2016年12月ACCA考试P3商务分析真题及答案解析.doc

1、2016 年 12 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 attemptedIntroductionMan Lal relaxed in business class as the aircraft skimmed across the Uril Mountains. Generally he considered himself a contented man. He had succe

2、ssfully built his company, Ling, to be the largest light bulb manufacturing company in the world, with global revenues of $750m. From its factories in Lindisztan it supplied a worldwide market for LED (light emitting diodes) light bulbs. Lal congratulated himself on the fact that he had quickly spot

3、ted the potential of LED light bulbs and had entered large-scale production whilst his rivals were still focusing their production on candescent and halogen bulbs. The world now realised that LED light bulbs provided a cheaper, more energy efficient, greener solution than all of its alternatives. To

4、 that end, many countries had passed legislation requiring domestic and business consumers to replace candescent light bulbs with greener equivalents. In fact, he was on his way right now to Skod, a country which had passed efficient lighting legislation which, from 2017, banned the use of candescen

5、t bulbs in commercial premises and outlawed their production and importation after that date. Domestic consumers were expected to replace their candescent bulbs with newer technology as their bulbs failed. Man Lal confidently expected that LED would be, for many, the newer technology of choice.The v

6、isit to Skod was of great significance to Man Lal because it was here that he did his business studies degree at Skodmore University. Indeed, he was due to give a lecture to the staff and students of the university the following day and he felt great personal pride in returning to describe the exten

7、t of his success and the fulfilment of his personal ambitions. He was also planning to visit a company called Flick which Ling was considering acquiring. This would be a new growth method for Ling. Up to now its worldwide expansion had been achieved by establishing wholly owned distribution companie

8、s in each targeted country. All production had remained in Lindisztan. However, for various reasons, Ling was now considering entering the Skod market by acquiring one of its light bulb producers, Flick.In fact, remembering this brought a slight frown across Man Lals face. To help fund his global ex

9、pansion, he had sold 49% of Ling to institutional investors. These institutional investors required growth and high dividends and he was having difficulty meeting their demands. There was now very little growth in the domestic Lindisztan market and the distribution approach used to expand into forei

10、gn countries was taking a long time to mature. The investors were demanding quicker growth and acquisitions appeared to promise this. Despite paying high dividends over the last few years, the company still had significant retained profits and this was another issue for the institutional shareholder

11、s. They felt that this money should be used to promote growth and have agreed to a $400m acquisition fund. So, thought Man Lal, what better place to start those acquisitions than Skod, the place where I studied as a poor overseas student so many years ago. However, he had to admit to himself, he was

12、 still much happier with organic growth through setting up his own distribution companies. Ling had made a few acquisitions in Lindisztan, but had never bought a foreign company and he was worried about the risk of failure.Turbulence buffeted the aircraft as it made its final descent into the capita

13、l of Skod. To distract himself, Man Lal picked up the latest copy of Lighting Tomorrow, the research magazine of the light bulb industry. He skim read an article on tubular daylight lighting which promised to reduce the need for electric lighting by introducing more daylight into a building. Effecti

14、ve daylighting (it said) is achieved through the strategic placement of skylights and windows, as well as lighting controls which monitor available daylight and respond as needed to decrease or increase electric lighting. Perhaps I need to look into this, thought Man Lal.At the airport, Man Lal took

15、 a taxi to his hotel. He could not help but notice that Skod was not as neat and tidy as it used to be. A lot of shops and buildings had been closed down and there was graffiti across many buildings and bridges. Skod for Skodders, said one, Skod jobs for Skod people, said another. Man Lal remembered

16、 now that the Skod nationalist movement had become increasingly popular. He mentioned this to the taxi driver. Yes, he said, Most people are fed up with Skod being pushed around by the International Financing Consortium (IFC), we want prosperity and jobs for people who grew up here.Slightly unnerved

17、, Man Lal, checked in at the hotel. He switched on the television. He watched with interest as Niklas Perch, the newly elected nationalist leader of the Skod government, outlined his plans for the future.We are committed to a return to prosperity, he said. To achieve this we have to make some short-

18、term adjustments which may be unpopular with our trading partners. We are currently considering the imposition of import taxes as a way of protecting our home industry. We wish to create a protected commercial environment here in Skod in which our companies can prosper.We must also ask our citizens

19、to continue with their energy saving measures. As you know, the government has agreed that all street lighting will be turned off from 2300 hours to 0500 hours. I have also decreed that all government offices must proactively embrace energy saving lighting and heating. In the same way, I expect our

20、citizens to look at ways of saving money and energy.The government also recognises that the country continues to be in a recession, and that disposable income is falling for all people. However, I cannot condone the recent demonstrations against, and boycott of, foreign goods and food products. We m

21、ust rebuild our country peacefully and legally. I would ask all citizens to support me in this.Just then, the air conditioning failed and the television went off. Another energy failure in Skod. There were three further failures that night. The hotel manager apologised to Man Lal in the morning. I a

22、m sorry, he said but despite higher energy prices, this is an increasing feature of life in Skod.Skod electric light bulb industryAll electric light bulbs are largely made out of glass and metal and this is likely to remain the same in the foreseeable future. In Skod, 90% of glass is produced by thr

23、ee companies. However, for all of these three companies, light bulb manufacturers are unimportant customers. Most glass manufacture goes to the construction industry, light bulb manufacturers take less than 05% of the countrys glass production. Metal manufacture in Skod is dominated by one company,

24、OmniMetal. Most metal is sold to the automobile industry. Light bulb manufacturers take less than 01% of OmniMetals production. However, the quality of glass and metal required by the light bulb manufacturers is quite standard, so switching between suppliers is, in theory, relatively easy. Light bul

25、b manufacture takes place in factories which require substantial initial investment and have no obvious alternative use.In Skod, light bulbs are low cost commodity products which are replaced infrequently by domestic consumers. Commercial consumers change their light bulbs a little more often and so

26、me businesses have recently switched all their bulbs to LED to save energy, reduce costs in the long term and to reflect their aspirations as green businesses. There is very little brand awareness in the light bulb market and all the light bulbs have to fit the standard sockets used in the country.E

27、lectric light bulb manufacture in Skod is dominated by the five companies listed in Table One. Two years ago a large American light bulb manufacturer, Krysal, attempted to enter the market. The five dominant companies in the industry reacted to this by cutting prices, running marketing campaigns whi

28、ch emphasised the benefits to the country of home-based production and lobbying supermarket groups to not stock products produced by the new entrant. Krysal withdrew from the market after six months. When not focused on fighting new entrants, the five main competitors are regularly involved in price

29、 cutting, disruption of competitors distribution channels and aggressive marketing.The products produced by the Skod light bulb industry are largely sold through supermarket groups (50%), household product superstores (30%) and large electrical chains (10%). The rest of the production is sold throug

30、h small shops, except for a tiny percentage of production (less than 1%) which is sold directly to large organisations, such as government departments. However, light bulbs do not constitute a large sales item for any of these distribution channels. In fact, in a recent report, light bulb sales were

31、 one of the products which contributed less than 01% of a major supermarkets revenue.The light bulb companies in Skod have largely focused on candescent (60% of production) and halogen (30% of production) technologies. Man Lal intends to fund the updating of the production facilities at Flick to all

32、ow the production of LED lights, alongside the continued production of candescent and halogen light bulbs. He wants to achieve this before domestic competitors in Skod gear up their own LED light bulb production. He believes that Lings competencies in LED manufacture will give Flick a head start. In

33、itial discussions with Flick suggest that the company is open to acquisition and a bid price has been agreed which is acceptable to both parties. Financial information for Flick and the Skod light bulb industry as a whole is shown in Appendix One.Appendix One: Financial information for Flick and the

34、 Skod light bulb industryExtract from financial statementsAll figures in $millionsNote: The Industry total column is for the Skod light bulb industry as a whole (including Flick).Required:（分数：50）(1).Analyse the macro-environmental factors affecting the Skod light bulb industry using a PESTEL framewo

35、rk. Your analysis should reflect the fact that Ling might enter this industry directly by setting up a distribution company for its products or through the acquisition of Flick.（分数：7）_(2).Assess the attractiveness of the Skod light bulb industry using Porters Five Forces framework.（分数：13）_(3).Ling i

36、s considering entering the Skod light bulb industry by acquiring Flick.Evaluate the potential acquisition of Flick by Ling from the perspectives of suitability and acceptability.（分数：18）_(4).The finance director of Ling is concerned that Ling has no expertise in acquiring foreign companies and he is

37、advocating a strategic partnership with Flick instead.Discuss the appropriateness of such an approach to facilitating Lings proposed entry into the Skod light bulb market. (8 marks)Professional marks are available in question 1 for the structure, coherence, style and clarity of your answer. (4 marks

38、)（分数：12）_Section B TWO questions ONLY to be attemptedWebfilms was originally a film rental organisation, offering DVD rentals which were sent to customers and returned using parcel couriers. Webfilms enrolled members who paid a monthly fee and could rent as many films as they liked, receiving their

39、next choice as soon as a previous film was returned. However, Webfilms found this model was not as successful as it had hoped. It struggled to gain a large customer base and high courier fees made it difficult for the company to make a reasonable profit.The company underwent a radical strategic chan

40、ge and remodelled itself as an internet television network screening films and drama series. This service is now available in over 25 countries worldwide. All programmes are original and so have not been previously shown on any television channel in any country. The programmes are all produced by a

41、creative team at Webfilms, headed by Paolo Butterfield, and all are only available in English. Members pay a monthly subscription charge and have access to unlimited viewing. Webfilms relies entirely on member subscriptions for funding as, to enhance the customer experience, its programmes do not ca

42、rry advertising. Webfilms considers itself to be a focused differentiator, offering only programmes which it feels will attract a younger audience (the teens and twenties).Until recently, Webfilms had no close competitors in this form of internet television. Indeed, it was the main substitute for tr

43、aditional television channels, causing a downturn in that industry. However, its success has been noted and this has led to the emergence of a number of competitors in different countries. These competitors have recognised and capitalised on any perceived weakness of Webfilms. So, for example, some

44、of them include programmes which are not in English and others also include popular programmes which have also been shown on other television channels. This means that customers need to only subscribe to one television service.The CEO of Webfilms, who previously transformed the organisation from a p

45、ostal to internet-based service, has recognised that strategic change is required in order for Webfilms to continue competing effectively in a dynamic market environment. Her proposal to the board included the following key points: The creation of a wider range of new programmes, including documenta

46、ries and current affairs programmes The inclusion of popular programmes which were created for one countrys viewers being shown in other countries Broadening the types of programmes so that the company can appeal to all age ranges Introduction of on-screen advertisements to create another revenue st

47、ream Translation of the most popular programmes into languages other than English The introduction of new services including broadband provision and online gaming A focus on efficiency, using the existing customer base to expand and to gain economies of scale, before any new competitors can gain a l

48、arge market share The drive for efficiency should not be at the cost of quality, allowing the company to operate a hybrid strategyThe CEO is keen to pursue a boundary-less organisational model. Three options are presented in her proposal:Hollow where non-core processes are outsourced to external providers.Modular a hollow organisation which outsources some elements of the production processVirtual an organisation with no formal geographical structure, but operates through a series of Iinke