Internet marketing textbook

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ACCA APPROVED CONTENT PROVIDER FIA Passcards FIA FAB / ACCA Paper F1 Accountant in Business Passcards for exams from September 2015 – 31 August 2016 FI31PC15.indd 23/03/2015 12:39 (000)FI31PC15_FP_Ricoh.qxp 3/26/2015 FIA FAB ACCA Paper F1 Accountant in Business 8:45 AM Page i (000)FI31PC15_FP_Ricoh.qxp 3/26/2015 8:45 AM First edition 2011, Fourth edition March 2015 ISBN 9781 4727 3542 e ISBN 9781 4727 2875 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Published by BPP Learning Media Ltd, BPP House, Aldine Place, 142-144 Uxbridge Road, London W12 8AA www.bpp.com/learningmedia Page ii All rights reserved No part of this publication may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of BPP Learning Media Printed in the United Kingdom by Ricoh UK Limited Unit Wells Place Merstham RH1 3LG Your learning materials, published by BPP Learning Media Ltd, are printed on paper obtained from traceable sustainable sources © BPP Learning Media Ltd 2015 (000)FI31PC15_FP_Ricoh.qxp 3/26/2015 8:45 AM Page iii Preface Contents Welcome to BPP Learning Media's FIA FAB/ACCA F1 Passcards They save you time Important topics are summarised for you They incorporate diagrams to kick start your memory They follow the overall structure of the BPP Learning Media Interactive Texts, but BPP Learning Media's new Passcards are not just a condensed book Each card has been separately designed for clear presentation Topics are self contained and can be g rasped visually Passcards are just the right size for pockets, briefcases and bags Passcards focus on the exam you will be facing Run through the complete set of Passcards as often as you can during your final revision period The day before the exam, try to go through the Passcards again! You will then be well on your way to completing your exam successfully Good luck! Page iii (000)FI31PC15_FP_Ricoh.qxp 3/26/2015 8:45 AM Page iv Preface Contents Page Business organisations and their stakeholders The business environment The macroeconomic environment 17 Microeconomic factors 29 Business organisation, structure and strategy 43 Organisational culture and committees 51 Corporate governance and social responsibility 57 The role of accounting 65 Control, security and audit 75 Page 10 Identifying and preventing fraud 83 11 Leading and managing people 93 12 Recruitment and selection 107 13 Diversity and equal opportunities 123 14 Individuals, groups and teams 131 15 Motivating individuals and groups 139 16 Training and development 151 17 Performance appraisal 163 18 Personal effectiveness and communication 173 19 Ethical considerations 189 (001)FI31PC15_CH01.qxp 3/17/2015 8:43 PM Page 1: Business organisations and their stakeholders Topic List Types of business organisation Stakeholders This chapter explains why organisations are formed and considers some of the different types of organisation Organisations are influenced by stakeholders The second part of this chapter identifies different stakeholder groups, and considers how management may respond to these groups (001)FI31PC15_CH01.qxp 3/17/2015 8:43 PM Page Types of business organisation Stakeholders Organisation 'A social arrangement which pursues collective goals, which controls its own performance and which has a boundary separating it from its environment.' Points of difference They enable people to be more PRODUCTIVE: Overcoming individual limitations Saving time Accumulating and sharing knowledge Enabling synergy Enabling specialisation Ownership – public or private sector Control – owners, workers or government Activities Profit orientation – or not Legal status – limited company/partnership Size – small or multinational Sources of finance Technology usage Other organisation types to consider are co-oper ative societies, mutual associations and non-governmental organisations (NGOs) (001)FI31PC15_CH01.qxp 3/17/2015 8:43 PM Page Types of business organisation Stakeholders Stakeholders Those individuals or groups that have an interest in what the organisation does Internal Contractual relationships Employees Management Connected External Shareholders Customers Suppliers Financiers Community Government Pressure groups Contractual relationships Each of these groups has its own particular interests to defend, such as: Jobs (employees) Loan security (financiers) Different interests and aims can lead to conflict Tax revenues (governments) Page 1: Business organisations and their stakeholders (001)FI31PC15_CH01.qxp 3/17/2015 8:43 PM Page Types of business organisation Stakeholders Mendelow suggests that stakeholders may be positioned on a matr ix LEVEL OF INTEREST Low High High C D A B POWER Low Key players are to be found in segment D Those in segment C should be kept satisfied Those in segment B should be kept informed Minimal effort should be expended on segment A (002)FI31PC15_CH02.qxp 3/19/2015 1:38 PM Page 2: The business environment Topic List Analysing the environment Employment protection Data protection Health and safety protection Social, cultural and technological trends Porter An organisation has many interactions with its environment, and general environmental trends can be usefully summarised in the PEST model The PEST model is here drawn out into its component par ts The chapter concludes with the competitive forces which can shape the organisation, and the value chain within it (019)FI31PC15_CH19.qxp A framework of rules 3/19/2015 8:09 AM Management accountability Page 190 The ethical environment Ethics in organisations Accountants and ethics Behaviour in society is required by the law, rules and regulations, and ethics Act ethically Meet the expectations of society Meet legal obligations Illegal Acting ethically involves doing what is 'right', even if the right thing to is not required under la w – and may exceed what society expects from a 'typical' organisation (019)FI31PC15_CH19.qxp 3/19/2015 8:09 AM Page 191 Fairness Take into account all stakeholders with legitimate interests Transparency Openness, disclosure in financial statements, press releases, websites Independence Need for independent non-executive directors who can monitor without conflicts of interest Probity Truth-telling/not misleading Responsibility Management responsible for organisation, means of corrective action and penalising mismanagement Accountability Directors and companies answerable for consequences of actions to shareholders, professionals to values, public sector to stakeholders Reputation Jeopardised by poor risk management/corporate governance, may impact commercially Judgement Taking decisions that enhance organisation's prosper ity Integrity Straightforward dealing and completeness, basis of trust Page 191 19: Ethical considerations (019)FI31PC15_CH19.qxp 3/19/2015 A framework of rules 8:09 AM Management accountability Page 192 The ethical environment Ethics in organisations Accountants and ethics An organisation's managers are collectively responsible for the conduct of an organisation's affairs: they have a fiduciary responsibility (duty of faithful service) How far external pressures modify business objectives? Stakeholder view A business depends upon appropriate relationships with all groups who have an interest in what the organisation does Each stakeholder group has its own objectives so that a compromise is required Consensus theory Objectives emerge as a consensus of the diff ering views of shareholders, managers, employees, customers, suppliers and society at large but they are not all selected or controlled by management (019)FI31PC15_CH19.qxp 3/19/2015 A framework of rules 8:09 AM Management accountability Page 193 The ethical environment Ethics in organisations Accountants and ethics Ethics can be regarded as a set of mor al principles to guide behaviour, based upon concepts of duty and consequences absolute moral rules outcomes: 'the end justifies the means' Other considerations are based upon rights to be respected, and virtues to be cultivated: firmness, fairness, objectivity, charity, forethought, loyalty Social attitudes are also significant: work/life balance; 'green' concerns; minorities Translated into business objectives: Employees Minimum wage Job security/satisfaction Working conditions Page 193 Customers Suppliers Society Product quality Pricing Safety Regular orders Timely payment Pollution control Sustainability Charity work Product quality 19: Ethical considerations (019)FI31PC15_CH19.qxp 3/19/2015 A framework of rules 8:09 AM Management accountability Page 194 The ethical environment Ethics in organisations Accountants and ethics Lack of objective standards Objective standards Non-cognitivism – no possibility of acquiring objective knowledge of moral principles Moral relativism – right and wrong are culturally determined Cognitivism – objective, universal principles exist and can be known, ethics can be regarded as absolute Teleological Consequentalist ethics Moral judgements based on outcomes or consequences Utilitarianism means acting for the greatest good to the greatest number Egoism An act is ethically justified if decision-makers pursue short-term desires or long-term interests (justification for free market) Deontological ethics Kant stated that acts can be judged in adv ance by moral criteria: Do what others should be doing Treat people as autonomous beings and not as means to an end Act as if acting in accordance with univ ersal laws Pluralism Different views may exist but it should be possible to reach a consensus; morality is a social phenomenon (019)FI31PC15_CH19.qxp A framework of rules 3/19/2015 8:09 AM Management accountability Page 195 The ethical environment Ethics in organisations Accountants and ethics Organisations will have either a compliance-based, or integrity-based, approach Other influences Personal ethics of employees Professional ethics (eg ACCA) Organisational culture Organisational systems (eg mission statements) Page 195 19: Ethical considerations (019)FI31PC15_CH19.qxp 3/19/2015 A framework of rules 8:09 AM Management accountability Why should accountants behave ethically? Laws and regulation Upholding of professional standards and qualities (personal/professional) Protection of the public interest Enshrined in a 'Code of Ethics' or 'Code of Conduct' Codes can be or rules-based to account for every possible situation Principles and frameworks to guide behaviour Page 196 The ethical environment Ethics in organisations Accountants and ethics The accountant: IFAC – international body with its own code of ethics ACCA's is aligned: F u Integrity n d Objectivity a m Professional competence e n Confidentiality t a Professional behaviour l s via: reliability, responsibility, timeliness, courtesy, respect (019)FI31PC15_CH19.qxp 3/19/2015 T H R E A T S Importance of independence Independence promotes: Reliability of financial information Credibility of financial information Value for money of audit Credibility of profession Page 197 8:09 AM Self-interest Self-review Advocacy Familiarity Intimidation Page 197 Professional safeguards Entry requirements Training requirements CPD requirements Professional standards Professional monitoring Disciplinary procedures External review Safeguards in practice Peer review Independent consultation Partner/staff rotation Discussion/disclosure to audit committee Reperformance by another firm 19: Ethical considerations (019)FI31PC15_CH19.qxp A framework of rules 3/19/2015 8:09 AM Management accountability Page 198 The ethical environment Ethics in organisations Accountants and ethics (019)FI31PC15_CH19.qxp Page 199 3/19/2015 8:09 AM Page 199 19: Ethical considerations (019)FI31PC15_CH19.qxp A framework of rules 3/19/2015 8:09 AM Management accountability Advocacy threat Where accountants take client's part, act as their advocate or will only earn fees from client if successful outcome is achieved (contingent fees) Examples include provision of legal service and corporate finance advice Conflicts of interest These can arise from accountants acting for clients with whom they are in dispute, eg over quality of work It can also arise through disputes between two clients for whom accountants are acting Page 200 The ethical environment Ethics in organisations Accountants and ethics Familiarity threat Family relationships between client and firm Personal relationships between client and firm Long association with client Recent service with client Future employment with client Intimidation threat Close business relationships Family relationships Personal relationships Staff employed by client Litigation (019)FI31PC15_CH19.qxp 3/19/2015 8:09 AM Page 201 Notes (019)FI31PC15_CH19.qxp 3/19/2015 8:09 AM Page 202 Notes (019)FI31PC15_CH19.qxp 3/19/2015 8:09 AM Page 203 Notes (019)FI31PC15_CH19.qxp 3/19/2015 8:09 AM Page 204 Notes ... precautions, safety procedures Data protection Use of information about employees and customers Marketing and sales Laws to protect consumers (eg refunds and replacement, 'cooling off' per iod... MANAGEMENT TECHNOLOGY DEVELOPMENT MA RG SUPPORT ACTIVITIES FIRM INFRASTRUCTURE IN PROCUREMENT MA MARKETING & SALES SERVICE PRIMARY ACTIVITIES The margin is what the customer pays over and above... Storing the product and its distr ibution to customers: packaging, testing, delivery and so on Marketing and sales Informing customers about the product, persuading them to b uy it, and enabling
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