ACCA-P3知识要点汇总(下)

ACCA P3知识点：PESTEL分析模型在ACCA P3考试中分析企业外部环境时，常用PESTEL模型，PESTEL分析模型又称大环境分析，是分析宏观环境的有效工具，不仅能够分析外部环境，而且能够识别一切对组织有冲击作用的力量。

它是分析组织外部影响因素的方法，其每一个字母代表一个因素，可以分为6大因素：政治因素(Political)、经济因素(Economic)、社会因素(Social)、技术要素（Technological）、环境因素(Environmental)和法律因素(Legal)。

The PESTEL framework (sometimes also called "SLEPT" framework) analyses external forces under the headings:·Political;·Economic;·Socio-Cultural;·Technological;·Environmental; and·Legal.（1）政治因素(Political)：是指对组织经营活动具有实际与潜在影响的政治力量和有关的政策、法律及法规等因素。

（2）经济因素(Economic)：是指组织外部的经济结构、产业布局、资源状况、经济发展水平以及未来的经济走势等。

（3）社会因素(Social)：是指组织所在社会中成员的历史发展、文化传统、价值观念、教育水平以及风俗习惯等因素。

（4）技术因素(Technological)：技术要素不仅仅包括那些引起革命性变化的发明，还包括与企业生产有关的新技术、新工艺、新材料的出现和发展趋势以及应用前景。

（5）环境因素(Environmental)：一个组织的活动、产品或服务中能与环境发生相互作用的要素。

（6）法律因素(Legal)：组织外部的法律、法规、司法状况和公民法律意识所组成的综合系统。

中公财经培训网：/ ACCA考试经验非常重要，了解这些考试经验对于小伙伴们的考试非常重要。

对于已经考过P1的学员们，今年六月是考P3的最后一次机会。

如果把握不在，你们就要迎接全新的科目-SBL，而之前P1的成绩也作废。

想想就让人心痛!为了帮助大家把握住最后一次机会，中公财经网小编(zgacca)总结整理了ACCA P3考试经验，分享给大家!ACCA P3考试经验:正确理解分析模型P3是很多中国考生比较害怕的一科，靠死记硬背或是刷题是不能理解掌握这些模型的。

建议大家可以听听我的的直播课程，听听专业老师通过案例和真题对模型的分析，逐渐培养自己的逻辑分析能力。

其实P3并没有唯一或标准答案，只要考生能正确理解模型并做出合理分析，分值自然不会低。

ACCA P3考试经验:多做练习练习的目的是为了掌握重点模型，熟悉答题技巧。

刚开始练习，中公财经网小编建议大家多思考答题角度，完善的写出自己的想法，不要追求做题速度。

练习的同时，要规范答题格式，养成好的答题习惯。

ACCA P3考试经验:注意答案中的给分点不要去背练习题的答案，要看答案进行分析和推理。

我们需要通过观察给分点来了解答题思路，明白怎么写答案能写到得分点上，什么样的答案能得高分。

记住，P3不是靠背，而是靠想!ACCA P3考试经验:考前整理模型在考试中，如果题目没有明确要求用哪个模型作答，我们就可以按照自己的思路来回答。

但是各位考生切记:不要对模型生搬硬套，要先引用再分析。

P3要求考生有应用能力，而不只是理论本身。

P3不需要怎么背，重要的是理解掌握模型，多看讲义，强化理解。

中公财经网小编祝大家最后一次P3考试旗开得胜!返回，查看更多。

ACCA专业阶段的考试结果如何，主要看ACCA备考的方向对不对。

所以在学习的时候，有以下几点需注意：1)我们应该关注的是模型中各个关键词的含义及其所指的具体内容。

(比如：Value chain中的inbound logistics是什么意思?它包括了原材料的采购、运送、等等)2)借助历年真题的Case study对模型强化理解。

不少人都觉得P3的知识点学起来非常的空泛、“虚”，不像P2合并报表算法来的实在。

的确如此，知识点经常很快就看完了，但往往感觉什么都没学习到。

因此真题显得尤为重要，应该尽可能的把所有真题都通读学习一遍。

如果时间不允许的话，应该重点挑薄弱、甚至理解无能的部分学习，比如Culture、Project initial document、Organization configuration这些相对比较难以把握的知识点。

3)多问“why?”如“BCG和Ash ridge两个矩阵存在什么联系吗?”、“为什么说这家公司有core competence但缺钱?”，理解性地学习模型中蕴含的商业逻辑。

(多开脑洞)4)多去积累各个模型在案例甚至是现实生活的具体运用。

如marketing中7P模型各个P可以包括什么?在看考官答案的时候，经常会有“厉害了，我的考官，原来还可以这样!”的感受。

我们应该多看看并多想想“为什么可以这样”，积累起来，以便于在答题的时候思维的发散。

5)对于考试的少量计算financial analysis，是通过考试的关键，应当引起重视。

也许文字部分你懒得或者不可能全部练习到位，但在过去考试出现过的数字计算的部分，都要练习掌握到。

6)P3的知识点还是偏模块化的，所以对每个模块的总结是十分必要的。

每一个Part的总结不一定要很长或者是写下来。

起码你要知道Project核心知识点在Project initial、benefit和review;Marketing主要在于Supply chain的理解和6I、7P的脑洞大开等等。

acca考试知识点总结ACCA全称为Association of Chartered Certified Accountants，是全球最有影响力的专业会计师协会之一。

ACCA会员遍布全球180个国家，是世界上最大的国际专业会计师组织。

ACCA证书不仅在英国和欧洲有很高的认可度，而且在亚洲、非洲和中东等地区也备受青睐。

ACCA证书是一个标志，是对专业能力、行业经验和国际视野的认可。

ACCA考试是全球专业会计师考试，它涵盖了财务管理和会计领域的所有知识点，需要考生具备相当的知识储备和能力。

下面我们来总结一下ACCA考试的知识点。

第一部分：核心基础知识1.管理会计管理会计是一门研究如何为组织做决策和分配资源的学科，主要包括成本管理、预算管理、绩效评价和风险管理等知识点。

2.财务报告财务报告是组织向外部利益相关者提供的关于其财务状况和经营业绩的信息，主要包括财务报表分析、财务信息披露和国际财务报告准则等知识点。

3.税收税收是政府为了筹集财政收入而向纳税人征收的一种收费，主要包括个人所得税、公司所得税、增值税和财产税等知识点。

4.审计与保险审计是一种独立的评价活动，用来评估组织内部控制的有效性和财务报告的可靠性，主要包括内部审计、外部审计和信息系统审计等知识点。

第二部分：商业专业化知识1.企业法企业法是一门研究组织和企业在商业活动中的法律关系的学科，主要包括合同法、公司法、竞争法和知识产权法等知识点。

2.财务管理财务管理是一种为组织提供资金和资本的管理活动，主要包括投资决策、资金成本、风险管理和财务市场等知识点。

3.商业伦理商业伦理是一种研究商业活动中道德规范和价值观的学科，主要包括道德决策、企业社会责任和道德风险管理等知识点。

4.财务分析财务分析是一种评估组织财务状况和经营业绩的方法，主要包括财务比率分析、现金流量分析和经济附加值分析等知识点。

以上就是ACCA考试的知识点总结，希望对考生有所帮助。

在备考过程中，考生需要充分理解和掌握这些知识点，并且进行大量的练习和模拟考试，才能在考试中取得好成绩。

ACCA P1P2P3复习以及答题技巧汇总ACCA P1《公司治理，风险和道德》是ACCA专业核心模块的第一门课程，它总共分为四个部分。

1.介绍在代理关系的环境下，企业的整个治理。

这个部分主要是董事的角色和责任以及外部审计师和内部审计师的角色和责任;2.介绍内部监察、内部控制以及实施有效的治理得到的反馈，包括关于决策和决策支持部门的合规问题;3.介绍管理层如何识别、评估和控制风险;4.介绍在会计师责任的背景下个人的以及职业道德和道德框架-职业价值观以及在各种各样的情况下的职业行为。

ACCA P1学习方法首先大家注意公司治理来自于F4中的agency thoery也就是我们经常说的代理理论。

正因为公司的投资人不直接参与公司的管理，从而导致管理者与持有人之间产生一些利益上的冲突，所以上市公司通过完善公司治理来增强监督、减少冲突、降低风险，从而达到股东投资回报最大化。

其次，大家要关注NED(非执行董事)在公司治理中的重要作用，以及他们发挥监督作用具备的条件，这其中要求NED要充分独立。

虽然NED不是公司雇员，和公司之间没有雇佣关系，但是他们对完善和实施公司的发展战略有着重要的作用，另外NED要有足够的时间参与公司的日常经营。

再次，我请同学们关注TURNBULL REPORT和COMBINED CODE中对internal control和risk management的要求。

什么样的internal control system是完善而且有效的，如何进行risk assessment以及如何进行风险处理。

需要强调的五点：第一、考官的历年考题中只有两种格式：Memo 和letter。

烦请大家注意这两种格式第二、大家注意自己写出来的句子要专业，比如有效的内部控制要写sound internal control system, risk embedded等等第三、答题要有逻辑性，适当的通过分段，分层次来讲述自己的观点第四、要注意senario中引号的句子，这些句子一般是考点最后，希望大家多动笔，少用眼睛考虑问题。

1.FrameworkThe value chain describes the activities within and around an organisation that create a product or service.The value chain provides a framework for analysing an organisation by breaking it down into"strategically significant"activities that add value to the product or service in the eyes of the customer.2.Activities2.1.Primary Activities*Primary activities directly create or deliver a product or service.（a）Inbound logistics are activities concerned with receiving,storing and distributing inputs to the product or service including materials handling, inventory control,transport,etc.（b）Operations transform these inputs into the final product or service （e.g.machining,packaging,assembly,testing,etc）。

（c）Outbound logistics collect,store and distribute the product to customers（e.g.warehousing,materials handling,distribution,etc）。

2015年ACCA P3商务分析考点总结（2）BENCHMARKINGBenchmarking can be thought of as a scientific way of setting objectives that will act as targets before and during the operating period, and comparators during and after the periodBenchmarking can be defined as: 'The establishment, by the collection of data, of comparators that allow relative levels of performance to be identified.’Benchmarking can be thought of as a scientific way of setting objectives that will act as targets before and during the operating period, and comparators during and after the period. The phrase ‘by the collection of data’ is crucial: anyone can establish objectives without the collection of data, but these will be of little use because they are likely to be arbitrary and without any validity. Benchmark data validates objectives.The sources of data that can be used include internal data (for example, comparing the results of different branches), data about other companies (for example, those in the same industry) and government data (for example, data about employee sick days). We will examine the sources of data in more detail later.BENCHMARKING AND THE STRATEGIC PLANNING PROCESSBenchmarking can be used in all three steps of the classical, rational model of strategic planning:Assess the strategic position (internal and externalfactors)Frequently, strategic planning starts by defining the mission or mission statement. For example, BMW states that its mission is: ‘The BMW Group is the world’s leading pro vider of premium products and premium services for individual mobility.’So, without comparison through benchmarking, how does BMW know that it is delivering premium products and services?Assessment of an organisation’s current strategic position can be summarised in a SWOT analysis. However, the use of comparators is inherentin a SWOT analysis: if you can say that something is a ‘weakness’ or a ‘strength’ you must be carrying out some sort of comparison when making that value judgement. Similarly with opportunities and threats. A factor is a threat to us only because it is better or stronger than we are in that area – whether it is an organisation that is better financed, or one that produces products more cheaply, or a technological development that promises a better product in terms of cost-benefit, or an organisation that has a stronger brand name.Note that a benchmarking exercise can also highlight where a competitor’s performance is weaker and so point out the areas where that competitor is vulnerable and might be fruitfully attacked. For example, if it is found that the quality and reliability of a competitor’s products are inferior to one’s own products, then an advertising campaign emphasising quality of our products could be effective.In all cases, the SWOT analysis should be based as far as possible on facts; data that has been collected and transformed into benchmark standards.Consider strategies and make choices Chosen strategies are those that should lead to competitive advantage.According to Michael Porter, competitive advantage can be obtained through either cost leadership or differentiation (each with or without focus). If cost leadership is to be attained, then an organisation must know what costs it needs to beat. What are competitors’ costs? What are the benchmarks for cost leadership? If the organisation has little hope of equalling or bettering those costs, then cost leadership is not a sensible strategy to attempt.Similarly with differentiation. This strategy is always more complex than cost leadership, where the main criterion is simply to lower unit costs while maintaining average quality. Differentiation, however, can be attained in a multitude of ways: quality, brand, style, innovation. Whatever the secret of differentiation is, it must be something that beats the competition – better quality, stronger brand attributes, better style or more radical innovation. Once again, measuring how competitors perform in these metrics is essential.Strategic implementation (strategy into action) Setting objectives is a major tool for implementing a strategy. Strategic plans are often communicated by issuing budgets to divisions, departments and individualsand, of course, budgets consist of objectives or targets. However, budgets have to be both challenging (to stay competitive and generate motivation) and attainable (to be taken seriously). Once again, an assessment of potential attainability should be based on the results that other organisations achieve, and so budget targets need to be benchmarked against these.Therefore, benchmarking can be used to:· push people in the directions where improvement is required· provide measures as to whether that required performance has been attained or to indicate what improvement is still needed.TYPES OF BENCHMARKThere are a number of different ways in which benchmarks can be established. A common categorisation of the approaches is as follows:Internal benchmarking. This does not mean simply inventing an objective internally out of thin air because benchmarking implies comparison. Internal benchmarks are likely to be set by looking at historical performance or performances achieved by different branches or divisions. If last period’s actual result s showed that it took 12 minutes to produce each unit, then it might be valid to set a benchmark of 11.5 minutes for the next period. Similarly, if the best branch achieved a net profit percentage of 15%, then that might be a valid target to set all branches.The potential danger with these approaches is that they are both inward-looking. Therefore:· No attention has been paid to what other organisations, such as competitors, are achieving. Note that Porter talks of the need to achieve competitive advantage. It’s all very well saying that our best branch achieves 15% net profit, but what if competitors routinely achieve 18%? Similarly, last year’s production time of 12 minutes might be way in excess of more efficient producers.· Additionally, t he opportunities for learning are small. If an organisation does not realise that competitors are better, not only is that dangerous in itself, but the organisation will never be inspired to try to find out how competitors do better.However, internal benchmarking can have advantages, such as:· access to the required data should be quick, easy and cheap· it might be the only method if there are no external suitable companies for comparison· it might be the only approach possible where other companies’ data is confidential and difficult to obtain.Industry benchmarking. In this approach, benchmarks are set by looking at what other organisations in the same industry achieve. Industry benchmarking can be divided into:· non-competitor benchmarking· competitor benchmarking.Examples of non-competitor benchmarking can be seen in comparing treatment results for hospitals in different towns, the efficiency of rubbish collection by different local authorities and the exam success of children in different schools. Because the different organisations are not in competition, the exchange of data should be relatively open, though an organisation that thinks it is performing poorly might be reluctant to release its data. Therefore, governments often insist that state enterprises, such as schools or hospitals, publish statistics as it is recognised that this is important information for managers, staff, users of the facilities and government. The hope is that by publishing the data, poorer performers will be motivated to improve their game and to learn from good performers.Examples of competitor benchmarking can be seen in aircraft turnaround times (how long the aircraft is on the ground between flights) and the load factor (what percentage of seats are occupied) for different airlines. Both of these are relatively easy to measure because they are very visible and you can be sure that airlines keep a close watch on their competitors’ statistics. However, you will appreciate that many of the most interesting pieces of data about a competitor will not be easily accessible and that competitors will often try to keep this information confidential to try to maintain their own competitive advantage. Manufacturing companies sometimes use reverse engineering to attempt to calculate competitors’ costs. It is common, forexample, for car companies to buy a competitor’s new model and to dismantle it carefully as the basis for estimating production costs and time.Although industry benchmarking might seem to be almost foolproof, there is a danger that benchmarks are inappropriate because comparisons are made with the wrong organisation or because no allowance has been made for important differences. Therefore, when comparing the performance of children in schools, it would probably be valid to make allowance for schools in different parts of town. A school in a relatively rich area where many parents are well-educated and supportive of their children might be expected to outperform a school in a poorer area. In addition, an organisation might not be perceived as a competitor (and therefore not used for benchmarking) when in fact it is in competition. For example, there is no point in being a really efficient producer of inexpensive stand-alone digital cameras when that market is being supplanted by the increasing quality of cameras in mobile phones. Similarly, the exercise would be of limited use in comparing the costs of customer interactions in a traditional bank with those of a purely online bank.Sometimes, organisations in a particular sector set up collaborative benchmarking. Data can be shared either openly (where there is no competition) or anonymously (where there is competition) so that the whole industry can make use of the data to improve. Thus, in the UK each year the Department for Business, Innovation and Skills (a government department) publishes key performance indicator data (around 700 datasets) for the construction industry. Each company will be able to recognise its own data and therefore judge how it is performing relatively.Best-in-class benchmarking. In this approach, rather than comparing entire organisations, the individual activities of an organisation are compared to those activities in other organisations where the activities are carried out really well. So, it would be valid for a telephone-based bank to compare its call answering times to those in an organisation in a different sector that had a very good reputation in dealing promptly with phone calls. From a pricing perspective, a hotel business might learn a lot from studying how airlines change their fares in response to demand. Both hotel room vacancies and unoccupied aircraft seats are perishable commodities and maximising profits in both industries depends on enticing in the last guest or traveller at the maximum marginal revenue.One of the most famous examples of best-in-class benchmarking is that of airlines improving their turnaround times by benchmarking themselves against Formula One racing car pit-stop operations. In both cases, there will be both routine operations to be carried out efficiently and occasional emergency or unexpected repairs and replacements of components. Well-trained teams, spares inventories, technician availability will be essential to the success of both operations.The great strength of best-in-class benchmarking is the high degree of learning that is encouraged. The observation of very successful processes and activities, wherever found, will often generate radical inno vation and improvement in an organisation’s competitive strength. Furthermore, very good performance in one aspect of a certain industry, perhaps a very slick website in a travel site, is likely to raise customers’expectations in many different industries, so that slick websites are expected everywhere.。

ACCAP3知识点总结ACCAP3是ACCA(特许公认会计师)课程的第三阶段，在ACCA考试的过程中是非常重要的一个阶段。

在这个阶段，学员需要掌握更加深入复杂的会计知识，具备扎实的专业能力和解决问题的能力。

以下是ACCAP3的知识点总结：1.管理会计管理会计是指为企业内部管理决策服务的会计。

在ACCAP3课程中，学员需要掌握管理会计的基本概念和技巧，包括成本-收益分析、成本分类、成本控制、绩效评估等方面的知识。

此外，学员还需要了解现代管理会计技术的应用，如活动基础成本管理、质量成本管理、目标成本管理等。

2.管理决策管理决策是管理会计的核心内容之一，涉及企业内部各个方面的决策。

在ACCAP3课程中，学员需要掌握管理决策的基本原理和方法，包括差异分析、边际成本、机会成本等概念。

此外，学员还需掌握现代管理决策模型的应用，如线性规划、灵敏度分析、风险分析等。

3.财务管理财务管理是企业财务决策的核心内容，包括资金管理、投资管理、风险管理等方面。

在ACCAP3课程中，学员需要掌握财务管理的基本原理和技巧，包括财务报表分析、资本预算、财务风险管理等。

此外，学员还需了解国际财务管理的相关规范和标准，如国际金融报告准则(IFRS)。

4.企业战略企业战略是企业长期发展的规划和决策，包括市场定位、竞争战略、资源配置等方面。

在ACCAP3课程中，学员需要掌握企业战略的基本概念和方法，包括SWOT分析、价值链分析、波特五力分析等。

此外，学员还需了解战略规划的实施过程和方法，如平衡计分卡、战略地图等。

5.风险管理6.企业伦理企业伦理是企业社会责任的核心内容，包括企业与员工、客户、股东、社会等各方面的道德义务。

在ACCAP3课程中，学员需要掌握企业伦理的基本原则和规范，包括公平、诚信、责任等。

此外，学员还需了解企业伦理的实施要求和方法，如道德决策模型、伦理审计等。

20.Business process change●Business processesThe value chain analyses the organisation as a collection of activities, but these activities are also joined together in processes. “A process is a bounded set of activities that are undertaken, in response to some event, in order to generate an output” (Harmon) 价值链分析了公司是由一系列活动构成的，而这些活动也充斥在各个流程中。

Harmon定义：流程是一组能够为客户创造有价值的结果的相互关联的活动。

Organisations may seek to improve their processes in order to:提高流程是为了实现：✓reduce costs, particularly during an economic downturn降低成本，尤其经济衰退时✓provide a scaleable platform for expanding production, or entering new markets建立可拓展的平台，拓展生产或进入一个新市场✓offer better products or services in order to be more competitive提供更好的产品或服务，提高竞争力✓exploit opportunities offered by technology (e.g. cheaper communication)通过新技术开拓机遇✓execute a new strategic direction 实行新战略●Process – strategy matrixHarmon’s process‐strategy matrix uses two criteria to categorise processes, and the best approach to improving them:哈默的过程战略矩阵使用了2个要素来分类流程Complexity – simple processes are fairly straightforward, with clearly defined rules to follow and little change over time. Complex processes require high levels of judgement and may changefrequently.复杂性：单一的过程相对简单明了，长期来看变化也少；复杂的过程需要很高的自主判断，而且会频繁变化。

ACCA P3 考试知识点：StrategyACCA P3 考试：Strategy企业战略是对企业各种战略的统称；企业战略是层出不穷的，例如信息化就是一个全新的战略。

企业战略虽然有多种，但基本属性是相同的，都是对企业的谋略，都是对企业整体性、长期性、基本性问题的计谋。

各种企业战略有同也有异，相同的是基本属性，不同的是谋划问题的层次与角度。

总之，无论哪个方面的计谋，只要涉及的是企业整体性、长期性、基本性问题，就属于企业战略的范畴。

市场营销学对企业战略的定义是企业在市场经济竞争激烈的环境中，在总结历史经验、调查现状、预测未来的基础上，为谋求生存和发展而做出的长远性、全局性的谋划或方案，常见的战略类型如下：1. Do nothing2. Withdrawal3. Market penetration4. Product development5. Market development6. DiversificationDo nothing This involves following the current strategy while events around change and can often prove to be a successful short-term strategy. Basically, if an organisation is exposed to some form of competitive threat, itsshort-term objective is to not react and, hence, get involved in what could be an expensive decision.Sell out/withdraw from the market This may be followed so as to maximise the return on a business that may be at the top of its cycle and, hence, will be in line with the goal of maximisation of cash flows. Withdrawal from a business sector may be chosen to give the business more focus - for example, Richard Branson's decision to sell his original business Virgin Records to concentrate on the airlines business.Market penetration This involves increasing the market share in the current market with the current product. Market share can be enhanced by such techniques as improved quality, productivity or increased marketing activity.Product development This involves introducing a new product into the current market. The product change is often the result of changes and modifications to an existing successful product - for example, Mars ice cream. This is an alternative to the present product and builds on present knowledge and skills.Market development In this case the organisation keeps its tried and tested products but aims to apply them to different market segments. This strategy maintains the security of the present product while enabling extra revenue to be generated from new segments - for example, McDonald's and its geographic market development.Diversification This is the most risky of the product market strategies as it involves the introduction of a totally new product in a new market. Diversification can either be related or unrelated.Related diversification This involves development of the product and market but still remaining within the broad confines of the industry. There are three main types.1. Backward. A development into the business that inputs into the present business - for example, move up the supply chain into raw material inputs.2. Forward. A development into activities concerned with a company's outputs also called downstream integration - for example, move down the supply chain into distribution activities.3. Horizontal. Movement into activities that are competitive with existing activities - for example, to benefit access to market or technology.Unrelated diversification This involves movement into industries that bear little relationship to the present one and is often the result of a profit motive.。

P3 走近60分 （ Final review of knowledge & Skill Part）1.Strategy can be defined as:‘the direction and scope of an organisation over the long-term, which achieves advantage in a changing environment through its configuration of resources and competences with the aim of fulfilling stakeholder expectations’.CAI’s selection 12. Major TypesStrategic planning involves formal analysis of each of the stages of strategic position before a final strategic choice is made. Strategic planning is useful because:•It forces managers to consider each stage of the strategic process•It forces managers to justify their actions•It forces managers to consider the effect of a strategy on all aspects of the business•It allows managers to be proactive rather than reactive.Emergent strategies involve no long-term strategic plan – in effect, making up the strategy as the organisation goes along. An emergent strategy is useful because:•It allows managers to quickly exploit changing circumstances•It is quicker and cheaper than strategic planning.CAI’s selection 23.Position，Choice，and actionUnder the rational planning model, there are a number of stages. Each of these will be discussed in more detail later in the notes.Stage 1 – Strategic Position1 Identify key stakeholders and their expectations.2 Develop long-term objectives to satisfy these stakeholder expectations.3 Calculate financial and nonfinancial ratios to show position of organisation.4 Identify core resources and competences within the organisation.5 Identify key factors changing the environment outside the organisation.6 Use SWOT analysis (also known as a corporate appraisal) to summarise the strategic position.Stage 2 – Strategic Choices1 Consider possible exit from existing industries.2 Consider diversification into new industries.3 Consider developing new competitive advantages.4 Consider entry into new markets.5 Consider development of new products.Stage 3 – Strategy into Action1. Evaluate above options and choose strategy to be followed.2. Implement any necessary changes in the organisation.3.This might involve changing processes, people etc.CAI’s selection 34.Model Johnson and Scholes – three lensesThis model argues that strategy can be set in different ways:•Strategy as experience.Here the strategy is basically repeating what has been done in the past.•Strategy as ideas.Here the strategy aims to encourage innovation. Culture will be very important here.•Strategy as design.Here the strategy is driven from the top in order to meet the objectives of the organisation. The process is very similar to that given earlier in this chapter.5.MODEL – Mendelow stakeholder mappingThere will always be a conflict of interest between what different groups want. For example giving employees better pay levels reduces the profit available for shareholders. Stakeholders can be divided into:•High Interest with High Power = Key players•Low Interest with High Power = Keep satisfied•High Interest with Low Power = Keep informed•Low Interest with Low Power = Minimal effort.Stakeholders matter because objectives should be geared towards the needs of those with high power. Stakeholders matter because any strategy followed will need to be acceptable to the key players and keep satisfied.CAI’s selection 46.Corporate governanceJohnson and Scholes suggest that corporate governance is about answering two questions:1. Who is the organisation there to serve (i.e. who are the key stakeholders?)?2. How should the priorities of the organisation be decided (i.e. should strategy e planned or should the organisation be opportunistic?)?Johnson and Scholes define the main ethical position for a company as: The extent to which an organisation will exceed its minimum obligations toshareholders.The four main ethical positions are:1. Short-term shareholder interest.2. Longer-term shareholder interest.3. Multiple stakeholder obligations.4. Shaper of society.7.Core values are the principles that guide the behaviour of an organisation.A mission statement explains to the external world and to those managers making strategic decisions inside the organisation, the basic principles theorganisation should be following.A mission statement will commonly contain the following:•Purpose of the organisation.•Overall strategy of the organisation.•The core values of the organisation.Supporters of mission statements claim they help:•Resolve stakeholder conflict.•To guide managers when setting strategy.•Communicate the values of the organisation to employees.•Help with marketing the organisation.CAI’s selection 58.MODEL – Charles Handy types of cultureOrganisational culture consists of the beliefs, attitudes, practices and customs to which people are exposed during their interaction with the organisation.•Power – Heavily centralised with few decision-makers. Allows quick responses to changes in the environment.•Role – Lots of formalised procedures. Can be very useful in an environment that is stable.•Task – Emphasis on getting the job done rather than following rules. Works well in complex, unstable environments.•Person – Purpose is purely to look after the individuals (found where self-employed people are the norm).This may impact on whether a strategy chosen by the Directors is likely to be accepted by the employees.9.MODEL – Miles and Snow – Strategic cultures•Defenders – like strategic options that have worked in the past / low risks / secure markets.•Prospectors – like options that could deliver results even if they entail high risk.•Analysers – will move into new areas but only after someone else has proved they work.•Reactors – do not plan ahead.•The above may impact on the type of decisions made by the organisation.10.MODEL – Johnson and Scholes the cultural web•Rituals and routines – Which procedures are emphasised?•Symbols – Are status symbols used within the organisation as rewards?•Control systems – What is most closely monitored?•Organisational structures – How tall / flat is the organisation?•Power structures – How much centralisation is there?•Stories – Does news within the organisation focus on successes or failures?•The paradigm – What assumptions are taken for granted?CAI’s selection 611.Model – Johnson and Scholes Key drivers of change•Market globalisation•Cost globalisation•Global competition.In addition to the above, if you have a UK company, use:•Economic – conditions as they are at the time of the exam.•Environmental – the move towards more environmentally friendly products (this includes things like materials and packaging).•Legal – minimum wage for unskilled labour.12. MODEL – PESTEL•Political – includes government policies on education and infrastructure.•Economic – includes the state of the economy, interest rates and tax levels.•Social – includes attitudes, demographics and household structure.•Technological – includes new technologies making current products obsolete.•Environmental – includes the move towards environmentally cleaner products.•Legal – includes changes in law making it e.g. harder / more expensive to operate.CAI’s selection 713.Scenario planning•These methods look at what might happen (scenarios) and then decide what the organisation should do if they occur.14.Time Series AnalysisTime Series Analysis is used when sales tend to be seasonal. The time series is made up of two parts:•The long-term trend (calculated using moving averages).•The seasonal variation (calculated as the average of actual figures against the trend).Regression Analysis is used when sales tend to be steady throughout the year.15.MODEL – Porter’s national diamondCompanies based in certain countries seem to be more competitive than companies from other countries. Porter’s diamond looks at why.Porter comes up with 4 reasons for this:•Factor conditions•Firm strategy, structure and rivalry•Demand conditions•Related and supporting industries.CAI’s selection 816.Industries LifecycleIndustries grow and then shrink over time. It is important for a company to consider which industries it is involved in so that it can deliver profits to shareholders over the long-term. The stages the industry goes through are:Introduction•The industry is only just being established.•The industry may be seen as a niche.•At this point there may be only a few competitors (or maybe only one).•Customers may not be entirely sure why they need the product.Growth•An increasing number of customers start to buy the product and reasonable profits can be made.•The industry becomes more attractive and new competitors attempt to join.Maturity•The industry typically goes through a period of consolidation.•Weaker companies might leave.Decline•Customers are buying different products and so total sales are falling.•The industry may again become a niche.•As part of its corporate strategy, a company should regularly review the industries it is in to decide whether to:•Exit from existing industries.•Enter into new ones.CAI’s selection 917.Porter’s 5 forcesPorter’s 5 forces model looks at why some industries might be more profitable than others. In general the more of the forces that are favourable within an industry the more profits will be earned. Unfortunately as the industry becomes more attractive then more rivals will want to enter it.The 5 forces are:•Competitors (new)•Competitors (existing)•Customers•Suppliers•Substitutes.18.MODEL – The marketing mix•Product – What the customer receives•Price – the Cost to the customer•Place – the convenience to the customer•Promotion – how does the company Communicates with the customer19.CSF & KPICritical success factors are those elements that an organisation must perform properly in order to succeed. These often link with competences.•Threshol d competence•Core competen ces.CAI’s selection 10A common way of thinking about KPI’s is to group them into various categories. One common approach is to use:•Econo my – the amount spent on inputs (materials, labour, marketing etc).•Effectiveness – whether customers are satisfied with the products / services provided (customer satisfaction, repeat customers etc).•Efficiency – how good the organisation is at turning inputs into outputs (wastage, idle time etc).20.MODEL – the nine M’s modelThis model gives nine possible areas an organisation might be strong in•Machinery•Money•Materials•Men and Women•Makeup (culture)•Markets (products)•Management information•Management•Methods (processes).In the exam, look at the numbers that the Examiner gives you (particularly ones that do not fit into Financial Accounting areas). These often indicate weaknesses. Examples could include:•Sales per employee•Age of machinery•Time taken to process orders.CAI’s selection 1121.Cost controlOne common threshold competence in the exam is cost control.This is important to public sector organisations as they may have a fixed income.This is important to companies as they are trying to make a profit. If costs increase then either they have to accept lower profits or attempt to pass this on to customers through higher prices. The likelihood of costs rising will be affected by the power of the organisation’s suppliers.The possibility of raising sales prices will be affected by the power of customers. Costs could be reduced through:•Economies of scale•Low supply costs•Sensible design•Experience.CAI’s selection 1222.Sustainable competitive advantageSustainable competitive advantage is about the reasons a customer buys from one firm rather than another.The key word here is “sustainable”, a resource may give an organisation an advantage in the short-term but this will not be sustainable if it is easy for competitors to acquire as well.Similarly a competence that can easily be copied by others will only give a short-term advantage.Sustainable competitive advantage will need to focus on resources and capabilities which are:•Rare (this could include patents or a skill).•Robust (things that are difficult to imitate). Examples include:o Complex procedureso Uncertainty to outsiders.•Difficult for a customer to substitute with somethi• A final thing to remember is that the customer must be willing to pay for this unique resource or core competence.CAI’s selection 1323.MODEL – Porter’s value chainPorter divides a business into nine different areas. The five primary activities are:•Inbound logistics•Operations•Outbound logistics•Marketing and sales•Service.The four secondary activities are:•Firm infrastructure•Human Resource Management•Technology Development•Procurement.Porter argues that each cost in the business is one of two types.•Value-adding – the extra cost is outweighed by the extra the customer is willing to pay•Non value-adding – the extra cost is not valued by the customer.CAI’s selection 1424.Knowledge managementThe knowledge that an organisation has is a resource that may be difficult for other organisations to acquire and so can be a source of competitive advantage.For this to happen the organisation must record the knowledge of its employees and make it available to others.Knowledge management is the collective and shared experience accumulated through systems, routines and activities of sharing across the organisation.25.MODEL – Nonaka and Takeuchi on tacit and explicit knowledgeTacit knowledge is knowledge that staff possess. They are often unaware of how important this knowledge is. Explicit knowledge is knowledge that has been recorded by the organisation.Nonaka and Takeuchi say knowledge can be transferred by:•Socialisation•Externalisation•Internalisation•Combination.CAI’s selection 1526.SWOTOnce the organisation has analysed the external and internal environments it should be able to identify:•Strengths•Weaknesses•Opportunities•Threats.It is important to remember that strengths and weaknesses are in the eye of the customer not the company.It is important to remember in the exam that opportunities and strengths need to match up. If there is an opportunity for which the organisation does not have a matching strength – then the organisation will not be able to exploit the opportunity.Strategic capability can be improved by:•Extending competences•Ceasing nonessential activities•Extending best practices•Adding or improving activities•Remedying weaknesses.CAI’s selection 1627.Benchmarking•Historical comparisons are made between actual and past figure to see if the organisation is improving / deteriorating.•Strategic– comparisons are made between actual and budget (note that the budget should be set at a level so that meeting the budget should mean the critical success factor is achieved).•Industry – comparisons are made between actual and performance of others to see if we are performing better or worse than our rivals (this will identify strengths and weaknesses).28.Balanced scorecardAll processes must be as efficient and effective as possible in order to support the strategy. This means the organisation will need some method of measuring performance. One common method is to use the balanced scorecard. Processes can be measured to see if they are helping the following perspectives:•Financial•Customers•Internal business•Innovation and learning.CAI’s selection 1729.MODEL – Ansoff’s growth vector matrixIgor Ansoff came up with a simple method of identifying strategic options. The areas for a business to consider are:•Should they carry on selling their existing products?•Should they carry on selling to their existing market (this means the types of customer they already target)?Ansoff comes up with four possibilities:•Market penetration – existing products and existing markets•Market development – existing products and a new market•Product development – new products and an existing market•Diversification – new products to a new market.30.Methods？We will look at all of these in turn in this sectioWhichever of these is chosen there is an additional decision to be made. Should the organisation:•Grow organically – should the organisation launch a new product / go into a new market themselves?•Grow by acquisition – should the organisation buy another company that sells a new product / operates in a different market?A company can attempt to enter a foreign market in a number of ways. The main ones for a manufacturer are:Direct exporting – selling directly to overseas customers.•Advantages – the company gets to know the needs of the final customer•Disadvantages – it may be costly to build up customer awareness.Indirect exporting – selling to intermediaries such as retailers who then sell to final consumer.CAI’s selection 18•Advantages – the company gets access to the local company’s knowledge•Disadvantages – the company will not see all of the profits.Overseas production– the company manufactures and sells the products in the target country.•Advantages – distribution costs will be reduced•Disadvantages – may require a large capital investment.Contract manufacture (licensing) – the product is made abroad by another company.•Advantages – lower risk since no need to build manufacturing plant•Disadvantages – may lose control over areas such as quality.Joint ventures – the company goes into partnership with a local company.•Advantages – lower risk since local knowledge gained and costs shared•Disadvantages – lower returns since profits shared.CAI’s selection 1931.MODEL – Porter’s generic strategiesA further possibility would be to change HOW the company competes (the business strategy). This means changing the reason why customers should buy theproduct. Porter comes up with three possibilities:•Cost leadership•Product differentiation•Focussing on a particular type of customer.32.MODEL – The BCG matrixIn the exam you may have to calculate the market share of a product. If the information is available it would also be useful to calculate profit margins for each product.•Cash cows are in the mature or decline stage of the life cycle:o The threat of new competitors is low and the high market share makes the threats from substitutes and existing competitors low as well.o This product should be earning reasonable profits.o The product cannot grow any further (since the market is already mature).•Stars also have a high market share:o The market is growing (introduction or growth stage of the lifecycle) so new competitors will be attracted into the marketo Prices may need to be kept low to maintain market shareo Marketing costs might also need to be high to keep sales upo Profits may not be high.•Question marks have a lot of potential due to the high growth. Decision is whether to:o Spend money to build up market shareCAI’s selection 20o Spend money to hold market shareo Leave market.•Dogs have low market share and low growth. They should be closed unless needed by one of the other products.33.Related diversificationRelated diversification (also known as concentric diversification) means moving into areas that are similar to those the business already operates in.The idea is use the current strengths of the company to exploit new opportunities. In the exam look for examples of:•Horizontal integration – e.g. a shirt manufacturer that starts manufacturing shoes•Backwards integration – e.g. a shirt manufacture that starts manufacturing cloth•Forwards integration – e.g. a shirt manufacturer that starts retailing clothes.CAI’s selection 2134.Model Johnson and Scholes strategic rationale•P ortfolio Managers•Synergy managers•Parental developers35.Ashridge ModelThe four groups are:•High Feel / High BenefitHeartland businesses which gain most benefit from the attention of the parent (concentrate on these).•High Feel / Low BenefitBallast businesses which would be just as viable if they were independent businesses (so leave these ones alone to run themselves).•Low Feel / High BenefitValue Trap businesses which do not have much overlap with the skills of the parent (these may have been acquired as a method of unrelateddiversification). Unless the parent can develop these skills the business may not be of much benefit.•Low / Feel / Low BenefitAlien businesses which should be sold off.From this follows the idea that the amount of cost being spent by the parent should reflect the value it adds to the divisions.CAI’s selection 2236.Model – Johnson and Scholes SFA testJohnson and Scholes suggest that for any option to be considered seriously it must pass three tests. The option must be:•Suitable•Feasible•Acceptable.A strategic option is suitable if:•It builds on strengths/ reduces weaknesses / exploits opportunities / avoids threats.•Gives a new competitive advantage / maintains an existing one.•Suits the organisation’s culture .•It fits with the current strategies already being aA strategic option is feasible if:•The organisation has enough finance to pursue it.•The organisation has the rights skills / knowledge / experience to pursue it.•The company will be able to deal with any responses from competitors.•The company has enough time to follow the strategy.A strategic option is acceptable if:•The additional reward if the strategy is successful is greater than the risk if it is unsuccessful.•The additional risk is acceptable to shareholders / banks etc.•It helps the company to meet its financial objectives (ROCE etc) – shareholders.•Any interest payments will be maintained – banks.•It does not break any regulations – government.•It does not adversely affect connected stakeholders – customers / suppliers.CAI’s selection 2337.Financial RatiosThe following are common causes for ADVERSE variances;•Materials price Powerful supplier Change of supplier•Materials usage Poor quality material•Labour rate Powerful supplier•Labour usage Poor quality labour•Overhead efficiency Poor levels of maintenance•Sales price Powerful customersMany substitutes•Sales volume Sales lost to new entrantsMany competitorsCAI’s selection 2438.Decision treeA decision tree is another quantitative method for looking at uncertainty.A decision tree is a diagrammatic approach to solving problems involving probabilities and decision making.MethodStep1: Draw the tree from left to right showing appropriate decisions andUsefor a decision point,and an outcome point.Label tree and cash inflows/outflows and probabilities associated with outcomes.Step2: Evaluate the tree from right to left.•Calculate an expected value at each outcome point.•Select the option to maximise expected payoff at each decision point.Step3: Recommend a course of action to management.CAI’s selection 2539.Model Harmon’s process-strategy matrixThere are four approaches to change depending on:•Is the pro cess strategically important? (does it tie up with SWOT); and•Is the proces s complex?This leads to•High importance / complex Improve processes focusing on staff•High importance / simple Use an automated ERP solution•Low importance / complex Outsource•Low import ance / simple Automate.40.OutsourcingIt will often be more efficient to outsource these since the outsourcing company can obtain economies of scale.Problems with outsourcing processes include:•Fragmentat ion of complex processes (outsourcers can only do part of the process).•Concerns with relying on others for key business processes.•Concerns about quality.•Unwillingness to be locked into long-term contracts.41.Evaluating Business ProcessesProcess improvement methods•Lean proce sses – eliminate nonvalue adding activities or time between activities.CAI’s selection 26•Human perfor mance analysis – redesign incentives, improve training.Process redesign methods•Automa te activities.•Integrate processes – to reduce gaps and disconnects.•Process Measu rement schemes – develop or redesign the way performance ids measured.42.Model – Skidmore and Eva – stages in selecting software package•The company may decide to have a software package written especially (known as a bespoke package). There are five stages the company goes through:•Obtain tenders•First pass selection•Second pass selection•Implementation•Managing long-term relationship.CAI’s selection 2743.6C- the benefits of E-businessThe above definition does NOT mean that goods / services have to be sold to customers over the internet – this is referred to as ecommerce. Benefits of adopting e-business include:•Cost reduction•Capability•Communication•Control•Customer service•Competitive.44.Model – McFarlan’s gridMcFarlan’s grid looks at how important IT is to the organisation, in particular, how it can help with the organisation’s strategy.•The impact of current IT systems on gaining an advantage.•The potential impact of future IT systems on gaining an advantage.1. Current Low / Future low SupportIT is useful but no advantage is being achieved (e.g. payroll).2. Current High / Future low FactoryIT is crucial to the current operations but it is unlikely that it can be developed further to give an advantage in the future( e.g. a JIT system).CAI’s selection 283. Current Low / Future High TurnaroundIT can be used to develop new advantages over the long-term (e.g. Amazon’s Kindle e-reader and store).4. Current High / Future High StrategicIT will be fundamental to the ongoing success of the business.45.Model 6i’s for emarketing1 Interactivity – Customers can be asked for contact details.2 Integration – Adverts on the web can be clicked to go straight to purchasing.3 Intelligence – websites can record how many visitors they have and what they do on the website.4 Industry structure – Websites can change distribution channels (by cutting out intermediaries and selling direct).5 Independence of location.6 Individualisation – if a customer regularly visits a website it can be tailored to that individual.46.Model – Adcock’s guide to CRMCRM is the establishment, development, maintenance and optimisation of long-term mutually valuable relationships between consumers and organisations.CRM has many benefits including:•Improved retention•Improved cross-sellingCAI’s selection 29Improved profitability.In order to build relationships with customers, businesses need to:•Build a customer database•Develop customer oriented service systems•Have more direct contacts with customers.As part of this process, businesses should think about their long-term relationship with customers and what that is likely to be worth over the customer’s lifetime. CAI’s selection 30。

environmental and legal. It describes a framework of macro-environmental factors used in the environmental scanning component of strategic management.Political factors are basically how the government intervenes in the economy. Specifically, political factors has areas including tax policy, labourlaw, environmental law, trade restrictions, tariffs, and politicalstability.Economic factors include economic growth, interest rates, exchange rates, the inflation rate. These factors greatly affect how businesses operate and make decisions. (Interest rates impacts company's cost of capital, business growth and expands. Exchange rate impacts the cost, supply and price of imported goods.) Social factors include the cultural aspects and health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. Technological factors include technological aspectslike R&D activity, automation, technology incentives and the rateof technological change. These can determine barriers to entry, minimum efficient production level and influence the outsourcing decisions. Technological shifts would affect costs, quality, and lead to innovation.Legal factors include discrimination law, consumer law, antitrustlaw, employment law, and health and safety law. These factors can affect how a company operates, its costs, and the demand for its products.Environmental factors include ecological and environmental aspects such as weather, climate, and climate change, which may especially affect industries such as tourism, farming, and insurance.Porter's five forces analysis is a framework for analyzing the level of competitionwithin an industry and business strategy development.Threat of new entrants:The existence of barriers to entry (patents, rights, etc.). Government disadvantages independent of of of product costs or sunk to loyalty to established profitability (the more profitable the industry the more attractive it will be to new competitors).Network effect.Threat of substitutes:Buyer propensity to price performance of switching level of product of substitute products available in the of of close substitute. Bargaining power of customers:Buyer concentration to firm concentration of dependency upon existing channels of leverage, particularly in industries with high fixed switching costs relative to firm switching information down of existing substitute price advantage (uniqueness) of industry (customer value) total amount of trading.Bargaining power of suppliers:Supplier switching costs relative to firm switching of differentiation of of inputs on cost and of substitute of distribution concentration to firm concentration solidarity . labor unions).Supplier competition: the ability to forward vertically integrate and cut out the buyer. Industry rivalry:Sustainable competitive advantage through between online and offline of advertising competitive concentration of transparency.The National Diamond is a tool for analyzing the organization’s task environment. The National Diamond highlights that strategic choices should not only be a function of industry structure and a firm’s resources. And this model states fou r principal determinants of national competitive advantage: a. Factor conditions b. Firm strategy structure and rivalry c. Demand conditions d. Related and supporting industriesa. Factor conditionsHuman Resources(skill,price)/ physical resources(land,climate,location relative)/knowledge (科技, educational institution)/capital(investment)/infrastructure(transport, communication, housing)b. Firm strategy structure and rivalryNational performance in particular sectors is inevitably related to the strategies and the structure of the firms in that sector. Competition plays a big role in driving innovation and the subsequent upgradation of competitive advantage. Since domestic competition is more direct and impacts earlier than steps taken by foreign competitors, the stimulus provided by them is higher in terms of innovation and efficiency.c. Demand conditionsDemand conditions in the domestic market provide the primary driver of growth, innovation and quality improvement.d. Related and supporting industriesFor many firms, the presence of related and supporting industries is of critical importance to the growth of that particular industry. A critical concept here is that national competitive strengths tend to be associated with "clusters" of industries.Besides above four factors, chance and government always are the essential elements impacting on four principal determinants of national competitive advantage. OpportunitiesOpportunities always are hard to come by and uncontrollable, hence once facing a chance, we will firmly grasp. Under this new era, polity, economy and various factors bring a great deal of opportunities, and the more fierce competition also bring more chances.Government"acting as a catalyst and challenger; it is to encourage - or even push - companies to raise their aspirations and move to higher levels of competitive performance …" . They must encourage companies to raise their performance, stimulate early demand for advanced products, focus on specialized factor creation and to stimulate local rivalry by limiting direct cooperation and enforcing anti-trust regulations.The Boston classification classifies business units in terms of their capacity for growth within the market and the market's capacity for growth as a whole. Assessing rate of market growth as high or low depends on the conditions in the market. High market growth rate can indicate good opportunities for profitable operations. Relative market share is assessed as a ratio: it is market share compared with the market share of the largest competitor.Stars require capital expenditure in excess of the cash they generate, in order to maintain their position in their competitive growth market, but promise high returns in the future. Strategy: buildCash cows need very little capital expenditure, since mature markets are likely to be quite stable, and they generate high level of cash income. Cash cows can be used to finance the stars. Strategy: hold or harvest if weak.Question marks must be assessed as to whether they justify considerable capital expenditure in the hope of increasing their market share. Strategy: build or harvestDogs: may be ex-cash cows that have now fallen on hard times. Although they will show only a modest net cash outflow, or even a modest net cash inflow, they are cash traps which tie up funds and provide a poor return on investment. Strategy: divest or holdSWOT analysis(alternatively SWOT matrix) is an acronym for strengths, weaknesses, opportunities, and threats and is a structured planning method that evaluates those four elements of an organization, project or business venture.Strengths: characteristics of the business or project that give it an advantage over others.Weaknesses: characteristics of the business that place the business or project at a disadvantage relative to others.Opportunities: elements in the environment that the business or project could exploit to its advantage.Threats: elements in the environment that could cause trouble for the business or project.Customer relationship management (CRM) is an approach to managing a company's interaction with current and potential customers. It uses data analysis about customers' history with a company and to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.The CAGE Distance Framework identifies Cultural, Administrative, Geographic andEconomic differences or distances between countries that companies should address when crafting international strategies.。

ACCA知识点：P3-Equity Share Capital本文由高顿ACCA整理发布，转载请注明出处1. Types1.1. Ordinary shares—this represents the permanent capital and is most common.Ordinary shares normally have a nominal value, which is the limit of the shareholder's liability to contribute to the debts of the company on an insolvent liquidation.As initial costs for issuing shares are relatively low, companies will seek to obtain as much share capital as possible.An existing company can increase its share capital through a rights issue. Where applicable, pre-emptive rights allow existing shareholders first refusal to acquire new shares issued by a company in a rights issue.1.2. Preference shares—these shares pay a fixed dividend:They were popular with UK "building societies" (but most of them are now listed on the London Stock Exchange).There is great diversity in the preferred share market but two key categories are cumulative and non-cumulative preference shares.1.3. Convertible loan stock—these are fixed-return securities, either secured or unsecured, which may be converted into ordinary shares at a later date:Prior to conversion, the holders have creditor status;Sometimes conversion price is increased to stimulate early conversion; andPart conversion is also possible, whereby only a portion of the stock is converted into shares, normally 50%.Advantages of convertible loan stock include:Obtaining finance at a lower rate than a debenture;Encourage investors with the prospect of future profits;and Deferred equity with a tax break.2 Raising Equity FinanceEquity finance can be raised by two general methods:a. Issuing new share capital.b. Reinvesting profits (retaining earnings) rather than paying out dividends.3 Issuing Share CapitalFor large companies, whose shares are listed on a stock market, new shares can be issued using a rights issue (i.e. to existing shareholders in proportion to their existing shareholdings). The rights issue is usually organised by an investment bank or other authorised financial institution.*4. Retained EarningsFew organisations pay out all of their profits as dividends, and retained profits are the most important source of equity finance. The decision about how much capital to retain is the complement of the dividend decision.5.Advantages and Disadvantages of Share CapitalShare capital is a low-risk source of finance as there is no legal requirement to pay dividends if profits are insufficient to do so. The higher the portion of share capital in a company's capital structure, the lower its gearing (i.e. less financial risk).Because share capital is a low-risk source of finance to the company, it is of high risk to shareholders. They will, therefore, expect a higher return in terms of dividends and growth in share price. It is an expensive source of finance. If shareholders do not obtain the returnthey require, they will sell their shares, which will push down the market price of the company. This may lead to dissatisfaction with the management of the company.更多ACCA资讯请关注高顿ACCA官网：。

ACCAP3知识点：INFORMATION TECHNOLOGY（二）ACCA P3考试I：NFORMATION TECHNOLOGYNETWORKSOnly the very smallest of businesses will have s ta nd-alone computers, computers not connected to other computers. Even in small businesses employees need to share data and very soon after personal computers were invented networks of computers were introduced. There are two main types:•Local area network (LAN): Here the network extends over only a relatively small area, such as an office, a university campus or a hospital. The small area means that these networks use spe cia lly installed wiring to connect the machines.•Wide area networks (WAN): Here the network can extend between several cities and countries. Each office would have its LAN, but that connects to LANs in other offices and countries using commercial, public communications systems. At one time this would have been done by the organisation leasing telephone lines for their private use to transmit data from office to office. However, this is expensive and inflexible and the common system now used is known as a virtual private network (VPN)VPN’s allow data to be transmitted securely over the internet between any two locations. For example, an employee working from home or a hotel can access the company system as though being in the office. Information will pass over many different circuits and connections but the system gives the impression that you are operating over a dedicated, private communications link. Hence, the name: virtual private network. Because data is being transmitted over public systems it is particularly vulnerable to interception and it is very important that adequate security measures are in place to safeguard the data. There are three essential steps in the security measures:1. Access control and authentication –this ensures that unauthorised users do not access the system. Typically this will be accomplished through a log-in procedure. Many organisations, such as banks, may require a password, answers to security questions (such as ‘What is the fourth letter of your secret word?’), and also a code number generated by a security device that has been issued to the user. Use of the latter technique means that anyone logging on has both to know a password and to be in possession of the security device.2. Confidentiality –this ensures that data cannot be intercepted and read by a third party whilst being transmitted. This is achieved using encryption.3. Data integrity –this ensures that the data has not been altered or distorted whilst in transit. To ensure this, the message could have special check digits added to ensure that the data complies with a mathematical rule.CENTRALISED AND DECENTRALISED (DISTRIBUTED) ARCHITECTURESConsider an office local area network. There are three main ways in which the data and processing can be arranged: centralised, decentralised (distributed) and hybrid.Centralised systemsIn these systems there is a powerful central computer which holds the data and which carries out the processing. The main advantages of such systems are:•Security: all data can be stored in a secure data centre so that, for example, access to the data and back-up routines are easier to control.•One copy of the data: all users see the same version of the data.•Lower capital and operational costs: minimal hardware is needed at each site. There is also less administrative overhead.•The central computer can be very powerful: this will suit in processing-intensive applications.•They allow a centralised approach to management. For example, a chain of shops needs to keep track of inventory in each shop and to transfer it as needed. There is little point in a shop that is running low ordering more of a product if another branch already has a surplus of that product.The main disadvantages of such systems are:•Highly dependent on links to the centralised processing facility. If that machine fails or communication is disrupted then all users are affected.•Processing speed: will decrease as more users log-on•Lack of flexibility: local offices are dependent on suitable software and data being loaded centrally.。

2014年ACCA考试（p3商务分析）考前总结2本文由高顿ACCA整理发布，转载请注明出处INTEL (A MANUFACTURER OF COMPUTER CHIPS):Our missionThis decade we will create and extend computing technology to connect and enrich the lives of every person on earth.Our values Customer orientation Results orientation Great place to work Quality Discipline Risk taking.ACCAACCA's mission is to:· provide opportunity and access to people of ability around the world and support our members throughout their careers in accounting, business and finance· achieve and promote the highest professional, ethical and governance standards · advance the public interest· be a global leader in the profession.ACCA's core values are:· Opportunity: we provide opportunity, free from artificial barriers, to people around the world – whether students, members or employees and we support them in their careers.· Diversity: we respect and value difference, embracing diversity in our people and in our output.· Innovation: we create new and unexpected possibilities, providing innovative solutions for the future.· Accountability: we accept individual and corporate responsibility for our actions, working together to deliver a quality service and to promote the best interests of our stakeholders.· Integrity: we act ethically and work in the public interest, treating people fairly and honestly; we encourage the same from others.WHY COMMUNICATION OF MISSION AND CORE VALUES TO STAKEHOLDERS IS IMPORTANT· Investors need to know how the organisation intends to make profits or fulfil some other ambition.· Directors and other employees need to know the organisation’s purpose, and how it intends to add value and to compete.· Customers may wish to know what the organisation promises.· All stakeholders should want to know how the organisation intends to conduct its operations; the principles that guide its actions; its moral and ethical ‘compass’.For example, it is clear from Tesco’s mission statement that it places the highest emphasis on its long-term relationship with customers. This should guide management and staff as they make day-to-day strategic, tactical and operational decisions. To a large extent the other three parts of their vision statement flow from the first: customers, their families and friends will be part of the community, so it is important to deal fairly with that; staff are the company’s interface with its customers; if customers are well looked after and are loyal, good financial results should follow.If Tesco had not placed such emphasis on its customer relationships it is likely that the goods it stocks, sales promotions, customer facilities, prices and quality would all subtly change. Tesco is saying to all that it lives or dies by the strength of its customer relations.Of course, a strong and focussed mission does not guarantee success and in January 2012 Tesco suffered a 16% fall in share price after it announced its results. In response to this, the chief executive said that the company needed to reconnect with its customers and that Tesco needed to sharpen up its act in the quality and availability of its goods and the service it offered customers. The company planned to invest cash to put more people into the right stores, in the right areas, and to train them to be even better so they can look after the product and customers.Intel places its sphere of business in the technology sector and has an international outlook. Nothing surprising there, but interesting detail is added in its core values. Perhaps t he juxtaposition of discipline’ and ‘risk’ is most noteworthy. Stakeholders are made aware that a high tech company will only survive by taking risks (not all research and development will pay off), but this must be counter-balanced by a disciplined approach to market research, forecasting, expenditure and deadlines.ACCA states very plainly that at its heart is the provision of opportunities to all nationalities and a diverse population. This will influence management, employees, students and members. Without the strong international reference, presumably ACCA would be much more likely to concentrate on a narrow, local market. Additionally, there is great emphasis on ethics and accountability.Communicating objectives to stakeholders is likely to require different messages to each stakeholder group (for example, customers do not need to know about detailed cost objectives given to employees). However, mission and core values are long-term public commitments and promises, and it is vital that they are consistent otherwise they are quickly undermined. There is no point preaching to customers that the company aims tohave a low carbon footprint while at the same time telling employees not to bother with recycling. Inconsistencies and half-heartedness will quickly be exposed and are likely to cause the organisation reputational damage – at the very least.更多ACCA资讯请关注高顿ACCA官网：。

ACCA P3超级重点解析
本文由高顿ACCA整理发布，转载请注明出处
今天为大家推送的是P3：商务分析Business Analysis （BA）。

P3 商务分析Business Analysis （BA）中，战略份三个层面：
1.公司战略
2.商业战略
3.基层战略
今天讲的是第二个层面—商业战略。

商业战略分析就三个步骤：
给自己企业一个准确的市场定位。

通过利用SWOT分析法，分析企业自身各方面的优劣势，看准机遇和挑战，来做一个准备的定位。

确定企业的战略选择。

根据SWOT分析得出的定位，做出相应的对策选择。

例如降低产品价格，开发新产品，开拓新市场等。

对所作出的战略选择进行客观评价，分析战略的可行性。

虽然，商业战略分析的步骤就这么简简单单的三个，但是它也是P3的超级重点！同学们在学习这个知识点的过程中，很容易理不清其中的思路，而且在一些战略分析模型（如：SWOT分析模型）的运用上过于死板，从而导致知识点掌握不透彻。

更多ACCA资讯请关注高顿ACCA官网：。

PESTEL analysis?is based on political, economic, social-cultural, technological environmental and legal. It describes a framework of macro-environmental factors used in the?environmental scanning?component of?strategic management.?Political?factors are basically how the?government?intervenes in the economy. Specifically, political factors has areas including?tax policy,?labourlaw,?environmental law,?trade restrictions,?tariffs, and political stability.? Economic?factors include?economic growth,?interest rates,?exchange rates,the?inflation rate. These factors greatly affect how businesses operate and make decisions. (Interest rates impacts company's cost of capital, business growth and expands. Exchange rate impacts the cost, supply and price of imported goods.) Social?factors include the cultural aspects and health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. Technological?factors include technological aspects like?R&D?activity,?automation, technology incentives and the rate of?technological change. These can determine?barriers to entry, minimum efficient production level and influence the?outsourcing?decisions.?Technological shifts would affect costs, quality, and lead to?innovation.Legal?factors include?discrimination law,?consumer law,?antitrust law,?employment law, and?health and safety law. These factors can affect how a company operates, its costs, and the demand for its products.Environmental?factors include ecological and environmental aspects such as weather, climate, and?climate change, which may especially affect industries such as tourism, farming, and insurance.Porter's five forces analysis is a framework for analyzing the level of competition within an industry and business strategy development.Threat of new entrants:The existence of barriers to entry (patents, rights, etc.). Government disadvantages independent of of of product costs or sunk to loyalty to established profitability (the more profitable the industry the more attractive it will be to new competitors).Network effect.Threat of substitutes:Buyer propensity to price performance of switching level of product of substitute products available in the of of close substitute. Bargaining power of customers:Buyer concentration to firm concentration of dependency upon existing channels of leverage, particularly in industries with high fixed switching costs relative to firm switching information down of existing substitute price advantage (uniqueness) of industry (customer value) total amount of trading.Bargaining power of suppliers:Supplier switching costs relative to firm switching of differentiation of of inputs on cost and of substitute of distribution concentration to firm concentration solidarity . labor unions).Supplier competition: the ability to forward vertically integrate and cut out the buyer. Industry rivalry:Sustainable competitive advantage through between online and offline of advertising competitive concentration of transparency.The National Diamond is a tool for analyzing the organization’s task environment. The National Diamond highlights that strategic choices should not only be a function of industry structure and a firm’s resources. And this model states fou r principal determinants of national competitive advantage: a. Factor conditions b. Firm strategy structure and rivalry c. Demand conditions d. Related and supporting industriesa. Factor conditionsHuman Resources(skill,price)/ physical resources(land,climate,location relative)/knowledge (科技, educational institution)/capital(investment)/infrastructure(transport, communication, housing)b. Firm strategy structure and rivalryNational performance in particular sectors is inevitably related to the strategies and the structure of the firms in that sector. Competition plays a big role in driving innovation and the subsequent upgradation of?competitive advantage. Since domestic competition is more direct and impacts earlier than steps taken by foreign competitors, the stimulus provided by them is higher in terms of innovation and efficiency.c. Demand conditionsDemand conditions in the domestic market provide the primary driver of growth, innovation and quality improvement.d. Related and supporting industriesFor many firms, the presence of related and supporting industries is of critical importance to the growth of that particular industry. A critical concept here is that national competitive strengths tend to be associated with "clusters" of industries.Besides above four factors, chance and government always are the essential elements impacting on four principal determinants of national competitive advantage. OpportunitiesOpportunities always are hard to come by and uncontrollable, hence once facing a chance, we will firmly grasp. Under this new era, polity, economy and various factors bring a great deal of opportunities, and the more fierce competition also bring more chances.Government"acting as a catalyst and challenger; it is to encourage - or even push - companies to raise their aspirations and move to higher levels of competitive performance …" . They must encourage companies to raise their performance, stimulate early demandfor advanced products, focus on specialized factor creation and to stimulate local rivalry by limiting direct cooperation and enforcing anti-trust regulations.SWOT analysis(alternatively SWOT matrix) is an acronym for strengths, weaknesses, opportunities, and threats and is a structured planning method that evaluates those four elements of an organization, project or business venture.Strengths: characteristics of the business or project that give it an advantage over others.Weaknesses: characteristics of the business that place the business or project at a disadvantage relative to others.Opportunities: elements in the environment that the business or project could exploit to its advantage.Threats: elements in the environment that could cause trouble for the business or project.Customer relationship management (CRM) is an approach to managing a company's interaction with current and potential customers. It uses data analysis aboutcustomers' history with a company and to improve business relationships with customers, specifically focusing on customer retention and ultimately driving sales growth.The CAGE Distance Framework identifies Cultural, Administrative, Geographic and Economic differences or distances between countries that companies should address。

内部资料请勿外传ACCA P3 关键模型汇总汇编：詹也浙江财经大学2014年快速浏览法Part A（战略位势）1.1The strategy lenses（战略维度）2.Strategy as design.The design lens views strategy as the deliberate positioning of an organisation asthe result of some ‘rational, analytical, structured and directive process’.responsibility of top management to plan the destiny of the organisation. Lowerlevels of management carry out the operational actions required by the strategy.The design lens is associated with objective setting and a plan for moving theorganisation towards these objectives.1Strategy as experience.The experience lens views strategy development as the combination of individualand collective experience together with the taken-for-granted assumptions ofcultural influences. Strategy as experience seems innately conservative. It couldwork well when a small incremental change is required within a stableenvironment. However, this view may become a major barrier to developinginnovative strategies as experience may become rigid.2Strategy as ideas.It has a central role for innovation and new ideas. It sees s trategy as emergingfrom the variety and diversity in an organisation. It is as likely to come from the bottom of the organisation as from the top. Consequently, the organization should foster conditions that allow ideas to emerge and to be considered for inclusion ina ‘mainstream strategy’.1.2PESTEL应用范围：当题目要求做“environmental analysis”、“analysis of the macro-environmental”或“analysis of the position of company，都可以用这个模型。

中公财经培训网：/ ACCA考试知识点：P3必考知识热点介绍
对于很多学习acca的小伙伴来说，P3阶段的acca考试就是专业级别的了。

想要顺顺利利的考试通过，可不是那么简单的。

除了具备扎实的专业知识以外，还要对即将参加的考试有一个大概的认识。

以做好考试前的重点复习。

重要提醒：
有段时间没考这个知识点了，但是这个知识点最简单，一般考Adv & Disadv (organic growth,acquisition, franchise, strategic alliance, license )。

另外strategic alliance, license，franchise 是如何运作的要知道。

考官出题逻辑
Section B Q3 25marks
精选必做题：Machine shop (Dec 2013) , Graft off (Dec 2012), IISA (b), Pilot paper Q2
热点：Pricing + Variable cost
重要提醒：
pricing 是marketing mix 中唯一和financial 相关的，因此比较重要，虽然2016 年3 月刚考过，但是也有可能和variable cost 一起考，请在官网下载2016 年11 月有关variable cost 的考官文章。

考官出题逻辑
Section B Q4 25 marks
精选必做题：iTTrain (Jun 2014)(a) ;HC (Jun 2016 )(b)
最后，关于ACCA考试知识点，小编就先给大家简单介绍到这里吧。

如果还有其他ACCA考试相关的内容就请登陆中公财经培训网看看吧。