Induction Topics additional resources
Added Value
Here is a great Explanation from tutor2u
The ultimate no frills hotel - not much added value here. [This link was on tutor2u but that one not longer works]
If you look at the video of the hotel you can clearly see all the things that other hotels do in order to add value. I think this hotel has a no start rating.
Below is the tutor2u slideshow on added value.
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Belvoir Park Decision Tree homework question
Photo credit: taliesin from morguefile.com
Homework question for this week (D BLOCK):-
Discuss the usefulness of decision tree analysis to Belvoir Park in making their strategic choice (18)
This is a useful/useless type question. This means looking at the benefits and limitations of using decision trees to make this decision. However, for a2 it is better to go for big issues that allow you to write in-depth paragraphs. For decision trees I use the following mnemonic:
QVC REx
Quantitative vs qualitative: discuss the benefits of having quantitative information versus the importance of having qualitative
Validity: the source and reliability of the probabilities and predicted outcomes
Choices/alternatives: Decision trees make you think about the alternatives and choices in an analytical way.
Risk: They include risk in the decision-making progress
Expected values: The expected values (weighted to include the probabilities) are different to the actual values that will occur in each instance.
For evaluation on this type of question you can consider the main benefit of decision trees to Belvoir Park and what its usefulness will depend on.
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The Belvoir park decision tree
Concerns so far:
The use of emv although it has not bee calculated
£200 000 as a very successful outcome for shares costing £300 000. The either represents a £100 000 loss or a unbelievably high return.
Purchase land but no planning permission = £75 000 : is this a £225 000 loss or a one year return for agricultural use? Does much farm lad generate a 25% return on capital emp?
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Decisions on the F297 2011 case study
I often say that business studies a level could be called
business decision making studies and the f297 case study is full of
decisions and alternatives. It also includes a decision tree that
has been partially completed. Some figures will probably be
provided on the exam paper. A good exercise is to 1 identify all
the decisions 2 identify the adv and disadv of each 3 consider the
possible constraints on each decision 4 analyse the impact of each
on different stakeholder groups 5 consider the evaluation and
analysis points below – would it be worth it? – can they afford it?
- is it practical? – does it for worth the long term strategy? – is
it the best alternative? You will need to decide what the
priorities are for the business
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F297 case study june 2011
Make sure you complete the ratio analysis on the case study by next week.
You will need to use the revenue figure, £6m, and the np%, 4%, given in the case study to calculate the profit level.
What other information do you need to make good use of these results?
There are quite a few similar businesses about -
http://www.manorhouse.co.uk/EXCLUSIVE_HOTELS/
The above is a good example. It has the Michelin starred restaurant and many of the other features. It does appear to be part of a larger group though.
It also worth noting that some of the figures given in the case seem a bit low so be careful if making direct comparisons.
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Marketing Segmentation ocr f293
First post of this year. If you look at nothing else then look at the Zara presentation to see marketing in action.
Learning Objectives for marketing Segmentation
- Analyse different ways in which different businesses may use market segmentation
- Discuss in groups why businesses use market segmentation
- Evaluate the use of market segmentation in a variety of marketing situations e.g. market research, advertising, cost reduction, extension strategies and expansion into a global market
Exam question answer from Jan 2010 f293
Analyse the benefits of market segmentation for the Chinese restaurant.
Segmentation might allow the business to profile the types of customers who dine during different times of the evening. If “early bird” dinners share similar characteristics then this information could be used to more effectively target marketing and promotions. For example if they tend to live locally then leaflets might be appropriate. The benefit would be that costs could be saved by not targeting those who are unlikely to visit and the promotional literature could be designed to emphasise those features that they know this group of diners find attractive. The benefits of segmentation only go so far though because the business will also need to consider how far it can actually reduce prices in this competitive market before it damages the brand image and profits overall. It could be that a better understand of what those segments who dine later and spend more find important will be key to ensuring the brand is not damaged by focusing on those who come early and pay less.
Useful Links
Fantastic must see Zara presentation on slideshare. One of my favourite presentations.
http://www.slideshare.net/preciousssa/zara-marketing
Tutor2u.net Links
- Segmentation, targeting and Positioning Presentation http://tutor2u.net/business/presentations/marketing/stpsegmentation/default.html
- Introduction to Segmentation http://tutor2u.net/business/marketing/segmentation_introduction.asp
- Why segment markets http://tutor2u.net/business/marketing/segmentation_why.asp
- Ways of segmenting markets http://tutor2u.net/business/marketing/segmentation_bases_introduction.asp
- Behavioural Segmentation http://tutor2u.net/business/marketing/segmentation_bases_behavioural.asp
- Demographic Segmentation http://tutor2u.net/business/marketing/segmentation_bases_demographic.asp
- Geographic segmentation http://tutor2u.net/business/marketing/segmentation_bases_geographic.asp
- Case study example http://tutor2u.net/business/marketing/segmentation_casestudy_holidays.asp
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Blogging for Teachers
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OCR Business f297 Case Study 2010- LCL
The most common questions that come up on the F297/2880 paper seem to be as follows:
- Recommend an action to meet an objective
- Assess the impact of some external factor or date
- Assess the usefulness of a particular tool or recommend a tool for making a decision eg critical path analysis if they need to meet a deadline
- How do stakeholders view the firm (is it successful)? What impact do stakeholders have? How are stakeholders affected by the firm?
- Should they or shouldn’t they implement some plan or other?
- How might they implement some culture change or change in practice involving employees. This comes up in a number of ways.
You should therefore think about the possible questions you might be asked in relation to LCL and how you might answer them. In particular think about how you might make a judgement.
I will attached a file with lots of past paper questions to this post.
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AS/A2 Business Evaluation Questions
Below are a list of question types that are typically found in AS and A2 questions. For a2 questions the type is not usually as clear and they are often a combination.
…IMPACT OF SOMETHING
Analyse by explaining the likely consequences of some change to the businesses situation or environment.
Evaluate by explaining
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The importance of the size/duration/scale of the change in determining the extent of the impact
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How the situation prior to the change influences the impact of the change (resources, success etc)
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What other things might also change at the same time changing the expected impact
…RECOMMEND AN ACTION
Analyse by explain what the firm should do, why, and the consequences of it in relation to their objectives, constraints and resources
Evaluate by explaining
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The most important action that they should undertake
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What success of the different strategies will depend on and how likely to be successful
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The constraints they face in choosing what to do (resources/environment etc)
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short v long term actions
…ASSESS THE REASONS FOR
Analyse by explaining the possible causes of a situation or decision
Evaluate by explaining
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What you think the main cause is and why
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What is the biggest concern in the short/long term
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Possible solutions
…USEFUL/USELESS
Analyse by explaining benefits and limitations of a business tool.
Evaluate by explaining
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Main benefit in given situation
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What the usefulness might depend on (skill, implementation, data etc)
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More useful if…
…STAKEHOLDERS
Analyse by explaining importance/influence of/on different stakeholders
Evaluate by explaining
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Most important/significant group
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Different Perspectives, values and objectives
