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A LEVEL BUSINESS > Theme 3 > Flashcards

Theme 3 Flashcards

1
Q

What are the 4 parts of Ansoff’s Matrix and the determining factors?
- what are the 2 categories they fit?

A
  • Increasing risk from existing to new products/markets
    1. Market Penetration (existing products and markets)
    2. Market Development (existing product and new markets)
    3. Product Development (existing market and new product)
    4. Diversification (new products and markets)
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2
Q 
Whats market penetration?
Aim...
Done by...
Evaluation...
Benefits...
A

A growth strategy where a business aims to sell existing products into existing markets

  • Aim: to increase market share
  • Done: sell my existing products to the same target of customers
  • Widen the range of existing products

EVAL:

  • don’t need significant market research
  • focuses on products and markets it knows well

Benefits:
- Low risk - Low costs - suits the business - economies of scale

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3
Q

What is the Ansoff matrix?

A

A marketing planning model that helps a business determine its product and market strategy

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4
Q

Whats product development?

EVAL:

A

A growth strategy where a business aims to introduce new products into existing markets

EVAL:

  • plays to strengths of an established business
  • a great way of exploiting the existing customer base
  • Need a strong emphasise on effective research (insights into customer needs)
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5
Q

Whats market development? and what reinforces it…
Approaches:
EVAL:

A

A growth strategy where the business seeks to sell its existing products into new markets. (great reputation) - popularity - business expertise and good product
- new geographical markets (emerging markets)
- new distribution channels (e-commerce)
- new pricing policies into different consumer segments
EVAL:
- a logical strategy when existing markets are saturated or declining
- more risky than product development (international) as existing markets may not correlate with abroad

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6
Q

Whats Diversification?
Approaches:
EVAL:
Why?

A

The growth strategy where a business markets new products in new markets
- innovation and R&D - develop new solutions
- acquire an existing business in the market
- extend an existing brand into the market
EVAL:
- no direct experience - high risk
- few EOS (initially)
- However if successful overall risk is spread
Why?
- Saturation in market
- product in decline
- avoid complacency

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7
Q

What is Porter’s strategic matrix?

The 4 categories and the determining factors….

A

Lowest cost to highest differentiation (competitive advantage)
Mass market to Niche market (scope)
1. Cost leadership - lowest cost and mass market
2. Focused cost leadership - lowest cost and niche market
3. Differentiation - highest differentiation and mass market
4. Focused differentiation - highest differentiation and niche market

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8
Q

Porter generic strategies and why they are important?

A 
The 3 generic strategies are:
- cost leadership
- differentiation 
- focus 
can enable a business to achieve a sustainable competitive advantage
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9
Q

What is PESTLE analysis?

A

An effective way to analyse key features of the external environment
Political - comp and tax policies, industry regulation, govt spending and business policy and incentives
Economic - interest rates, consumer spending Gand income, exchange rates and economic growth
Social - Demographic change, pressure groups, consumer tastes and fashions, changing lifestyles
Technological - adoption of mobile technology, new production processes, big data and dynamic pricing
Legal - employment law, minimum / living wage, health and safety laws and environmental legislation
Ethical / environmental - sustainability, tax practices, ethical sourcing, pollution and carbon emissions

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10
Q

Whats SWOT analysis?

Aim…

A

A method for analysing a business, its resources and its environment. It focuses on the 1. internal strengths and 2. weaknesses of a business (compared with competitors) and the 3. key external opportunities and 4. threats for the business

Analyse what its better and worse at than competitors and whether it is making the most of the opportunities available with also how it should respond to changes in the external environment.

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11
Q

Why is SWOT good and bad?

A

Good:

  • logical structure
  • focuses on strategic issues
  • encourages analysis of external environment

Bad:

  • Too often lacks focus
  • Independent?
  • Can quickly become out-of-date (in a dynamic market)
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12
Q

What are the basic features of a competitive market?

leads to…

A
  1. Large number of sellers and buyers
  2. Produce a homogenous product or service
  3. Low barriers to entry or exit

leads to profit margins being squeezed and consumer receiving low prices.
the more competitive a market is, the harder it is for a firm to achieve its main objectives.

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13
Q

What are the barriers to entry?

A
  • Patents
  • Brand loyalty
  • Sunk costs
  • Economies of scale
  • Labour availability
  • Switching costs
  • Government subsidies
  • Predatory pricing
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14
Q

What are is the Porter’s five forces model of competition?

and what they mean?

A

The threat of entry - the con-testability depends on profitability (expected profit upon entry), barriers to entry (barriers which reduce the ease of entry), sunk costs (costs that cannot be recovered - advertising)

Bargaining power of buyers - when consumers face a greater range of choice, their position strengthens

Bargaining power of suppliers - if they have exclusive contracts to a particular supplier, it raises the prices for everyone

Rival of firms - uncompetitive - monopoly ( controls over 25%) oligopoly (small group of large firms) and competitive - competitive market (hundreds of similarly sized firms competing against each other

Threat of substitute products - launch of new products into the market to challenge existing products

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15
Q

What firms aim for from low cost strategies?

A

Operational superiority - technological superiority - methods of distribution - cheaper source of supply

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16
Q

What firms aim for from differentiation strategies?

A
  • Superior branding
  • Superior distribution
  • Superior durability
  • Superior performance
  • Superior aesthetic design
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17
Q

Whats economies of scale?

and how to calculate unit costs (average)

A

When unit costs fall as output rises.

Total production costs in period / total number of units produced

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18
Q

Whats profitability?

A

the ability of a business to generate profits from its activities

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19
Q

Whats internal economies of scale?

A

A rise from the increased output of the business itself

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20
Q

What external economies of scale?

A

Refers to the industry all benefitting from it. e.g. tax break for employing over 10,000 employees

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21
Q

What are the 6 sources of internal economies of scale and what are they?

A
  1. Purchasing economies - buying in greater quantities usually results in a lower price
  2. Technical - use of specialist equipment or processes to boost productivity
  3. Managerial - specialist managers can be employed to help reduce unit costs and boost efficiency
  4. Marketing - spreading a fixed marketing spend over a larger range of products, markets and customers
  5. Network - adding extra customers or users to a network that is already established (e.g. mobile phones)
  6. Financial - larger firms benefit from access to more and cheaper finance
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22
Q

What are some of the reasons for merging or taking over?

A
  1. Exploit synergies - more powerful and efficient if together
  2. Quick and easy way to expand the business
  3. Often cheaper than growing internally - could inflate price but still work out cheaper
  4. For defensive reasons - to consolidate its position in the market - avoid also being victim of takeover
  5. Businesses respond to economic changes
  6. Joining up with a business abroad gives access into foreign markets. - avoid restrictions, paying tariffs on goods sold in that country
  7. Gain economies of scale
  8. Asset stripping - sell profitable parts and close down unprofitable parts
  9. Managerial objective - increase size of business
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23
Q

Whats a merger?

A

Where two or more business join together and operate as one. Usually conducted with agreement of both businesses (friendly)

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24
Q

Whats a takeover?

reasons and example…

A

Sometimes called an acquisition - business buys another - among public companies - buying 51% of shares. - result in a sudden inflated price of share price as speculation of investors bring price up (bullish)

  • increase market share
  • acquire new skills
  • access EOS
  • secure better distribution
  • acquire intangible assets (brands, patents, trade marks)
  • spread risk by diversifying
  • overcome barriers to entry
  • defend itself against a takeover
  • enter new segments of an existing market
  • to eliminate competition

Walt Disney acquired Pixar in 2006 for $7.4 billion and had tremendous success with their movies generating billions
- gave `Disney advanced animation technology
Acquired Marvel entertainment in 2009 for $4billion which movies have already made money back

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25
Q

Whats horizontal integration?

and benefits..?

A

occurs when two firms that are in exactly the same line of business and same stage of production process join together.

  • EOS
  • Cost synergies
  • Potential to secure revenue synergies
  • Wider range of product
  • Reduces competition by removing key rivals
  • Cheaper - as entry barriers higher - sunk costs…
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26
Q

Whats vertical integration?

Forward and Backward…

A

Occurs when firms in different stages of production join together.
UNO.

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27
Q

Whats inorganic growth?

A

Is external growth where businesses can grow by merging or taking over. Involves business joining together

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28
Q

Whats organic growth?

what the 4 methods are…

A

Is internal growth where a business grows naturally by selling more of its output using its own resources

  1. new customers
  2. new products
  3. new business model - technology or social change
  4. franchising
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29
Q

What are the characteristics of businesses that grow successful using organic growth?

A
  1. Distinctive brands and portfolios
  2. Use market and product development
  3. Resources to support expansion
  4. Sustained investment in new products
  5. Strong distribution channels
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30
Q

Why growth can be risky?

A
  1. Can be costly and the projected growth is only a prediction meaning that it isn’t concrete… comes with uncertainty and risk
  2. Can put pressures on staff and resources, as well as financial and management structures
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31
Q

Reasons for staying small?
6 factors…

Pro…
Fle…
Cus…
E-co…

A
  1. Personal service
  2. Owners preference
  3. Flexibility and efficiency
  4. Lower costs
  5. Low barriers to entry
  6. Small firms can be monopolists

Product differentiation and USPs - hand-made products - added value - ‘stand out from crowd’
Flexibility in responding to customer needs - add value through different products/services at high quality
Customer service - add value through personal interaction and ease
E-commerce - has allowed smaller retailers to compete with larger firms

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32
Q

What is a sales forecast?

A

A vital planning activity involving (most common parts of business planning)…
human resource plan (how many people needed with expected output)
Production/capacity plans
Cash flow forecasts
Profit forecasts and budgets
- A very useful part of regular competitor analysis and helps to focus market research

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33
Q

Whats extrapolation?
moving average brief…
aim…

A

Uses trends established from historical data to forecast the future…
moving average used - takes a data series and smoothes the fluctuations - aim to take out fluctuations

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34
Q

Whats correlation?
Independent variable..?
Dependent variable..?

A

looks at the strength of a relationship between two variables
Independent variable - the factor that causes the dependent variable to change (x-axis)
Dependent variable - the variable that is influenced by the independent variable (y-axis)

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35
Q

Positive correlation?
Negative correlation?
No correlation?

A

pos - positive relationship exists where as the independent variable increases in value, so does the dependent variable
neg - negative relationship exists where as the independent variable increases in value, the dependent variable falls
no - there is no discernible relationship between the independent and dependent variable

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36
Q

What does the best line do?
Strong correlation?
Weak correlation?

A

indicates the strength of correlation
Means there is little room between the data points and the line (good for marketing predictions)
Means that the data points are spread quite wide and far away from the line

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37
Q

What are the key factors affecting sales forecasts?

and what they mean?

A
  1. Consumer trends - demand changes as consumer tastes and fashions change will affect market demand and market shares
  2. Economic variables - demand - exchange rate, interest rate and taxation - overall strength of economy (GDP growth) also important
  3. Competitor actions - hand to predict - usually why prove over-optimistic
38
Q

What is inventory turnover and receivables and payable days?

A

Inv - how often do you sell and replace inventory / stock
rec - how long is the average collection period from customers
pay - how long do you take to pay your debt obligations

39
Q
  1. Inventory turnover equation?
  2. Receivables days equation?
  3. Payables days equation?
A
  1. costs of good sold / inventories )< expressed as times per year
  2. (receivables / annual revenue) x 365
  3. (Payables / cost of sales) x 365
40
Q
  1. Pay slow to suppliers..?
  2. Pay fast to suppliers..?

what you ideally want?

A
  1. keeps cash in business - best cash flow option
  2. gains suppliers trust - improve reputation - expect customers to do the same

high - delayed cash out with payable days
low - receivable days and regular cash in

41
Q

Whats the main goal of investment?

A

Can be uncertain and risky:

Expenditure today –> benefits in the future

42
Q

Whats investment appraisal?

what does it involve and how long?

A

the process of management assessing the long-term benefits that investment projects can potentially bring

  • can involve large amounts of quantitative data
  • may take several months to effectively carry out
43
Q

Whats the payback period?

  • determine…
  • no incentive…
A

the taken for an investment decision to provide the cash flow required to pay off the initial outlay.

  • determine whether an investment project is worth undertaking
  • no incentive for the business to invest if initial outlay is a ‘sunk cost’
44
Q

Disadvantages of payback period?

A
  • ignores cash flow which arise after the payback has been reached - doesn’t look at overall project return
  • takes no account of the “time value of money”
  • may encourage short-term thinking
  • ignores qualitative aspects of a decision
  • does not actually create a decision for the investment
45
Q

Advantages of payback period?

A
  • simple and easy to calculate + easy to understand the results
  • focuses on cash flow - good for when cash is a scarce resource
  • emphasises speed of return - appropriate if business subject to significant market change
  • straight forward to compare competing projects
46
Q

What is average rate of return?

  • calculates…
  • overcomes…
A

calculates the return that is generated from the proposed capital investment

  • calculates the average annual yield of the investment for a business
  • overcomes some of the short comings of the payback period
47
Q

What are the steps for ARR?

What’s the formula ARR and ARR(%)

Whats the criteria level for investment project based on ARR?

A
  1. Calculate total cash flow
  2. Deduct initial outlay
  3. Calculate average annual profit
  4. express as a percentage (%)

Average annual return = net profit / number of years

ARR(%) = (average annual return / initial outlay) x 100

+20% - accepted

48
Q

What are the disadvantages of ARR?

A
  • Shows actual investment result
  • Ignores timings of cash flows
  • Does not consider the time value of money
  • Results not as accurate as payback method
49
Q

What are the advantages of ARR?

A
  • focus on business profitability
  • easy to interpret and set targets
  • ease of comparison
  • uses all cash flow data
50
Q

Discounting and present value:

  1. Discounting?
  2. the issue?
A
  1. reducing the value of future cash flow payments to reflect the ‘time value of money’ of an investment
  2. a sum of money in one years time is worth less than that some sum of money now (inflation)
51
Q

Present value equation?

what’s the use of present value?

A

amount (cash flow) / (1+discount rate)’payment years

businesses use present value to identify whether an investment is worthwhile:

52
Q

Whats the discount rate?
based on…
Discount factor equation?

A

How many years into the future we are looking, since the greater the length of time involved, the smaller the present or discounted value of money will be.
Based on the current rate of interest available in a savings account.

1 / (1+discount rate)’payment years

53
Q

Whats net present value?
NPV equation?
Whats the investment rule?

A

Calculates the current monetary value of an investment project’s future cash flows

Discounted Cash Flow - Initial outlay (result = monetary value)

Invest in project if NPV>0
Do not invest in project if NPV<0

54
Q

What are the advantages of NPV?

A
  • Takes into account the ‘time value of money’
  • ease of comparison
  • combines both ARR and payback periods
55
Q

What are the disadvantages of NPV?

A
  • Complex approach to investment appraisal
  • Only comparable with some initial outlay
  • Complications with interpretation
56
Q

Whats a decision tree?

uses. ..
helps. ..

A

A decision tree is a mathematical model used to help managers make decisions

  • uses estimates and probabilities to calculate likely outcomes
  • helps to decide whether the net gain from a decision is worthwhile
57
Q

What are the step for a decision tree?

A
  1. Add possible outcomes to the tree (circles represent uncertain outcomes)
  2. Next we add in the associated costs, outcome probabilities and financial results for each outcome
  3. These probabilities are particularly important to the outcome of a decision tree (must add up to 1)
  4. Calculate the expected value
    multiplying the estimated financial effect by its probability
    Net gain:
    the value to be gained from taking a decision
    - adding together the expected value of each outcome and deducting the costs associated with the decision
58
Q

What are the benefits of using decision trees?

A
  • choices are set out in a logical way
  • potential options and choices are considered at the same time
  • use of probabilities enables the “risk” of the options addressed
  • likely costs are considered as well as potential benefits
  • easy to understand and tangible results
59
Q

What are the drawbacks of decision trees?

A
  • probabilties are just estimates (subjective not objective) and always prone to errors
  • uses quantitative data only - ignores qualitative aspects of decisions (needed in decision)
  • assignment of probabilities and expected values prove to bias
  • decision-making technique doesn’t necessarily reduce the amount of risk
60
Q

Whats critical path analysis?

A

Used to calculate time needed to complete a project. Also identity possible delays, which could have a crucial effect on its completion date. Can aid planning, organisation and resource management.

61
Q

Whats earliest start time?

A

How soon a task in a project can begin, it is influenced by the length of time taken by tasks which must be completed before it can begin

62
Q

Critical path?

A

the tasks involved in a project which, if delayed, could delay the project.

63
Q

Free float?

A

the time by which a task can be delayed without affecting the following task

64
Q

Latest finish time?

A

the latest time that a task in a project can finish

65
Q

Network diagram?

A

a chart showing the order of the tasks involved in completing a project, containing information about the times taken to complete the tasks

66
Q

What are nodes?

A

positions in a network diagram which indicate the start and finish times of a task

67
Q

Total float?

A

the time by which a task can be delayed without affecting the project

68
Q

What are the benefits of CPA?

A
  • Most importantly - helps reduce the risk and costs of complex projects
  • encourages careful assessment of the requirements of each activity in a project
  • help spot which activities have some stock (“float”) and could therefore transfer some reasons - better allocation of resources
  • a decision-making tool and a planning tool - all in one!
  • provides managers with a useful overview of a complex project
  • Links well with other aspects of business planning, including cash flow forecasting and budgeting
69
Q

What are the drawbacks of CPA?

A
  • Reliability of CPA largely based on accurate estimates and assumptions made
  • CPA does not guarantee the success of a project
  • Resources may not actually be as flexible as management hope when they come to address the network float
  • Too many activities may the network diagram too complicated. Activities might themselves have to be broken down into mini-projects
70
Q

What are the three financial statements?

A

Income statement (profit and loss account) - the past
Balance sheet - the present (state of financial position)
Cash flow forecast - the future

71
Q

Whats the income statement?

Structure….

A

this measures the business’ performance (income and costs) over a given period of time, usually one year (profit and loss account) with comprehensive income

  1. Revenue
  2. Cost of sales
  3. Gross profit
  4. Overheads
  5. Operating profit
  6. Finance costs (interest)
  7. Net profit
72
Q

Whats gross profit?

A

Revenue - costs of sales

73
Q

Whats operating profit?

A

Gross profit - distribution and administration expenses (not directly related to producing the goods)… marketing transport…

74
Q

Whats net profit or profit before tax?

A

operating profit - finance expenses (interest paid on bank…)

75
Q

Whats the balance sheet or statement of financial position?

A

Provides a summary of a firm’s assets, liabilities and capital.

76
Q

What are assets?
Current assets…
Non-current assets…
Calculated by…

A

The resources that a business owns and uses. Current or non-current.
Current assets are all the assets of a company that are expected to be sold or used as a result of standard business operations over the next year (cash, cash equivalents, stock inventory)
Non-current assets are a company’s long term investments that are not easily converted into cash or are not expected to become cash within an accounting year.
Capital + liabilities

77
Q

What are liabilities?
Current?
Non-current?

A

Are debts of the business, that is, what it owes to other businesses, individuals and institutions. Sources of funds… (loans, trade credit, bonds)
Current money owed by the business within 12 months
Non-current money owed over 12 months

78
Q

What is capital?

A

This is the money introduced by the owners of the business. (shares)

79
Q

What is working capital?
Working capital equation?
Whats the main goal?

A

Provides a strong indication of a business’ ability, ability to pay its debts
Current assets - current liabilities
Maintaining adequate working capital is important both in s\t and l\t. The challenge is to maintain sufficient liquidity in the business to ensure the business can survive and grow in the long term.

80
Q

What are the factors affecting working capital?

A
  • Businesses with a lot of cash sales and few credit sales should have minimal trade debtors. e.g. supermarkets
  • Some finished goods, notably food stuffs, have to be sold within a limited period because of their perishable nature.
  • Larger businesses may be able to use their bargaining strength as customers to obtain more favourable, extended credit terms from suppliers. Contrast, small businesses have to pay suppliers immediately.
  • Some businesses will receive their money at certain times of the year, although they may incur expenses throughout the year at a fairly consistent level. This often know as “seasonality of cash flow”
81
Q

Whats equity?

A

Share capital
- cash raised by the business from the sale of new shares (at amount originally sold)
Retained earnings
- net profits which have not been distributed to shareholders
equity = assets - liabilities

82
Q

Whats gearing?

why’s it useful?

A

measures the proportion of a business’ capital (finance) provided by debt

  • measure of the financial health of a business
  • focuses on the level of debt in the financial structure of a business
  • high gearing can mean high business risk (but not always)
83
Q

Whats debt?

A

Finance provided to the business by external parties…

84
Q

What the gearing ratio and the equation?

Whats a higher ratio suggest?

A

used to show relationship between loans on which interests is paid, and shareholders’ equity on which dividends might be paid.
gearing ratio = (non-current liabilities / capital employed) x 100
higher ratios mean much larger proportion of finance is borrowed (50% concerns are raised and 25% means that business is not over burdened with long-term debt.

85
Q

Return on capital employed?

ROCE…

A

It compares the profit. i.e. made by the business with the amount of money invested.

ROCE= (operating profit / capital employed) x 100

86
Q

Whats operating profit margin?

A

(operating profit / revenues) x100

87
Q

Whats the current ratio?

A

(current assets / current liabilities) =

88
Q

Causes of change?

having effects on…

A
  • Changes in organisational structure
  • Poor business performance
  • New ownership
  • Transformational leadership
  • The market and other external influences
  • competitiveness
  • productivity (unit cost)
  • financial performance
  • stakeholders
89
Q

Whats step change?

A

Significant and occurs rapidly… dramatic and radical in one fell swoop, suffered when gone through dramatic shift… overcome resistance

90
Q

Whats incremental change?

A

Changes occur over a period of time in incremental, small stages.
- develops and responds to subtile changes in the external environment. little resistance

91
Q

Factors indicating change?

organisational culture

A
  1. declining profit and sales
  2. inadequate returns on investment
  3. low quality or standards of customer service
92
Q

Whats scenario planning?

what is it?

A
  1. identify possicle trends and issues
  2. Build possible scenraios
  3. Plan response
  4. Identify the most likely scenarios
  5. Capitalise on responses

a strategic planning method designed to explore uncertainties, learn how to protect the business from their worse consequences and prepare how to exploit any opportunities that might present themselves

A LEVEL BUSINESS (5 decks)

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