ACCA考试P3商务分析真题2010年12月及答案解析.doc

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1、ACCA考试 P3商务分析真题 2010年 12月及答案解析(总分：125.01，做题时间：180 分钟)一、Section A This ONE(总题数：1，分数：50.00)Introduction Shoal plc is a well-known corporate organisation in the fi sh industry. It owns 14 companies concerned with fi shing and related industries. This scenario focuses on three of these companies: ShoalF

2、ish Ltd a fi shing fl eet operating in the western oceans ShoalPro Ltd a company concerned with processing and canning fi sh ShoalFarm Ltd a company with saltwater fi sh farms. Shoal plc is also fi nalising the purchase of the Captain Haddock chain of fi sh restaurants. ShoalFish Shoal plc formed Sh

3、oalFish in 2002 when it bought three small fi shing fl eets and consolidated them into one fl eet. The primary objective of the acquisition was to secure supplies for ShoalPro. 40% of the fi sh caught by ShoalFish are currently processed in the ShoalPro factories. The rest are sold in wholesale fi s

4、h markets. ShoalFish has recorded modest profi ts since its formation but it is operating in a challenging market-place. The western oceans where it operates have suffered from many years of over-fi shing and the government has recently introduced quotas in an attempt to conserve fi sh stocks. Shoal

5、Fish has 35 boats and this makes it the sixth largest fl eet in the western oceans. Almost half of the total number of boats operating in the western oceans are individually owned and independently operated by the boats captain. Recent information for ShoalFish is given in Figure 1. ShoalPro ShoalPr

6、o was acquired in 1992 when Shoal plc bought the assets of the Trevarez Canning and Processing Company. Just after the acquisition of the company, the government declared the area around Trevarez a zone of industrial assistance. Grants were made available to develop industry in an attempt to address

7、 the economic decline and high unemployment of the area. ShoalPro benefi ted from these grants, developing a major fi sh processing and canning capability in the area. However, despite this initiative and investment, unemployment in the area still remains above the average for the country as a whole

8、. ShoalPros modern facilities and relatively low costs have made it attractive to many fi shing companies. The fish received from ShoalFish now accounts for a declining percentage of the total amount of fi sh processed and canned in its factories in the Trevarez area. Recent information for ShoalPro

9、 is given in Figure 1. ShoalFarm ShoalFarm was acquired in 2004 as a response by Shoal plc to the declining fi sh stocks in the western oceans. It owns and operates saltwater fi sh farms. These are in areas of the ocean close to land where fi sh are protected from both fi shermen and natural prey, s

10、uch as sea birds. Fish stocks can be built up quickly and then harvested by the fi sh farm owner. Shoal plc originally saw this acquisition as a way of maintaining supply to ShoalPro. Operating costs at ShoalFarm have been higher than expected and securing areas for new fi sh farms has been diffi cu

11、lt and has required greater investment than expected. Recent information for ShoalFarm is given in Figure 1. Figure 1: Financial data on individual companies 20072009 Captain Haddock The Captain Haddock chain of restaurants was founded in 1992 by John Dory. It currently operates one hundred and thir

12、ty restaurants in the country serving high quality fi sh meals. Much of Captain Haddocks success has been built on the quality of its food and service. Captain Haddock has a tradition of recruiting staff directly from schools and universities and providing them with excellent training in the Captain

13、 Haddock academy. The academy ensures that employees are aware of the Captain Haddock way and is dedicated to the continuation of the quality service and practices developed by John Dory when he launched the fi rst restaurant. All management posts are fi lled by recruiting from within the company, a

14、nd all members of the Captain Haddock board originally joined the company as trainees. In 1999 the Prime Minister of the country identifi ed Captain Haddock academy as an example of high quality in-service training. In 2000, Captain Haddock became one of the thirty best regarded brands in the countr

15、y. In the past few years, the fi nancial performance of Captain Haddock has declined signifi cantly (see Figure 2) and the company has had diffi culty in meeting its bank covenants. This decline is partly due to economic recession in the country and partly due to a disastrous diversifi cation into c

16、ommercial real estate and currency dealing. The chairman and managing director of the company both resigned nine months ago as a result of concern over the breaking of banking covenants and shareholder criticism of the diversifi cation policy. Some of the real estate bought during this period is sti

17、ll owned by the company. In the last nine months the company has been run by an interim management team, whilst looking for prospective buyers. At restaurant level, employee performance still remains relatively good and the public still highly rate the brand. However, at a recent meeting one of the

18、employee representatives called for a management that can effectively lead employees who are increasingly demoralised by the decline of the company. Shoal plc is currently fi nalising their takeover of the Captain Haddock business. The company is being bought for a notional $1 on the understanding t

19、hat $15 million is invested into the company to meet short-term cash fl ow problems and to improve liquidity. Shoal plcs assessment is that there is nothing fundamentally wrong with the company and that the current fi nancial situation is caused by the failed diversifi cation policy and the cost of

20、fi nancing this. The gross profi t margin in the sector averages 10%. Captain Haddock currently buys its fi sh and fi sh products from wholesalers. It is the intention of Shoal plc to look at sourcing most of the dishes and ingredients from its own companies; specifi cally ShoalFish, ShoalPro and Sh

21、oalFarm. Once the takeover is complete (and this should be within the next month), Shoal plc intends to implement signifi cant strategic change at Captain Haddock so that it can return to profi tability as soon as possible. Shoal plc has implemented strategic change at a number of its acquisitions.

22、The company explicitly recognises that there is no one right way to manage change. It believes that the success of any planned change programme depends on an understanding of the context in which the change is taking place. （分数：50.01）(1).(a) In the context of Shoal plcs corporate-level strategy, ass

23、ess the contribution and performance of ShoalFish, ShoalPro and ShoalFarm. Your assessment should include an analysis of the position of each company in the Shoal plc portfolio. (15 marks)（分数：16.67）_(2).(b) Shoal plc explicitly recognises that there is no one right way to manage change. It believes

24、that the success of any planned change programme will depend on a clear understanding of the context within which change will take place. (i) Identify and analyse, using an appropriate model, the contextual factors that will infl uence how strategic change should be managed at Captain Haddock. (13 m

25、arks) Professional marks will be awarded in part (b)(i) for the identifi cation and justifi cation of an appropriate model. (2 marks) (ii) Once the acquisition is complete, Shoal plc wish to quickly turnaround Captain Haddock and return it to profi tability. Identify and analyse the main elements of

26、 strategic change required to achieve this goal. (8 marks) Professional marks will be awarded in part (b)(ii) for the cogency of the analysis and for the overall relevance of the answer to the case study scenario. (2 marks)（分数：16.67）_(3).(c) Portfolio managers, synergy managers and parental develope

27、rs are three corporate rationales for adding value. Explain each of these separate rationales for adding value and their relevance to understanding the overall corporate rationale of Shoal plc. (10 marks)（分数：16.67）_二、Section B TWO ques(总题数：3，分数：75.00)Introduction TMP (The Management Press) is a spec

28、ialist business publisher; commissioning, printing and distributing books on fi nancial and business management. It is based in a small town in Arcadia, a high-cost economy, where their printing works were established fi fty years ago. 60% of the companys sales are made through bookshops in Arcadia.

29、 In these bookshops TMPs books are displayed in a custom-built display case specifi cally designed for TMP. 30% of TMPs sales are through mail order generated by full-page display advertisements in magazines and journals. Most of these sales are to customers based outside Arcadia. The fi nal 10% of

30、sales are made through a newly established website which offers a restricted range of books. These books are typically very specialised and are rarely featured in display advertising or stocked by general bookshops. The books available on the website are selected to avoid confl ict with established

31、supply channels. Most of the online sales are to customers based in Arcadia. High selling prices and high distribution costs makes TMPs books expensive to buy outside Arcadia. Business changes In the last decade costs have increased as the raw materials (particularly timber) used in book production

32、have become dearer. Paper is extremely expensive in Arcadia and the trees used to produce it are becoming scarcer. Online book sellers have also emerged who are able to discount prices by exploiting economies of scale and eliminating bookshop costs. In Arcadia, it is estimated that three bookshops g

33、o out of business every week. Furthermore, the infl uential journal Management Focus, one of the journals where TMP advertised their books, also recently ceased production. TMP itself has suffered three years of declining sales and profi ts. Expenditure on marketing has been reduced signifi cantly i

34、n this period and further reductions in the marketing budget are likely because of the weak fi nancial position of the company. Overall, there is increasing pressure on the company to increase profi t margins and sales. Despite the poor fi nancial results, the directors of TMP are keen to maintain t

35、he established supply channels. One of them, the son of the founder of the company, has stated that bookshops need all the help they can get and management journals are the heart of our industry. However, the marketing director is keen for the company to re-visit its business model. He increasingly

36、believes that TMPs conventional approach to book production, distribution and marketing is not sustainable. He wishes to re-examine certain elements of the marketing mix in the context of the opportunities offered by e-business. A young marketing graduate has been appointed by the marketing director

37、 to develop and maintain the website. However, further development of the website has not been sanctioned by the Board. Other directors have given two main reasons for blocking further development of this site. Firstly, they believe that the company does not have suffi cient expertise to continue de

38、veloping and maintaining its own website. It is solely dependent on the marketing graduate. Secondly, they feel that the website will compete with the established supply channels which they are keen to preserve. However, the marketing director is convinced that investing in e-business is essential f

39、or the survival of TMP. We need to consider what unique opportunities it offers for pricing the product, promoting the product, placing the product and providing physical evidence of the quality of the product. Finally, we might even re-defi ne the product itself. He feels if the company fails to gr

40、asp these opportunities, then one of its competitors will, and that will be the end of us. Required:（分数：25.00）(1).(a) Determine the main drivers for the adoption of e-business at TMP and identify potential barriers to its adoption. (5 marks)（分数：12.50）_(2).(b) Evaluate how e-business might help TMP e

41、xploit each of the fi ve elements of the marketing mix (price, product, promotion, place and physical evidence) identifi ed by the marketing director. (20 marks)（分数：12.50）_Introduction Frigate Limited is based in the country of Egdon. It imports electrical components from other countries and distrib

42、utes them throughout the domestic market. The company was formed twenty years ago by Ron Frew, who now owns 80% of the shares. A further 10% of the company is owned by his wife and 5% each by his two daughters. Although he has never been in the navy, Ron is obsessed by ships, sailing and naval histo

43、ry. He is known to everyone as The Commander and this is how he expects his employees to address him. He increasingly spends time on his own boat, an expensive motor cruiser, which is moored in the local harbour twenty minutes drive away. When he is not on holiday, Ron is always at work at 8.00 am i

44、n the morning to make sure that employees arrive on time and he is also there at 5.30 pm to ensure that they do not leave early. However, he spends large parts of the working day on his boat, although he can be contacted by mobile telephone. Employees who arrive late for work have to immediately exp

45、lain the circumstances to Ron. If he feels that the explanation is unacceptable then he makes an appropriate deduction from their wages. Wages, like all costs in the company, are closely monitored by Ron. Employees, customers and suppliers Frigate currently has 25 employees primarily undertaking sal

46、es, warehousing, accounts and administration. Although employees are nominally allocated to one role, they are required to work anywhere in the company as required by Ron. They are also expected to help Ron in personal tasks, such as booking holidays for his family, fi lling in his personal tax retu

47、rns and organising social events. Egdon has laws concerning minimum wages and holidays. All employees at Frigate Ltd are only given the minimum holiday allocation. They have to use this allocation not only for holidays but also for events such as visiting the doctor, attending funerals and dealing w

48、ith domestic problems and emergencies. Ron is particularly infl exible about holidays and work hours. He has even turned down requests for unpaid leave. In contrast, Ron is often away from work for long periods, sailing in various parts of the world. Ron is increasingly critical of suppliers (trying to sell me inferior quality goods for higher prices), customers (moaning about prices and paying later and lat