CPA綜合階段考試輔導(dǎo)講義財(cái)會英語

1、cpa綜合階段考試輔導(dǎo)講義-財(cái)會英語unit 1 corporate strategy and risk management-part a概述content the environment and competitive forces marketing and the value of goods and services internal sources, capabilities and competences strategic choices organizational structurepart i the environment and competitive forces1

2、.environmentpicture 1-1glossary: 1.macro-environment: 宏觀經(jīng)濟(jì)環(huán)境2.porters diamond: 波特的鉆石模型（研究國家競爭力）3.porters five forces: 波特的五力模型4.industry: 行業(yè)5.sector: 部門，領(lǐng)域an industry is a group of firms selling the same principal product or products which are close substitutes. a sector extends the idea of industry

3、into the public services.6.convergence:集中，趨同7.swot: swot模型8.opportunity: 機(jī)會9.threat: 威脅10.strength: 優(yōu)勢11.weakness: 劣勢12.competitor: 競爭者13.product life cycle: 產(chǎn)品生命周期14.strategic group: 戰(zhàn)略組群15.segmentation: 細(xì)分2.the pestel modelthe pestel model looks at the macro environment, using the following headin

4、gs:politicalthe political environment includes taxation policy, government stability and foreign trade regulations.economicthe economic environment includes interest rates, inflation, business cycles, unemployment, disposable income and energy availability and cost.socialthe social/culture environme

5、nt includes population demographics, social mobility, income distribution, lifestyle changes, attitudes to work and leisure, levels of education and consumerism.technologicalthe technological environment is influenced by government spending on research, new discoveries and development, government an

6、d industry focus of technological effort, speed of technological transfer and rates of obsolescence.ecologicalthe ecological environment, sometimes just referred to as the environment, considers ways in which the organization can produce its goods and services with the minimum environmental damage.l

7、egalthe legal environment covers influences such as taxation, employment law, monopoly legislation and environmental protection laws.3. porters diamondpicture1-2 glossarydemand condition （also called diamond condition） 需求條件，又稱鉆石條件factor conditions 有利因素狀況related and supporting industries 相關(guān)和支持性行業(yè)的存在f

8、irm strategy, structure and rivalry 企業(yè)戰(zhàn)略、結(jié)構(gòu)和同業(yè)競爭4.porters five forces modelpicture1-3glossary1.threat of new entrants 新進(jìn)入者的威脅2.barrier to entry 進(jìn)入壁壘3.power of supplier 供應(yīng)商力量4.customer 客戶5.competitive rivalry between existing firms 現(xiàn)存企業(yè)間的競爭對手6.substitute product 替代產(chǎn)品porter looked at the structure of

9、industries. in particular, he was interested in assessing industry attractiveness, by which he meant how easy it would be to make above average profits （for shareholders and to fund adequate investment）. he concluded that industry attractiveness depends on five factors or forces.threat of new entran

10、tsnew entrants into a market will bring extra capacity and intensify competition. the threat from new entrants will depend upon the strength of the barriers to entry and the likely response of existing competitors to a new entrant.economy of scaleproduct differentiationcapital requirementsswitching

11、costaccess to distribution channelscost advantages of existing producersknow-howregulationthreat of substitute productsthis threat is across industries （e.g. rail travel versus bus travel versus private car） or within an industry （e.g. long life milk as a substitute for delivered fresh milk）.bargain

12、ing power of customerspowerful customers can force price cuts and/or quality improvements. either way, margins are eroded. bargaining power is high when a combination of factors arises:a buyers purchases are a high proportion of the suppliers total business or represent a high proportion of total tr

13、ade in that marketa buy makes a low profitthe quality of purchases is unimportant or delivery timing is irrelevant, and prices will be forced down.there are similar alternative products available from other suppliers.bargaining power of suppliersthe power of suppliers to charge higher prices will be

14、 influenced by the following:the degree to which switching costs apply and substitutes are availablethe presence of one or two dominant suppliers controlling pricesthe extent to which products offered have a uniqueness of brand, technical performance or design not available elsewhere.competition/riv

15、alryintensity of existing competition will depend on the following factors:number and relative strength of competitors.rate of growth.where high fixed costs are involved companies will cut prices to marginal cost levels to protect volume, and drive weaker competitors out of the market.if buyers can

16、switch easily between suppliers the competition is keen.if the exit barrier （i.e. the cost incurred in leaving the market） is high, companies will hang on until forced out, thereby increasing competition and depressing profit.5.the life cycle modelpicture 1-4picture 1-5industry featuresintroductiong

17、rowthmaturitydeclinecompetitionfew playersmany new entrants and mergers/takeover. fight for market share.shake-out leaves only a few large playersheavy discounting and price wars.demandusually higher-income buyersincreasing market penetrationgrowth rate fails, most purchases now replacement or repea

18、t buying. well informed, demanding buyers.falling demandtechnologynon-standardnarrowing in the range of technologies appliedknowledge is well understood by all players in the marketknowledge is well understood by all players in the marketproduct characteristicsdifferences in choice, inconsistent qua

19、lityimprovement in the design and qualitystandardization of products with only small differentiationsless emphasis on product differentiationproduction processesshort production runs with specialized distributorsmass productionovercapacity begins to develop; long production runshigh incidence of ove

20、rcapacitycritical success factorsinnovative productproducts are able to be mass producedefficiency in operations to keep costs lowbrand loyaltylow overheads6.strategic group: have similar characteristics, e.g. size pursue similar competitive strategies over time, e.g. heavy advertising have similar

21、assets and skills, e.g. quality imagepart ii marketing and the value of goods and services1.critical success factors （csf）critical success factors （csfs） are performance requirements that are fundamental to an organizations success. in this context csfs should thus be viewed as those product feature

22、s that are particularly valued by customers. this is where the organization must outperform competition.measured targets for csfs are called key performance indicators （kpis）.2.value chainglossaryvalue chain 價(jià)值鏈support or secondary value activities 輔助活動primary value activities 基本活動firm infrastructur

23、e 企業(yè)基礎(chǔ)設(shè)施建設(shè)human resource management 人力資源管理technology development 技術(shù)開發(fā)procurement 采購inbound logistics 進(jìn)貨后勤operations 生產(chǎn)經(jīng)營outbound logistics 發(fā)貨后勤marketing and sales 市場營銷service 服務(wù)margin 利潤once csfs have been identified, the firm needs to be analyze whether and where it is adding value （as perceived by

24、 customers） to products.porter developed the value chain to help identify which activities within the firm were contributing to a competitive advantage and which were not.the approach involves breaking down the firm into five primary and four support activities, and then looking at each to see if th

25、ey give a cost advantage or quality advantage.primary activities:inbound logisticsreceiving, storing and handling raw material inputs. for example, a just-in-time stock system could give a cost advantage.operationstransformation of the raw materials into finished goods and services. for example, usi

26、ng skilled craftsmen could give a quality advantage.outbound logisticsstoring, distributing and delivering finished goods to customers. for example, outsourcing delivering could give a cost advantage.marketing and salesfor example, sponsorship of a sports celebrity could enhance the image of the pro

27、duct.serviceall activities that occur after the point of sale, such as installation, training and repair, e.g. marks and spencers friendly approach to returns gives it a perceived a quality advantage.secondary activitiesfirm infrastructurehow the firm is organized. for example, centralized buying co

28、uld result in cost savings due to bulk discounts.technology developmenthow the firm uses technology. for example, the latest computer-controlled machinery gives greater flexibility to tailor products to individual customer specifications.human resources developmenthow people contribute to competitiv

29、e advantage. for example, employing expert buyers could enable a supermarket to purchase better wines than competitors.procurementpurchasing, but not just limited to materials. for example, buying a building out or town could give a cost advantage over high street competitors.all organizations in a

30、particular industry will have a similar value chain, which will include activities such as: obtaining raw materials designing products building manufacturing facilities developing co-operative agreements providing customer serviceit is vital that the linkages between the different elements of a valu

31、e chain are considered. firstly this is to ensure consistency. secondly it may be that through linking separate activities more effectively than competitors, a firm can gain a competitive advantage.3.benchmarkingbenchmarking is the process of systematic comparison of a service, practice or process.

32、its use is to provide a target for action in order to improve competitive position.基準(zhǔn)分析是企業(yè)和競爭對手在勞務(wù)、實(shí)踐或流程等方面系統(tǒng)進(jìn)行比較的過程。其主要目的就是為提升競爭力而設(shè)定相關(guān)目標(biāo)。the main benefits include: 主要好處包括：a）improved performance and added value 提升業(yè)績和增加價(jià)值b）improved understanding of environmental pressure 更加深刻理解周邊環(huán)境壓力c）improved compet

33、itive position 提升競爭李d）a creative process of change 創(chuàng)造性的變化過程e）a target to motivate and improve operations 促進(jìn)和改進(jìn)營運(yùn)的目標(biāo)f）increased rate of organizational learning 提升組織學(xué)習(xí)程度part iii internal resources, capabilities and competences1.unique resources are those resources that create competitive advantage and

34、 that others cannot imitate or obtain.2.core competences are the activities, processes and methods through which an organization uses its resources effectively, in ways that others cannot imitate or obtain. examples of core competences are: sophisticated it, a corporate culture and the ability to sh

35、are and lever knowledge throughout the organization.3.swotpicture 1-6part iv strategic choices1.related diversification （corporate strategy）there are two types of related diversification: vertical integration horizontal diversification （sometimes known as concentric diversification）2.vertical integr

36、ationtaking over a supplier （backwards vertical integration） or customer （forwards vertical integration）advantagesdisadvantagescosteconomies of combined operationseconomies of internal controleconomies of avoiding the marketqualitytap into technology enhanced ability to differentiatebarriersassured

37、supply/demanddefense against lock-outcreate barriers by controlling supplies/distribution/retail outletscostit may not be cheaper to do it oneself especially if suppliers have economies of scaleincreased operating gearingdulled incentivescapital investmentreduced flexibility to switch to cheaper sup

38、pliersqualitycut off from suppliersreduced flexibility to switch to better suppliersdiffering managerial requirement3. unrelated/conglomerate diversification diversifying into completely unrelated business not clear where added value comes from except if an ailing business is turned round often lead

39、s to loss of shareholder valueadvantagesdisadvantagesincreased flexibilityincreased profitabilityability to grow quicklybetter access to capital marketsavoidance of anti-monopoly legislationdiversification of riskno synergiesno additional benefit for shareholdersno advantage over small firmslack of

40、management focus4. development method of corporate strategy organic acquisition alliances5. ansoffs matrixpicture 1-7existingnewexistingconsolidationwithdrawalefficiency gainsmarket penetration/growththis could involve cutting prices, spending more on advertizing and/or minor product improvements.pr

41、oduct development basic idea is to get more money from existing customers. can be particularly good if using existing resources, distribution channels, etc new products could arise from r&d, joint ventures, buying in other peoples products or licensing.newmarket development this involves finding new

42、 markets for existing products. these could be new segments in current markets （e.g. new age group） or overseas markets. csf is market attractivenessdiversificationthis could be related to what we do at the moment （e.g. vertical integration） or unrelated （conglomerate diversification）.6. porters gen

43、eric strategiesmichael porter stated that a firm that is wishing to obtain competitive advantage over its rivals is faced with two choices.basis of completioncompetitive scopelower costdifferentiationbroad targetcost leadershipdifferentiationnarrow targetcost focusdifferentiation focus7. strategy ev

44、aluationthere are three conditions for successful choice.suitabilitywhether the options are adequate responses to the firms assessment of its strategic position.feasibilityassesses whether the organization has the resources it needs to carry out the strategyacceptabilityconsiders whether the options

45、 meet and are consistent with the firms objectives and are acceptable to the stakeholders.part v organization structure1.organizational structurea）functional structure 職能結(jié)構(gòu)b）divisional structure （product division， geographical division）事業(yè)部結(jié)構(gòu)（產(chǎn)品事業(yè)部、地區(qū)事業(yè)部）c）sbu （strategic business unit） 戰(zhàn)略業(yè)務(wù)單元d）matrix

46、 organization 矩陣組織2.centralization vs. decentralization 集權(quán)抑或分權(quán)advantages and disadvantages of centralizationadvantages: 優(yōu)點(diǎn)a）co-ordinated decisions and better management control, therefore less sub-optimizing （協(xié)調(diào)決策和管理控制，減少次優(yōu)決策）b）conformity with overall objectives goal congruence is more likely to be achieved（有助于整體目標(biāo)的一致性）c）standardization （標(biāo)準(zhǔn)化）d）balance between functions, divisions, etc （在職能、事業(yè)部之間取得平衡）e）economy of scale （規(guī)模經(jīng)濟(jì)）f）top managers become better decision makers （高級管理層成為更好的決策者）g）speedier central decisions may be made in a crisis delegation can be time-consuming. （遭遇危機(jī)可以較快決