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ACCA APPROVED CONTENT PROVIDER ACCA Approved Study Text Free access to our Exam Paper P3 Success site Business Analysis Look inside Study Text for exams up to June 2015ThiNganHang.com ThiNganHang.com
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S T U D Y PAPER P3 T E BUSINESS ANALYSIS X T BPP Learning Media is an ACCA Approved Learning Partner – content. This means we work closely with ACCA to ensure this Study Text contains the information you need to pass your exam. In this Study Text, which has been reviewed by the ACCA examination team, we: Highlight the most important elements in the syllabus and the key skills you need Signpost how each chapter links to the syllabus and the study guide Provide lots of exam focus points demonstrating what is expected of you in the exam ThiNganHang.comEmphasise key points in regular fast forward summaries Test your knowledge in quick quizzes Examine your understanding in our practice question bank Reference all the important topics in our full index BPP's Practice & Revision Kit and i-Pass products also support this paper. FOR EXAMS IN DECEMBER 2014 AND JUNE 2015 ThiNganHang.com
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First edition 2007 All rights reserved. No part of this publication may be Seventh edition June 2014 reproduced, stored in a retrieval system or transmitted, in ISBN 9781 4727 1087 1 any form or by any means, electronic, mechanical, (Previous ISBN 9781 4453 9655 2) photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Ltd. eISBN 9781 4453 6742 2 We are grateful to the Association of Chartered Certified British Library Cataloguing-in-Publication Data Accountants for permission to reproduce past examination questions. The suggested solutions in the A catalogue record for this book practice answer bank have been prepared by BPP is available from the British Library Learning Media Ltd, unless otherwise stated. Published by . BPP Learning Media Ltd BPP House, Aldine Place London W12 8AA www.bpp.com/learningmedia Printed in the United Kingdom by Polestar Wheatons Hennock Road Marsh Barton Exeter EX2 8RP Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources. ThiNganHang.com © BPP Learning Media Ltd 2014 ii ThiNganHang.com
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Contents Page Introduction Helping you to pass v Studying P3 vii The exam paper xii Syllabus and study guide xiii Part A Strategic position 1 Business strategy 3 2 Environmental issues 21 3 Competitors and customers 61 4 Strategic capability 87 5 Stakeholders, ethics, culture and integrated reporting 121 Part B Strategic choices 6 Strategic choices 159 Part C Organising and enabling success 7 Organising for success 217 8 Managing strategic change 253 Part D Business process change 9 Business process change 273 10 Improving processes 301 Part E Information technology 11 E-business 327 12 E-marketing 369 Part F Project management 13 Project management 413 Part G Finance 14 Finance 477 Part H People 15 Human resource management 527 Part I Strategic development ThiNganHang.com16 Strategic development 549 Practice question bank 565 Practice answer bank 579 Index 611 Review form Contents iii ThiNganHang.com
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Helping you to pass BPP Learning Media – ACCA Approved Learning Partner – content As ACCA’s Approved Learning Partner – content, BPP Learning Media gives you the opportunity to use study materials reviewed by the ACCA examination team. By incorporating the examination team's comments and suggestions regarding the depth and breadth of syllabus coverage, the BPP Learning Media Study Text provides excellent, ACCA-approved support for your studies. The PER alert Before you can qualify as an ACCA member, you not only have to pass all your exams but also fulfil a three year practical experience requirement (PER). To help you to recognise areas of the syllabus that you might be able to apply in the workplace to achieve different performance objectives, we have introduced the ‘PER alert’ feature. You will find this feature throughout the Study Text to remind you that what you are learning to pass your ACCA exams is equally useful to the fulfilment of the PER requirement. Your achievement of the PER should now be recorded in your on-line My Experience record. Tackling studying Studying can be a daunting prospect, particularly when you have lots of other commitments. The different features of the text, the purposes of which are explained fully on the Chapter features page, will help you whilst studying and improve your chances of exam success. Developing exam awareness Our Texts are completely focused on helping you pass your exam. Our advice on Studying P3 outlines the content of the paper, the necessary skills you are expected to be able to demonstrate and any brought forward knowledge you are expected to have. Exam focus points are included within the chapters to highlight when and how specific topics were examined, or how they might be examined in the future. Using the Syllabus and Study Guide You can find the Syllabus and Study Guide on page xiii of this Study Text. ThiNganHang.comTesting what you can doTesting yourself helps you develop the skills you need to pass the exam and also confirms that you can recall what you have learnt. We include Questions – lots of them - both within chapters and in the Practice Question Bank, as well as Quick Quizzes at the end of each chapter to test your knowledge of the chapter content. Introduction v ThiNganHang.com
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Chapter features Each chapter contains a number of helpful features to guide you through each topic. Topic list Topic list Syllabusreference What you will be studying in this chapter and the relevant section numbers, together with ACCA syllabus references. Introduction Puts the chapter content in the context of the syllabus as a whole. Study Guide Links the chapter content with ACCA guidance. Exam Guide Highlights how examinable the chapter content is likely to be and the ways in which it could be examined. Knowledge brought forward from earlier studies What you are assumed to know from previous studies/exams. Summarises the content of main chapter headings, FAST FORWARD allowing you to preview and review each section easily. Examples Demonstrate how to apply key knowledge and techniques. Definitions of important concepts that can often earn you Key terms easy marks in exams. When and how specific topics were examined, or how Exam focus points they may be examined in the future. Formulae that are not given in the exam but which have to Formula to learn be learnt. Gives you a useful indication of syllabus areas that closely relate to performance objectives in your Practical Experience Requirement (PER). Question Gives you essential practice of techniques covered in the chapter. Case Study Real world examples of theories and techniques. ThiNganHang.comChapter Roundup A full list of the Fast Forwards included in the chapter, providing an easy source of review. Quick Quiz A quick test of your knowledge of the main topics in the chapter. Found at the back of the Study Text with more Practice Question Bank comprehensive chapter questions. Cross referenced for easy navigation. vi Introduction ThiNganHang.com
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Studying P3 Much of the P3 exam is concerned with business strategy. As a Chartered Certified Accountant you are likely to find yourself dealing with matters that are of strategic importance to your organisation. It is important, therefore, that you have an understanding of the way business strategy is conducted so that your input is appropriate and properly considered. However, the name of P3 is Business Analysis, not Business Strategy. Business Analysis is wider than simply strategy and this paper will also draw from your financial and business skills gained during your studies so far. It brings these concepts together and encourages you to take a wider view of the organisations you are presented with in order to give your analysis of those organisations as a whole. 1 What P3 is about The aim of the syllabus is to develop students’ ability to apply relevant knowledge and skills, and exercise the professional judgement in assessing strategic position, determining strategic choice, and implementing strategic action through beneficial business process and structural change that involve people, finance and information technology. This is an advanced level paper which builds on a number of the topics covered in Paper F1 Accountant in Business as well as topics you will have seen in Paper F5 Performance Management. However, as an advanced paper it tests much more than just your ability to recall models and theories. You must be able to evaluate data, assess the strategic consequences of decisions and advise on alternative courses of action. The syllabus is divided into eight main sections, (although the Examiner is keen that you view them as an integrated whole, rather than as a series of unrelated sections). (a) Strategic position The syllabus begins by considering the impact of the external environment on an organisation, and looks at the competitive forces organisations face. It then also looks at an organisation’s internal capabilities and expectations, to see how an organisation can position itself to get the most value out of its resources. However, an organisation also needs to consider its responsibilities to differing stakeholder groups, and how the expectations of stakeholders, alongside ethics and culture, help shape organisational purpose. (b) Strategic choice Once an organisation has established its current strategic position it can start thinking about the direction it wants to take in the future. This section looks at the decisions which have to be made about an organisation’s future and the way an organisation can respond to the influences and pressures which it identified while assessing its strategic position. (c) Strategic action ThiNganHang.comThis section deals with thechoices into organisational action. This action takes place in a context of operationalrelationships, which need to be managed in line with the intended strategy, and involves theimplementation of strategic choices, and the transformation of theseprocesses and effective coordination of business processes, information technology, people and finance. You will be expected to identify problems and issues in an organisation which prevent it from achieving its strategies, and make recommendations about how these problems can be resolved. Introduction vii ThiNganHang.com
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(d) Business and process change This section is the first considering how organisational elements support business strategy, and it highlights that business process redesign can lead to significant organisational improvements. Again, you will be expected to identify problems or inefficiencies with existing processes and make recommendations as to how they can be made more effective. (e) Information technology The application of information technology is often one of the ways that business processes can be redesigned. This reflects the fact that many existing processes are less efficient than they could be, and that new technology and the application of e-business models make it possible to design those processes more efficiently. (f) Project management In (c) above we noted that effective strategic action requires the coordination of a number of operational processes. This coordination can be facilitated through effective project management. (g) Financial analysis Strategic planning and strategic implementation should be subject to financial benchmarks. Financial analysis explicitly recognises this, reminding you of the importance of focusing on key ratios and measures that can be used to assess the viability of a strategy and to monitor or measure its success. (h) People Human resource management plays a vital role in underpinning strategy. Successful strategic planning and implementation require the effective recruitment, training, and organisation of people, coupled with strong leadership. As with so many other areas of the syllabus, it is crucial that an organisation’s personnel resources are appropriate for the strategy it is pursuing. 2 Skills you have to demonstrate • An ability to integrate knowledge and understanding from across the syllabus • Application of your knowledge to the specific circumstances described by the question • An ability to make reasoned judgements and give practical, commercial advice based on the facts presented in the question scenario • Careful reading and analysis of the question scenarios, and the question requirements • If you read the main capabilities listed by ACCA that students are expected to have on completion of P3, you will find continued reference to the verbs ‘evaluate’, ‘assess’, ‘advise’ and ‘explain’ – make sure you can do all of these in relation to the different aspects of the syllabus. ThiNganHang.com3 How to pass Study the entire syllabus – questions may span a number of syllabus areas and you must be prepared for anything! Practise as many questions as you can under timed conditions. This is the best way of developing good exam technique. Make use of the Question Bank at the back of this study text, and, more importantly, BPP’s Practice and Revision Kit. The Kit contains numerous exam standard questions (many of them taken from past exam papers) as well as three mock exams for you to try. P3 questions will be scenario-based and all the information given in the scenarios will be relevant to the questions set. Make sure you relate your answers to the scenario rather than letting them become generic. Answers that are simply regurgitated from texts are unlikely to score well. viii Introduction ThiNganHang.com
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Present your answers in a professional manner – there are marks available for coherent, well structured arguments and for making recommendations when required. You should be aiming to achieve all of these marks. Manage your time in the exam hall carefully. Answer plans will help you to focus on the requirements of the question and enable you to manage your time effectively. Also, do not waffle. Make your answers complete, but brief. Answer the question that you are most comfortable with first – it will help to settle you down if you feel you have answered the first question well. Answer all parts of the question – leaving out a five mark discursive element for example may mean the difference between a pass and a fail. Read the financial press and relevant web sites (for example, the BBC business website) for real life examples. The examination team is specifically looking for evidence of wider reading. They have repeatedly stressed the importance of reading the finance section of a good quality newspaper so that you can draw on real-life situations to help inform your answers. This does not, of course, mean you should simply quote real life examples in your exam just to show you have read widely. Instead you should use the real life examples to help inform your answers to the questions set. Check the P3 section of the ACCA website regularly – it often contains technical articles written either by, or on the recommendation of, the examination team which can be invaluable for future exams. 4 Brought forward knowledge As mentioned previously, this paper builds on knowledge brought forward from Paper F1, Accountant in Business and F5 Performance Management. If you have not studied F1 or F5, or were exempt, you should spend some time considering the syllabus and study guide to identify any gaps in your knowledge. You must ensure you cover any areas you are unsure of before your exam, so that you would be comfortable referring to them as necessary. The syllabus information is available on the ACCA website, www.accaglobal.com. ThiNganHang.com Introduction ix ThiNganHang.com
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Analysis of past papers The table below provides details of when each element of the syllabus has been examined and the question number and section in which each element appeared. Further details can be found in the Exam Focus Points in the relevant chapters. Covered in Text Dec June Dec June Dec June Dec June Dec June Dec June Dec Pilot chapter 2013 2013 2012 2012 2011 2011 2010 2010 2009 2009 2008 2008 2007 Paper STRATEGIC POSITION 1 Business O C C C C strategy 1 Strategy lenses C C C 2 PESTEL C C C C C analysis 2 National C O competitiveness 2 Competitive O C C C C forces 2 Business O O O O O scenario building & forecasting 3 Marketing and O O market segmentation 3 Industry lifecycle 4 Value chain; O O O O supply chain management 4 SWOT analysis C C C C C 4 Benchmarking C 5 Stakeholders C 5 Culture and the O C O O C cultural web STRATEGIC CHOICES 6 Generic C C strategies 6 Product-market O ThiNganHang.com6 BCGstrategyMethods of C OC C O O growth 6 Corporate C O parents 6 SAF C ORGANISING AND ENABLING SUCCESS 7 Organisational O O structures x Introduction ThiNganHang.com
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Covered in Text Dec June Dec June Dec June Dec June Dec June Dec June Dec Pilot chapter 2013 2013 2012 2012 2011 2011 2010 2010 2009 2009 2008 2008 2007 Paper 8 Managing C C O strategic change BUSINESS PROCESS CHANGE 9 Process- O O O O O strategy matrix 9 Outsourcing C O O 9 Business 0 0 C C process redesign 10 Managing risk O INFORMATION TECHNOLOGY 11 E-business and O O O O upstream supply chain management 11 E-business and O O O downstream supply chain management 12 E-marketing O O O O C O 12 Customer O relationship marketing PROJECT MANAGEMENT 13 Project C O O O O O O management FINANCE 14 Finance O O O C PEOPLE 15 Leadership O O 15 Job design O 15 Staff development ThiNganHang.comSTRATEGIC DEVELOPMENT 16 Developing strategies Introduction xi ThiNganHang.com
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The exam paper Format of the paper Number of marks Section A: One compulsory case study 550 Section B: Choice of two from three questions, 25 marks each 50 100 Time allowed: 3 hours (plus fifteen minutes reading and planning time) Section A will be a compulsory case study question with several requirements relating to the same scenario information. The question will usually assess and link several subject areas from across the syllabus, and will require you to demonstrate high-level capabilities to evaluate, relate and apply the information in the scenario to the question requirements. There will always be some financial or numerical data in the scenario and marks will be available for numerical analysis which supports your written argument. The compulsory Section A question can draw on ALL areas of the syllabus, making it imperative that you cover all areas of the syllabus in your studies. Section B questions are more likely to examine discrete subject areas. They will be based on short scenarios, and you will be expected to apply information from the scenarios to the question requirements. Again the questions can be drawn from all area of the syllabus, and the limited extent of the choice (two from three) reinforces the importance of covering all areas of the syllabus. P3 is designed to be a global paper, meaning that the case studies and the scenarios will focus on an industry of global significance, which should be known to candidates wherever they live or work. Although a lot of the examples in this text are based in the UK, they are designed to illustrate points which could apply equally in other countries. The exam will not focus specifically on UK industries, nor the UK business environment. Questions in this exam will not require specialist knowledge of any particular industries, nor the business environment of any particular country. However, an awareness of current business issues overall will be useful in providing real-life examples to support your answers – hence the examination team's instruction that candidates should read the financial sections of a good quality newspaper or other business material regularly. ThiNganHang.com xii Introduction ThiNganHang.com
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Syllabus and Study Guide The P3 syllabus and study guide can be found below. ThiNganHang.com Introduction xiii ThiNganHang.com
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