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ACCA APPROVED CONTENT PROVIDER ACCA Passcards Paper P3 Business Analysis Passcards for examsup to June 2015ThiNganHang.com ThiNganHang.com
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First edition 2007, Eighth edition June 2014 All rights reserved. No part of this publication may be ISBN 9781 4727 1131 1 reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, e ISBN 9781 4727 1187 8 photocopying, recording or otherwise, without the prior British Library Cataloguing-in-Publication Data written permission of BPP Learning Media. A catalogue record for this book is available from the British Library © Published by Printed in the UK by RICOH BPP Learning Media Ltd BPP Learning Media Ltd, UK Limited 2014 BPP House, Aldine Place, Unit 2 142-144 Uxbridge Road, Wells Place London W12 8AA Merstham RH1 3LG www.bpp.com/learningmedia Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources. ThiNganHang.com ThiNganHang.com
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Preface Contents Welcome to BPP Learning Media’s ACCA Passcards for Professional Paper 3 Business Analysis. They focus on your exam and save you time. They incorporate diagrams to kick start your memory. They follow the overall structure of BPP Learning Media’s Study Texts, but BPP Learning Media’s ACCA Passcards are not just a condensed book. Each card has been separately designed for clear presentation. Topics are self contained and can be grasped visually. ACCA Passcards are still just the right size for pockets, briefcases and bags. Run through the Passcards as often as you can during your final revision period. The day before the exam, try to go through the Passcards again! You will then be well on your way to passing your exams. Good luck! ThiNganHang.com Page iii ThiNganHang.com
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Preface Contents Page Page 1 Business strategy 1 12 E-marketing 129 2 Environmental issues 7 13 Project management 145 3 Competitors and customers 17 14 Finance 161 4 Strategic capability 27 15 Human resource management 173 5 Stakeholders, ethics and culture 41 16 Strategic development 179 6 Strategic choices 53 7 Organising for success 73 8 Managing strategic change 89 9 Business process change 95 10 Improving processes 105 11 E-business ThiNganHang.com111 ThiNganHang.com
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1: Business strategy Topic List This chapter gives you an overview of the fundamentals of strategy and strategy formulation, and how they relate to business analysis. What is strategy? Levels of strategy in an organisation Elements of strategic management The importance of context The strategy lenses ThiNganHang.com ThiNganHang.com
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What is Levels of strategy Elements of The importance The strategy strategy? in an organisation strategic management of context lenses STRATEGY: a course of action over the long term, including identifying the competences and resources required, to achieve a specific objective and fulfil stakeholder expectations. Areas for decision making Strategic decisions Four elements of mission Long term direction Complex Purpose and planning Values Scope of activities Subject to uncertainty Strategy Competitive advantage Impact operational decisions Policies and standards Adapting activities to fit business Affect whole organisation environment Lead to change Exploiting resources/competences GOALS: General aim Expectations of key stakeholders OBJECTIVES: SMART and PRIME ThiNganHang.com ThiNganHang.com
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What is Levels of strategy Elements of The importance The strategy strategy? in an organisation strategic management of context lenses Three main levels of strategy in an organisation 1 Corporate Overall purpose and scope, and how value will be added. Prioritisation and management of stakeholder expectations. Allocation of corporate resources. 2 Business How to compete successfully in particular markets. Combines with corporate strategy in a small organisation. In larger organisations, strategies for strategic business units must be co-ordinated with corporate strategy, and with each other. 3 Operational How the component parts of the organisation deliver the higher-level objectives. Largely created and delivered by business functions such as marketing, production, finance, human resources management, and information systems. ThiNganHang.com Page 3 1: Business strategy ThiNganHang.com
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What is Levels of strategy Elements of The importance The strategy strategy? in an organisation strategic management of context lenses Johnson, Scholes and Whittington’s model of strategy Strategic position Strategic choices Strategy into action Environment Made at corporate and Structuring opportunities business levels processes threats How to achieve relationships complexity competitive advantage Capability Scope Enabling resources and competences Direction of development management of resources strengths weaknesses Method of development Change Stakeholder expectations change management purpose of strategy power/interest Position Choice Action is not simply a linear model. governance ThiNganHang.com ethics Need to recognise the interdependencies between position (analysis), choice and action (implementation). ThiNganHang.com
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What is Levels of strategy Elements of The importance The strategy strategy? in an organisation strategic management of context lenses The context of strategy The organisational setting in which strategy is developed. Possible contexts include: Small business Limited product range, markets and resources (especially financial), but significant pressure from competitors Multinational Diverse products, processes and markets, with significant resources and multiple operations The public sector Constraints on funding, commitment to service provision and the need to demonstrate value Not for profit organisation Diverse sources of funds, strong underlying values and purpose Intangible products Product information, after-sales service, brand values, staff performance (for both manufacturing and service companies) Exam focus Context is very important in the P3 exam. Question scenarios will provide context for the question requirements.ThiNganHang.com You must always consider the context of the question and make your answer directly relevant to it. Page 5 1: Business strategy ThiNganHang.com
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What is Levels of strategy Elements of The importance The strategy strategy? in an organisation strategic management of context lenses Johnson, Scholes & Whittington suggest that strategy, and the development of strategic thinking, can be examined through three lenses. 1 Strategy as design a rational, top-down process – rational managers, clear objectives. Strategy is exclusively management’s responsibility, and the organisation’s role is to implement management’s plans. 2 Strategy as experience an adaptation of what has worked in the past – based on experience, assumptions, and decisions to satisfice rather than optimise. Strategies develop in incremental and adaptive ways, and emerge from lower levels of the organisation. 3 Strategy as ideas strategy based on innovation, diversity of ideas, informal interaction and experimentation. Managers create the context and conditions for new ideas to emerge, but must prevent strategic drift. Organisational culture must ThiNganHang.comsupport innovation. ThiNganHang.com
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2: Environmental issues Topic List Understanding the changing environment is one of the key elements in both defining and developing strategy. One possible definition of corporate strategy is ‘seeking a The organisation in its environment good fit with the environment’. To achieve that ‘fit’, an organisation must have a thorough knowledge of its The macro environment environment. The competitive advantage of nations The environment in the future Competitive forces ThiNganHang.com ThiNganHang.com
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The organisation The macro The competitive The environment Competitive in its environment environment advantage of nations in the future forces All organisations are open systems – they have a variety of interchanges with the environment (inputs and outputs). The environment can be divided into three Macro-environment concentric layers: Environmental element Basis of analysis Industry or sector Macro-environment PESTEL Key drivers of change Competitors and markets Scenarios Industry or sector Five forces (Porter) The organisation Cycles of competition Competitors and markets Strategic groups Market segments Critical success factors ThiNganHang.com ThiNganHang.com
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The organisation The macro The competitive The environment Competitive in its environment environment advantage of nations in the future forces The PESTEL framework is based upon six segments: political, economic, socio-cultural, technological, environmental protection and legal. Political/legal factors Economic factors Governments oversee framework in which business These operate in both a national and international operates eg physical, social and market infrastructure. context. Relevant factors include: Many aspects of business activity are subject to legal Inflation rates Growth/fall of GDP regulation: Employment rates Savings levels Interest rates Exchange rates Contracts Employment Tax levels International trade Health and safety Tax The business cycle Capital markets Other aspects are regulated by supervisory bodies. The EU is a significant influence. Government policy Political change and political Fiscal policy (taxes, borrowing, spending) risks affects the planning ThiNganHang.com Monetary policy (interest rates, exchange rates) activities of many businesses Size and scope of the public sector Page 9 2: Environmental issues ThiNganHang.com
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The organisation The macro The competitive The environment Competitive in its environment environment advantage of nations in the future forces Social factors Technological factors Demography is the study of human population and Many strategies are based on exploiting technological change population trends. (eg birth rate, average age, ethnicity, (eg Internet and e-commerce). Others are defences against death rate, family structure, social structure and wealth). such change (eg emphasising service or quality when a Demographic changes have clear implications for patterns competitor introduces a major technical development). of demand. They also affect availability of labour. Can also affect recruitment policies. Technological developments affect all aspects of business (especially IT developments) Culture in society provides a framework for understanding beliefs and values, and creates patterns of human activity. New products and services become available It influences tastes and lifestyles. New methods of production and service provision Affects: New ways of selling (e-commerce); Marketing - may need to adapt products/services for a Improved handling of information in sales and finance particular market. New organisation structures to exploit technology HR - cultural differences in recruitment. New media for communication with customers and within Business must be particularly aware ofThiNganHang.comcultural change. the business (eg Internet and email); facilitates businessbecoming global. ThiNganHang.com
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Environmental protection Pressure coming from many quarters: Green pressure groups Legislation Employees Environmental risk screening Corporate Social Responsibility Possible green issues for businesses to consider: Consumer demand for environmentally friendly Scarcity of non-renewable resources products Sustainability of operations. Greater regulation by governments and Opportunities to develop new environmentally international bodies friendly products and technologies Businesses may be charged for the external costThiNganHang.com of their activities Page 11 2: Environmental issues ThiNganHang.com
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The organisation The macro The competitive The environment Competitive in its environment environment advantage of nations in the future forces Four aspects of globalisation are key drivers of change in the macro environment 1 Market globalisation Converging tastes; improving communications. 2 Cost globalisation Economies of scale are a major source of cost advantage; purchasers search globally for lowest-cost suppliers. 3 Government policy Increasingly sympathetic to free trade. 4 Global competition High levels of international trade encourage global competition. The existence of global competitors and global customers in an industry encourages firms which currently only trade in one country to expand to be able to compete more effectively. ThiNganHang.com ThiNganHang.com
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The organisation The macro The competitive The environment Competitive in its environment environment advantage of nations in the future forces Porter identifies four determinants of national competitive advantage on an industry basis. He refers to them as the ‘diamond’. Firm strategy, structure and rivalry Cultural factors, management style, time horizons and capital markets all help determine orientation and capability. Domestic rivalry leads to competitive strength. Factor conditions Demand conditions Endowments of inputs to production Buyers in the home market set fundamental Basic: natural resources, climate, labour - parameters such as market segments, degree unsustainable for competitive advantage of sophistication, rate of growth and rate of Advanced: infrastructure, technical education, high- innovation. Early saturation of the home tech industries - promote competitive advantage market will encourage a firm to export. Related and supporting industries Success in related industries gives mutual support. Strong home suppliers make the industry more robust.Rivalry creates supplier specialisations.ThiNganHang.comClusters of related industries derive strength from their links. Page 13 2: Environmental issues ThiNganHang.com
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The organisation The macro The competitive The environment Competitive in its environment environment advantage of nations in the future forces Forecasting Scenario construction (Mercer) Sound knowledge of the environment requires 1 Identify drivers of change some element of forecasting. The past is not necessarily a good guide to the future, but in 2 Arrange drivers in a viable simple, static conditions time series analysis and framework regression analysis can be used. 3 Produce 7-9 mini-scenarios Economic forecasting uses leading indicators to assess future economic conditions. Group mini-scenarios into 2-3 4 A scenario is a detailed and consistent view of how comprehensive scenarios the environment might develop in the future. 5 Write up the scenarios Macro scenarios consider possible futures overall. Industry scenarios look in more detail at a single 6 Identify issues arising, and what they industry. ThiNganHang.commean to the business ThiNganHang.com
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