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- 2. APPROACH TO EXAMINING THE SYLLABUS The syllabus is assessed by a three-hour examination. Section A Section
- 3. EXAMINER’S EXPECTATIONS & COMMON REASONS FOR FAILURE IN P3 Cover the entire syllabus Application of relevant
- 4. EXAMINER’S EXPECTATIONS & COMMON REASONS FOR FAILURE IN P3 there isn’t a theoretical model for every
- 5. EXAMINER’S EXPECTATIONS & COMMON REASONS FOR FAILURE IN P3-Continued In most questions, only a few marks
- 6. IMPORTANT TERMS Customer Competitors Substitute product Industry Segment Stakeholders Strategic position Strategic choices Strategic action/implementation 22/10/2017
- 7. Business Strategy
- 8. Strategy Strategy: the direction of an organization over the long term to achieve advantage in a
- 9. Strategic Decisions 22/10/2017 P3 Business Analysis
- 10. Strategy Lenses 22/10/2017 P3 Business Analysis This model argues that strategy can be set in different
- 11. Mendelow’s stakeholder’s model Used to identify and manage stakeholders according to their expectations. Power: in an
- 12. Strategic Position
- 13. External Environment Analysis
- 14. Macro Analysis-PESTEL Analysis It considers the following ‘6’ external factors: Political Factors: e.g. change in government
- 15. Industrial Analysis-Porter’s Five Forces Analysis Bargaining power of suppliers: Depends on: Number of suppliers Threats to
- 16. Threat of new entrants This is limited by barriers to entry: Economies of scale. Product differentiation
- 17. Threat from substitute product A substitute product is a goods or service produced by a different
- 18. Industry lifecycle 22/10/2017 P3 Business Analysis
- 19. Segmentation Segmentation is the subdividing of a market into increasingly homogeneous(customers having similar needs) subgroups of
- 20. Marketing Understanding and anticipating customer’s needs and meeting these customer’s needs in a profitable manner. Marketing
- 21. Marketing Mix Product: should address the needs of customers Price: value for money Place: easily accessible
- 22. Objective: Used to analyse competitiveness of nations. Porter identified why some industries are more competitive than
- 23. Firm strategy, structure and rivalry These include: Attitude to short-term profit National culture Level of domestic
- 24. Internal Environment Analysis
- 25. Culture Types of culture: Power culture: Here, power is concentrated in the hands of one person,
- 26. Culture Web Cultural web is used to analyze the culture of an organization It has 7
- 27. Power Culture: who is the most important/influential position in the organization? Stories: background, beliefs about stakeholders
- 28. Value Chain Analysis Value chain describes the activities within and around an organization that create a
- 29. 22/10/2017 P3 Business Analysis Upstream supply chain: the link between organization and its supplier-procurement, inbound logistics
- 30. . Value chain and Effect of IT: 22/10/2017 P3 Business Analysis
- 31. Resource based strategy Understanding resources and competences: Same as competitors Different from competitors or easy to
- 32. Position based strategy (finding the resources to meet the environment): In this approach a strategist focuses
- 33. M’s Model Manpower: An analysis of human resources Money: An analysis of financial resources Machinery: An
- 34. Mission Statement Mission statements are formal documents that state the organization's mission. They are published within
- 35. Critical success factors Critical success factors Are those product features that are particularly valued by a
- 36. Benchmarking 22/10/2017 P3 Business Analysis Benchmarking is: data gathering, of targets and comparators; identifying relative levels
- 37. Knowledge management To capture + organize + make widely available the knowledge the organization has. Organizational
- 38. SWOT analysis 22/10/2017 P3 Business Analysis
- 39. Strategic Choices
- 40. Strategic Choices 22/10/2017 P3 Business Analysis
- 41. Porter’s competitive strategies It’s about the choice between how to compete in market. It can take
- 42. Strategic Clock 22/10/2017 P3 Business Analysis
- 43. AnsOff’s/Product-market Matrix 22/10/2017 P3 Business Analysis
- 44. TOWS Matrix 22/10/2017 P3 Business Analysis
- 45. Methods of growth 22/10/2017 P3 Business Analysis
- 46. Corporate Strategy 22/10/2017 P3 Business Analysis
- 47. How does Head office (Corporate) add value for business? Portfolio Managers – These businesses find undervalued
- 48. BCG matrix 22/10/2017 P3 Business Analysis Tell about contribution of different SBUs to business and assess
- 49. Ashridge Model Two variables are considered: Feel: The degree of fit between the parent's skills, resources
- 50. Product lifecycle 22/10/2017 P3 Business Analysis
- 51. Success Criteria/SFA The exam question of P3 on strategic choices (where examiner asks to evaluate a
- 52. Globalization (International Diversification) Globalisation at a macroeconomic level comes from the closer integration of national economies
- 53. Organizing for success
- 54. Organization Structures Simple Structures: A highly centralized structure where there is one owner and all other
- 55. Divisional structure: As organizations grow they will often develop a divisional structure. Matrix Structure: where there
- 56. Mintzberg’s organisational configurations Mintzberg suggested that an organisation consisted of five elements: The strategic apex: the
- 57. Mintzberg identified five configurations depending on the relative importance of the elements of the organization as
- 58. Strategic Change Management
- 59. Types of changes Scope of change Realignment Transformational (minor change) (fundamental change) Nature Incremental of (gradual)
- 60. The contextual feature Model The following factors increases/decreases the acceptance of change in any situation: Time-is
- 61. Force Field Analysis (Lewin’s) 22/10/2017 P3 Business Analysis Driving forces for change: e.g. new legislation, professional
- 62. Roles of management/Style of introducing change Participation/collaboration: bring those effected by change in decision making Negotiation:
- 63. Turnaround Strategy Turnaround Strategy: when the business faces terminal decline and there is a need for
- 64. Business process Change
- 65. What is a business process? Arrangement of resources and competences to convert input into output to
- 66. Outsourcing Outsourcing is when any operation or process that could be – or would usually be
- 67. Harmon’s process strategy matrix What should be outsourced? Harmon’s Process Strategy Matrix provides very useful guidance
- 68. Harmon's pattern of Re- Design Simplification: The simplification pattern assumes that most established processes (or sub-processes)
- 69. Example 22/10/2017 P3 Business Analysis
- 70. POPIT Model This approach to business change suggests that four elements need to be considered to
- 71. Organization: consider the organizational capabilities and structure and ensure that these are suitable. Processes: How are
- 72. Software Selection 22/10/2017 P3 Business Analysis
- 73. Assessing a software Package(Skidmore & Eva) At the time of acquisition of software: Functional requirements-Basic requirement
- 74. Software Selection- 4 or 5 stage Process (Skidmore & Eva) The company may decide to have
- 75. Information Technology
- 76. E-Business E Business- transformation of key business processes through the use of internet technologies E commerce-Buying
- 77. Influence of Internet on Strategy Disintermediation-some intermediaries going out of business e.g. business now sell online
- 78. Stages in the use of technology in a business (Nolan’s Model) Initiation-start of IT- main reason
- 79. Forms of E-Commerce There are four different forms: Business to Business (B2B)-involves companies doing business with
- 80. E-Marketing Application of internet technology to achieve marketing objectives (the 7 Ps) Different Characteristics of E-Marketing
- 81. Customer Relationship Management (CRM) Establishing, developing and maintaining long-term relationship with customer Building relationship with customer
- 82. Big Data Extremely large collections of data (data sets) that may be analysed to reveal patterns,
- 83. Variety: Financial transactions Buying habits Reaction to advertisements on the internet or to advertising emails Geographical
- 84. Leadership & Human Resource Management
- 85. Leadership theories Trait theories Good leaders share similar characteristics It is possible to develop leaders by
- 86. Styles of leadership Transactional leaders Use systems and processes to control the behavior of team members
- 87. Kurt Lewin’s 3 styles of leadership Autocratic Leaders take decision without consulting the team members Democratic
- 88. Job Design Job Design is essentially about organizing work and that has always been a major
- 89. Job rotation, job enlargement and job enrichment: This approach gave rise to attempts at job redesign
- 90. Competency framework(HRM) The required outcome expected from the performance of a task in a work role,
- 91. Appraisal (HRM) Expected performance vs actual performance Appropriate timing Should be based on controllable factors Performance
- 92. Succession planning Facilitates management development at all levels. It refers to developing a system to ensure
- 93. Project management
- 94. Project management Project: A project is an undertaking that has a beginning and an end and
- 95. Stages in the project life cycle Every project is different but each will include at least
- 96. Step 1. Project initiation At this stage, a project initiation document (PID) is formed A project
- 97. Risk assessment Risk can be analysed and evaluated according to: The likelihood that they will occur
- 98. Step 2.Project planning A project plan is needed to ensure that the project objectives are achieved
- 99. Step 3. Project execution A project team is formulated to execute a specific project Ideally a
- 100. Step 4. Project monitoring and control A project is monitored throughout for the purpose of review
- 101. Step 5. Project completion A project is completed with a a post project review (PPR): It
- 102. A benefit realization review: is done to assure that all the benefits promised at the evaluation
- 103. Forecasting & Finance
- 104. Ratio analysis Profitability ratios Gross profit margin = Gross profit x100 sales Net profit margin =
- 105. Liquidity ratios Inventory days = Inventory x 100 Cost of sales Debtors days = Trade receivable
- 106. Investment ratios P/E ratios = Price per share Earning per share Earning per share = Profit
- 107. Risk measurement ratios Interest cover = profit before interest & tax Interest charge per year Gearing
- 108. Forecasting Linear Regression Analysis: finds the equation of the straight line (line of best fit) and
- 109. Forecasting Correlation: relationship between two variable Positive Negative No correlation Correlation coefficient(r): it tells the strength
- 110. Forecasting Time series: A time series shows how an amount changes over time. Time series analysis
- 111. Pricing 22/10/2017 P3 Business Analysis
- 112. Short term decision making Relevant costing: A relevant cost is Future cost cash flow Incremental cost
- 113. Decision making relevant for P3 Make or buy Outsourcing Shutdown decisions Limiting factor analysis Special contracts/
- 114. Practice Decision making: 22/10/2017 P3 Business Analysis
- 115. Budgeting A plan, not a forecast. It’s a short term plan expressed in financial terms .It
- 116. Types of standards Variance Analysis Flexed budgeting and variance Analysis 22/10/2017 P3 Business Analysis Standard Costing
- 117. Activity based costing Treatment of overheads according to what causes the cost Advantages of activity based
- 118. Corporate Social Responsibility Corporate Social responsibility (CSR) centers on the approach taken by organizations to provide
- 119. Corporate Governance It is the conduct of the organizations senior management. It’s the way the organizations
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