t revealed until the very end. Yet


1857 words - 7 pages INTRODUCTION I remember when I was a young child; I would always be scared whenever there was a severe storm outside that included thunder and lightning. This was especially true in the hours of darkness, when you could really see the lightning. As I grew older this so-called fear of lightning turned into a fascination for this weather phenomena. One of my most vivid memories of lightning as a young man was when I was flying to Florida, the

Similar Essays

Foda Levi´S Essay


When The Bubble Burst Essay

1539 words - 6 pages By the time I arrived state side from my second tour in the Middle East the housing bubble had already burst. I noticed a drastic change in the way that many of my friends and family were living. Several of my friends that worked in real estate had sold their boats and seconds houses. My own stock portfolio had lost a third of its value. My sister and her husband had defaulted on their home mortgage leaving them scrambling for a place to live. I

Phase Diagram Essay

4456 words - 18 pages Introduction: Chemical equilibrium is a crucial topic in Chemistry. To represent and model equilibrium, the thermodynamic concept of Free energy is usually used. For a multi-component system the Gibbs free energy is a function of Pressure, Temperature and quantity (mass, moles) of each component. If one of these parameters is changed, a state change to a more energetically favorable state will occur. This state has the lowest free energy

Revolutionary Work Of Art Essay

1890 words - 8 pages Walter Benjamin emphasizes in his essay, “The Work of Art in the Age of its Technological Reproducibility” that technology used to make an artwork has changed the way it was received, and its “aura”. Aura represents the originality and authenticity of a work of art that has not been reproduced. The Sistine Chapel in the Vatican is an example of a work that has been and truly a beacon of art. It has brought a benefit and enlightenment to the art