1、2018 年 6 月 ACCA 考试 P3 商务分析真题及答案解析(总分：125.00，做题时间：195 分钟)案例分析题(总题数：4，分数：125.00)Section A This ONE question is compulsory and MUST be attemptedIntroductionThe Ancestry Book Company (ABC) publishes historical books, primarily concerned with military history, historical events, notable people and the tr
2、acing of ancestors. It was formed in 1991 by Rupert Hart when he left the army. As ABC grew, Rupert recruited people and authors who shared his background and interests and the senior management team currently consists of men who have either had a military career or who have a history degree from a
3、well?respected university. ABC is wholly owned by Rupert Hart. It currently has about one hundred staff.Sales channelsUp until 2015, ABC used two primary sales channels.(1) Selling directly to customers through catalogue sales. A catalogue illustrating all the books currently in print was posted qua
4、rterly to customers on ABCs mailing list. The catalogue included an order form which the customer could complete and return, by post, to ABC. The order form includes postage and packing costs and customers paid by enclosing a cheque or their credit card details. Alternatively, the customer could tel
5、ephone their order to ABCs call centre, place their order and pay by credit card over the phone.(2) Selling through bookshops. ABC sold books at a discounted trade price to bookshops. The bookshop then sold the books at the published price to the end customer.In 2015, ABC established a third sales c
6、hannel. This is a dedicated e commerce website where customers can place orders directly with the company.Book buying in OrariaABC sell their books worldwide but the majority of its sales are in the country of Oraria where it was founded. The population of Oraria are enthusiastic buyers of books but
7、 how they buy books has changed over time. Table One illustrates this. This information is published in a trade directory.There has also recently been an increase in interest in history and ancestry in Oraria encouraged in part by the success of the television series Whos Next?, which traces the anc
8、estors of celebrity participants.Financial performance and marketing initiativesThe recent financial performance of ABC is summarised in Table Three.The performance of ABC has been a continuing concern to the senior management team. In response to this, since 2009, the company has attempted to impro
9、ve performance by:(1) Improving customer awareness of the company by increasing display advertising which it has always placed in specialist historical magazines.(2) Promoting special offers in its catalogue. These special offers are usually price reductions on selected books or special deals offeri
10、ng, for example, four books for the price of the three most expensive books placed in an order.However, these initiatives did not stop the decline in performance and so the decision was made to develop an e commerce website. The website development was the initiative of a newly appointed sales and m
11、arketing manager, Jon Lang, and was launched in 2015.In appointing Jon Lang, Rupert Hart made a deliberate attempt to appoint someone from a different background to his other senior staff. Jon had worked previously for a large online retailer for five years, which he had joined after graduating with
12、 a marketing degree. Jon came to work in casual clothing, unlike the formal suits worn by his managerial colleagues, and he had no interest in military history at all. He perceived the development of the website as a game changer for ABC. However, other managers at ABC were concerned that the websit
13、e would negatively affect sales made through bookshops, and alienate elderly customers. Jon left ABC in 2016 to join a web analytics company. He was replaced by Edward Tern, a history graduate from the same university which Rupert had attended.Sale of ABC to BV VenturesIn 2018, Rupert Hart decided t
14、hat he wished to sell the company and retire. The company was purchased by BV Ventures, a venture capitalist with experience in turning round publishing companies. They have issued the following press release:BV Ventures is pleased to announce the acquisition of Ancestry Book Company (ABC). We ackno
15、wledge the work of Rupert Hart and his team in developing such a well respected brand. We see our mission at ABC to develop a profitable, successful company who people want to work for and customers want to buy from.This was the first ever mission statement for ABC. Rupert Hart had never felt that o
16、ne was necessary for his company.An internal memo from BV Ventures to staff specified its vision for ABC in more detail:ABC needs to offer books which appeal to all its customers. We need to increase the revenue of the company, improving sales of each book which we offer. We also need to publish and
17、 deliver these books profitably, to ensure adequate returns to shareholders and to deliver profits which enable the business to grow. ABC also needs to offer a speedy delivery to customers and to deal professionally and courteously with any post sales issue. We need to ensure that customers receive
18、a service which exceeds their expectations. This should increase repeat orders and also encourage our customers to recommend our books to their friends. The quality of the books, both in content and presentation, must be exemplary, so that book returns are almost eliminated.BV Ventures has a prescri
19、bed approach to turning around companies which includes: Producing a SWOT analysis. Developing a strategy for the organisation which aligns internal capabilities with environmental influences. Specifying clear, explicit objectives which reflect this strategy. These objectives are pursued through act
20、ions which are undertaken throughout the organisation.BV Ventures has also introduced the principles of integrated reporting into the companies which it owns.Required:（分数：50）(1).Evaluate the overall organisational performance of ABC in the period from 2007 to 2017 with particular reference to the co
21、ncept of strategic drift.（分数：12）_(2).Analyse the approaches to strategy of the past owner (Rupert Hart) and present owners (BV Ventures) of ABC within the principles of the three strategy lenses (design, experience and ideas).（分数：12）_(3).Discuss the concept of critical success factors (CSFs) and key
22、 performance indicators (KPIs) in the context of ABC, identifying and justifying appropriate CSFs and KPIs for the company under its new owners, BV Ventures.（分数：12）_(4).Discuss the meaning and value of a mission statement and evaluate BV Ventures mission statement for ABC. Discuss how integrated rep
23、orting can be used to reinforce its mission and performance objectives. (10 marks)Professional marks will be awarded in question 1 for the structure, coherence, style and clarity of your answer. (4 marks) （分数：14）_Section B TWO questions only to be attemptedTailia College is a popular full time cater
24、ing college on the outskirts of the city of Tailia itself. The majority of students are 16 to 21 years old, although there are a few mature students. Approximately 80% of students live on campus, with the remainder living in the city centre. The college is approximately five kilometres from the city
25、 centre and is on a direct transport route, with buses running every 15 minutes from 07:30 until 22:00.The college has a new head of educational development, Andrew Croft, who is responsible for the development of training courses and for the progression of students. Andrew is an innovative leader a
26、nd is keen to help students progress at Tailia College. He has developed a plan to open a restaurant in the evenings, using the facilities of the colleges caf which serves simple snacks to the students during lunchtimes only. The restaurant will be open to the public and will be fully managed, cater
27、ed and served by the students, giving them real commercial experience as a part of their studies. Andrew has asked the colleges trainee business analyst to provide a cost benefit analysis for the proposal. This is shown in Table One.Notes:(1) New hardware and software for the online meal booking sys
28、tem will be purchased. Software for the booking system requires an annual maintenance fee after initial installation.(2) This is estimated based on the usage of the lunchtime caf over the last year.(3) It is a requirement for some staff to be present, to observe and assess students working in the re
29、staurant. The assessment staff will receive overtime payments for this.(4) The revenue is estimated to be the amount taken for meals over the duration of the year. This is increased by 10% each year to allow for increased prices and a growth in customers. It is expected that the food costs will be a
30、round 80% of the prices charged.(5) The cash flow has been estimated based on the expected annual increase in the number of students enrolled by the college as a result of the enhanced student experience.(6) Economies of scale are expected on the purchase of equipment and supplies.The analyst sugges
31、ted that the project should be accepted as it pays back the initial investment within two years. Andrew stated that whilst it is important to ensure that the college gains financially as a whole from the project, he is more concerned with the intangible educational benefits, not considered within th
32、e analysis. For example, he feels that improved grades should be forthcoming because students will experience real restaurant environments as part of their training. He is concerned that these educational benefits may not be delivered but has heard that a benefits management process would help with
33、this.Required:（分数：25）(1).Critically evaluate the cost-benefit analysis for the proposed restaurant. Your evaluation should include consideration of both the method of investment appraisal used and the relevance of information within it.（分数：15）_(2).Explain the purpose, content and importance of a ben
34、efits management process, with reference to the proposed restaurant and the desired educational benefits.（分数：10）_NICE is a fast food restaurant which started out ten years ago as a single outlet and now has multiple outlets around the country of Lentonia. The fast food industry in Lentonia comprises
35、 four major competitors, sharing 80% of the market between them, and a large number of smaller companies. The majority of fast food companies in this market have specialised menus. NICE specialises in noodle and rice meals and offers a wide range of dishes using these ingredients. An extract of the
36、company results for the last year is shown in Table One. The gross profit margin earned by NICE is roughly equal to the average for the industry.The fast food market in Lentonia shows steady growth, but a recent study suggests there is a worldwide trend towards healthy, home prepared meals which cou
37、ld have an effect on the market, should it continue. NICE recognises that there is limited scope for growth in the current market, with its existing market share and the level of competition, but it wishes to grow to satisfy its shareholders. The company is therefore considering expanding into the n
38、eighbouring country of Beron.The directors asked a market analyst to provide a report into the fast food industry in Beron. An extract of that report is shown at Figure One.Figure One: Extract from report into fast food industry in BeronCoincidentally, NICE has been approached by Go, one of the rapi
39、dly growing regional brands in the Beron market, with the suggestion for a joint venture in Beron. The company is looking for further expansion across Beron but does not feel it has the resources, or the market power, to do this alone. It has only 25 restaurants, but its average annual turnover per
40、restaurant is $23m, compared with the industry average of $12m. NICE is interested in this opportunity but has stated that it would prefer a full acquisition of Go rather than set up a joint venture. Go has said it might consider this, if the terms were right.Required:（分数：25）(1).Use Porters five for
41、ces framework to assess the attractiveness, or otherwise, to NICE of entering the fast food market in Beron.（分数：18）_(2).Evaluate the advantages and disadvantages to NICE of acquiring Go, as compared with a joint venture with Go, as a method of entry into the fast food market in Beron.（分数：7）_TEV is a
42、 manufacturing company based in a rapidly developing nation. It has traditionally manufactured its products using manual techniques with some automation but the chief operating officer (COO), Samuel, had sponsored a project to install a fully automated production line. The production line is now ful
43、ly operational, albeit later than intended. A summary of the project timeline is shown below:February 2015The project was initiated by Samuel, amidst much hype. There was a factory demonstration to staff showing the space where the new production line would go and outlining the efficiency savings, a
44、nd therefore the overall profitability of the company, which would arise as a result of the project. He stated that the completion date would be August 2016 and, as a result, the company would increase its market share by 20% over the following three years.After the presentation, Samuel had called o
45、ne of the factory shift managers, Da Lin, into his office and informed him that he would be taking on the role of project manager, along with his current role.May 2015Da Lin received the production line designs during a meeting with the contracted supplier. The contractor informed Da that the work w
46、ould take approximately 12 months from the date of approval of the designs.January 2016Samuel resigned his role at TEV, and was replaced by Meesha as COO.March 2016A progress meeting was held, but Da Lin was unable to attend as he had been absent for six months due to a long?term illness. Thus, the
47、meeting involved the contractor, Meesha and Da Lins deputy, Byron. The contractor informed the meeting that it was still awaiting TEV approval of the new designs before it could begin the final construction and installation. The new designs would allow a greater number of different products to be manufactured using the automated production line. It stated that the project should now be completed in May 2017, as there had been delays in getting
