Business Spotlight: Olympus Part 2

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Category: Business

Listening

Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. foresee / fɔrˈsi / (v.) – to expect or believe that something will happen in the future
    Example:

    The company foresaw people’s need to do business on the road, so it created powerful business smartphones.


  2. resolution / ˌrɛz əˈlu ʃən / (n.) – the ability of a device to show images clearly
    Example:

    I can’t recognize the people in this photo because my phone’s camera has very low resolution.


  3. endoscope / ˈɛn dəˌskoʊp / (n.) – a small camera attached to a long tube placed inside a person’s body to examine his/her digestive organs
    Example:

    The endoscope allows doctors to see what’s happening inside their patient’s body.


  4. conceal / kənˈsil / (v.) – to hide something
    Example:

    The criminal concealed the evidence of the crime in a locked box in the basement.


  5. decent / ˈdi sənt / (adj.) – meeting an acceptable or satisfactory degree or standard
    Example:

    My current salary is decent enough to pay for my monthly bills.


Article

Read the text below.

Continued from Part 1…


Like many Japanese companies, Olympus struggled after the economic bubble burst, but nonetheless found success again in the late 1990s with digital cameras. Olympus had foreseen the potential of digital photography early on and by 1996 was developing digital cameras with double the resolution of its rivals. Throughout the 2000s, Olympus continued to enjoy success, particularly in its digital camera and endoscope markets.


But then came Michael Woodford. He was a British Olympus employee who became CEO of the company in 2011. When Woodford took his post, he discovered that Olympus had been concealing millions of dollars in losses. As a result, many top-level employees faced criminal charges and Woodford was ousted after just two weeks. Olympus has been working hard to regain a decent reputation ever since — though more corruption was discovered in 2016.


Nevertheless, even with all the drastic changes of the past 10 years, Olympus continues to go from strength to strength in the medical devices industry. Now that it is without its camera division, perhaps the company can prove to us that basics really are best. (Jasmin Hayward)


This article was provided by The Japan Times Alpha.


Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • According to the article, the company discovered the potential of digital photography early on. Why do you think it’s important for a company to foresee the potential of a product or service early? Do you know any companies that did this aside from Olympus? Discuss.
  • How do you think companies can foresee which products or services can be successful in the future (ex. following current trends, researching on people’s needs)? Discuss.

Discussion B

  • Many top-level employees faced criminal charges after Woodford discovered Olympus’s hidden losses. Woodford was then ousted as CEO just after two weeks. Do you agree with the decision to oust Woodford? Why or why not? Discuss.
  • Despite the company’s efforts to regain a decent reputation after its scandal in 2011, more corruption was discovered in 2016. Why do you think this happened (ex. not all of those who were previously involved were removed)? Do you think this past can affect Olympus’s future plans? Why or why not? Discuss.