ࡱ> @ ejbjb&& DDs_bl```````00008h|0\B<<"^^^^^^BBBBBBB,NC nE^GB`^^^^^GB``^^<^`^`^Bt^^````^B<``EA<00 @6EA\B\B@~EEEANUFFIELD ECONOMICS & BUSINESS Answers to Students Book questions Your agenda questions are designed to focus your mind on the key questions. They link the practical context or setting to the text that follows. You are not expected to use new terms in answering these, but you should be able to draw upon terms you already know from your studies. Work in progress checks on your understanding and gives you practise in using the ideas investigated. The spiral nature of the course means that you will revisit ideas and develop your understanding of them. You should fell confident in using ideas, theories and concepts that you have studied earlier in the course. Always try to think of the economic concepts or business ideas that the context is related to especially when answering the work in progress questions. Occasionally terms will be used that are dealt with in detail later on in your studies. Module 1.2 What does business do? Enquiry 1 What makes a market? Page 44 How do markets work? Your agenda All the pictures depict situations where someone is offering a good or service for sale to buyers who seek them out, not always physically seeing each other. The street trader and estate agent will usually be amongst their competitors so that people can walk from one to the other. Their competition will be obvious to the consumer. Costs may be lower when sellers offer just the products about which they have specialist knowledge. The estate agent can offer better value for money because its employees have a good knowledge of the local housing market. The fund manager has detailed knowledge of particular types of investments and can use this to pick the most profitable opportunities. To have the required specialist knowledge, people have to concentrate their energies on a particular market. If incomes are rising and demand for houses grows then so will property values. Basic laws of supply and demand will take over. Limited supply plus increased demand means sellers can ask more for their houses. Electricity and gas suppliers have specialist technology and knowledge, also certification for safety, which makes them different. In the labour market, people with specialist skills or talents can demand higher wages. Contracts tie up the available labour, often over quite a long period. Second hand goods provide another example. Page 45 Work in progress Examples include: services such as gas, water, telephone and electricity supplies the stock market, which is organised through telephone and computer links buying anything via the Internet, e.g. Amazon. Any second hand item is usually at a negotiable price. Houses are sold by making offers and accepting or declining, new cars are often sold at negotiated prices ( a salesman will have a certain amount of scope for discounting!), wages are negotiated at interview and plumbing and other services in the building industry go to the best quote. Specialisation leads to greater efficiency and lower costs, therefore earnings are likely to be higher. Selling a product for a price which is below costs of production will mean the company will make a loss and have to fund the shortfall out of profit from other products. There is little point being in business unless a profit can be made. Page 46 Deciding what to grow Your agenda The costs of producing the lilies probably exceeded 50p The higher the price charged, the more willing producers will be to enter the market. The growing of these plants is time consuming and expensive but higher profits will tempt producers to take the risk. Higher wages mean increased costs and reduced profit margins unless higher prices can be charged to cover them. Less efficient growers may be forced to leave the market. Page 47 Footballs Your agenda A football producer would be inclined to increase production if possible and sell more. Increased demand could mean that producers could charge more for their products if supply could not expand to meet the demand. Shops would respond to demand by ordering more from suppliers, suppliers would probably not be able to cope immediately and prices would rise. The price would steady again as suppliers managed to increase production. Page 49 Fresh from the sea Your agenda Fresh from the sea 1 Factors affecting the demand for fish: Examples of changes in: Taste or fashion Health scare concerning fish, reduces demand Eating fish is good for you, increases demand Price of substitutes Increased price of meat, increases demand Price of complements Increased price of chips, reduces demand Income Rise in income leads to increased demand for bass Population Rise in population increases demand for all foodstuffs 2 See diagrams: Reasons for price differences between April and August: both demand and supply factors may be important, e.g. the supply of fish is more plentiful in April, except herring, mackerel and bass which are more plentiful in August. Demand for some fish is higher in the summer months. Page 50 Housing Your agenda Incomes were rising and interest rates were quite low. Rents may have been rising. There might have been an influx of well paid employees into London as business expanded. These are all examples of changes that might have caused the demand for houses to increase. There are many possibilities. In order to secure a deal, buyers would need to be able to respond quickly when new properties come on the market. This would mean being available at short notice to view the house and then being able to make a speedy decision. Having the financial arrangements already set up will help move a deal on. It may also be necessary to pay either the full asking price or even more (to fend off competition). People who had another home to sell before they can buy may consider obtaining a bridging loan in order to secure the new house before the deal on the old one has completed (this does involve an element of risk). Since the price one person is prepared to pay for a house is usually different from the price another person is prepared to pay, the price that estate agents advertise a property at is usually treated as a rough indication of what it is worth. At the end of the day, someone who really wants the property may well may more than the asking price. In periods of high demand, buyers often compete to buy a property and push the price up and up. Conversely, during weak markets, prices obtained can be well below an asking price. Estate agents keep track of property price movements and attempt to put realistic prices on the houses they value so as not to disappoint the sellers and buyers. 4 When no one wants to buy, sellers are forced to reduce house prices in order to make them relatively more attractive to buyers. In really weak markets it can be the case that a seller cannot sell a property at all or would have to reduce the price to one that is unacceptably low. In this case the seller may well change his/her mind about moving. Page 51 Work in progress a) price rises; b) price falls, quantity falls; c) price rises, quantity falls; d) demand falls, price and quantity fall. See diagrams:  Point of view 1 First Law: when it's raining fewer people are prepared to walk, so the demand for taxis increases while supply is fixed. Second Law: On days when demand is low there will be spare capacity, therefore it is likely that there will be quite a number of unoccupied taxis. See diagram: Note that the short-run supply will be fixed.  3 If Home Office control of fares were abolished, taxi fares would fluctuate in accordance with the demand for taxis. For users this would be likely to mean that fares would rise on rainy days when demand was greatest and fall when demand was slack. They should notice less of a shortage on rainy days and fewer spare taxis on days when demand is low. This regime may also affect the supply of taxis, encouraging some drivers to offer their services only -when fares are high, perhaps during the rush hours. 4 Excess demand and supply are likely to happen so long as there are fluctuations in demand which cannot be met by changing fares (see diagram for 2). Enquiry 2 What adds value? Page 52 Buffing up value? Your agenda The cleaning of the car has added value because it makes it look better to the buyer. A dirty car will not be attractive to a buyer and may not sell at all. If cleaning the car means it sells then it has added to the value. The buyer has not been cheated because they have chosen to buy a car that has been valeted rather than a dirty car. Page 52 The Rumours Restaurant Your agenda The added value in a restaurant comes from the service a customer receives with their meal the cooking, waiting and clearing up. The service costs the restaurant money and time, wages for staff and their training, so the costs are hidden. However, it is likely that more than half the price paid covers added value rather than bought in inputs. Profit would be hard to guess without knowing how much it costs the restaurant to add value to the meal via service. Value is added by providing good food and good service and a pleasant atmosphere and surroundings. They may offer features such as musical interludes or a rose for the ladies. The customer perceives good value from a restaurant meal based on the actual experience of eating in that restaurant but will also compare prices, and atmosphere/service, at other establishments. Supermarkets add value in similar ways the shopping experience for the customer, including displays and customer service. Very importantly, supermarkets try to provide everything the customer needs in the way of food and household items in one place. Page 54 Work in progress Supermarkets can add value by offering a wide range of products, car parking, crche facilities, customer service assistants, coffee shops and many other ways to make the customer enjoy their shopping trip more. Individual answers Suggestions could cover any feature which enhances the product, e.g. a salon may offer drinks and magazines while customers wait. Some businesses manage to add value by subjecting their product to additional processing. For example, some dairy farms make yoghurt, ice cream or cheese. Page 54 Work in progress Many examples are possible. Ford have improved their reputation for reliability and proved it by service records and results in tests in consumer magazines such as Which? Volvo has a reputation for being safe they can therefore charge high prices based on this. Dyson is another good example his new washing machine is 5 times more expensive than the cheapest alternative but his vacuum cleaner has a good reputation that will help the sales of other products. He is selling on the unique features, as he did with the vacuum. Branding does add value as long as the brands reputation remains unblemished. Heinz products will sell without much advertising because the brand sells them. Page 55 Tumble Home Your Agenda The main source of competitive advantage is the creativity of the owner, something which cannot be learnt, making it relatively secure. Someone could copy the designs but by that time Angus will be creating something new and the copy would not be unique, making it worthless. The competition from Habitat will help ensure prices stay competitive. Part of the attraction of Tumble Home is the price and the recycled materials used. Tumble Home should not try to compete in the cheaper end of the market as it would lose its advantage over the competition. It is obvious from the article that Angus could not manufacture on a large scale and could not therefore reduce his costs sufficiently to enable him to compete. Enquiry 3 What makes a product? Page 57 What are railways selling? Your agenda A heating oil company is actually selling comfort! Keeping your home warm is the reason you buy the oil. In order to start with the customer a bicycle manufacturer would need to find out what the customer wanted. They would need to ask customers why they wanted a cycle and what features they considered important. The cycles would then have to be tailored to those answers. Managing a chain of hairdressers involves customers in various areas of the country, not always with the same tastes. It may mean research needs to be done around each individual shop, rather than as a group venture. Page 58 A virtual shampoo? Your agenda The approach was so successful probably because no-one had asked the customer before. This was a very modern idea at the time and the customer would see that the company actually cared about what they wanted to buy. The agency would have asked a variety of people, various age groups, both sexes, all classes etc. They would have done this to be able to say that the shampoo would suit a wide market they were catering for many tastes and therefore allowing the product to be sold to a mass market. A perfect shampoo for the new century today would be much harder due to the competition with their vast choice of products on offer, the recommendations of the millions of hairdressers around the country and the numerous ways people have their hair done. People expect to be able to get a shampoo which fits their precise needs and needs will vary depending on the type of hair and the style desired. Page 58 Seahorses Your agenda Seahorses faces most competition during the middle of the day but only if people do not know the reputation of each of the local establishments. Locals will have a very clear choice to make as they are all very different in what they offer their clientele. Zoe can use the information she has collected to target the people she wants to be her clientele. The data collected is primary data she has collected it personally for her own use. She has used field research and collected qualitative and quantitative data appeal (e.g. young) and opening hours and menu details. Page 62 Somerfield Your agenda Stocking organic food was a risk because they had no idea how their customers would react. The food is expensive and therefore big losses could occur if the products did not sell. They would have to be very sure that organic produce would add to their profits as they do not have big margins due to the high level of competition from the big four supermarket chains. Pricing has to be a constant consideration in this area. Perishable stock cannot be kept for long if it does not sell. They would decide what price to charge based on their market research of customers and other supermarket chains, and the wholesale prices they have to pay. Page 63 How the Sony Walkman nearly never was Your agenda The marketing department had failed to recognise the fact that young people wanted music to be available when they travelled on buses etc. on a personal basis. Marita was probably so confident because he could see the appeal of the product. It was something new and different and the marketing department failed to recognise the potential market opening up. The marketing department could have missed the appeal of a new innovative product because they were basing their judgements on already successful products offered by the company. They needed to ignore pre-conceived ideas and open their minds to new consumers with wants they had not yet thought of. Organisations which are rather averse to taking risks may fail to develop potential new products. They need to be able to do extensive market research, to develop a product which fits market requirements and then be prepared to take a risk. All these elements need to be present within the organisation. Page 64 Profits and prices Your agenda Tescos profits are lower that SmithKline Beechams because of the nature of the markets and the skills of the chemists involved in producing new products for SKB. Tesco have to keep their prices low in order to compete with their rivals. The pharmaceutical industries compete on innovation rather than price. Tesco and all the other supermarkets are selling someone elses products, not having to develop their own, a costly process. Medicines are essential items and many of them do not have suitable substitutes. We will pay high prices for the best remedy if we are ill. Price cutting in the pharmaceutical industry would not win any more sales these are gained through quality products that cure our ills. Increased margins at Tesco would mean that customers would go elsewhere there are many alternative outlets which are prepared to cut prices, i.e. there are substitutes. The nature of the competition is different. The major threat to Tesco comes from price cuts by other supermarket chains. The major threat to SKB comes from other pharmaceutical companies that may develop new and more effective products. So it is important for them to have retained profits that can be ploughed back into research and development. Enquiry 4 How is a profit made? Page 65 Rock around the clock Variable costs Fixed costs Total costs 100 X 14 1,400 800 2,200 200 X 14 2,800 800 3,600Average cost per clock 22 18  1 22 (see table) 2 Profit per clock, output 100 24 - 22 = 2 3 Profit per clock, output 200 24 - 18 = 6 (see table) 4 Total profit, output 200 200 x 6 = 1,200 per month Page 66 - Work in progress 1 Sales revenue 200 X 24 = 4,800 2 Reducing the price might help to increase revenue but it would depend on the effect on sales. Sales revenue could rise, fall or remain unchanged. For example, 100 clocks sold at 24 produce revenue of 2,400. If she sells 120 clocks after a reduction to 22, revenue will increase to 2,640. But if she only sells 105 clocks at this price, revenue will fall to 2,310. 3 Costs might be cut by all or any of the following: Changing to cheaper sources of supply. Reducing overheads by finding cheaper premises. Reducing labour costs by encouraging greater efficiency. Page 67 - Work in progress a) Fixed costs fall by 100 per month: Break-even output falls from 80 to 70 clocks. Profit will rise by 100. b) Retaining advertising but increasing price to 26: Break-even output will fall to 67 clocks. She cannot be sure that her profit will increase. However, provided the price increase does not reduce demand for her clocks to less than 133, profit will rise. c) Variable cost rises by 2 per unit: Break-even output increases to 100 units. Profit falls to 800 if production level is 200 clocks. Page 67 A room for the night see teachers guide 1 Variable cost per room per night must be less than 30. 2 Jim is better off by the difference between 30 and the variable cost of the room per night. 3 Yes, since if he let all rooms at this price he would not cover his overheads and would therefore make a loss. Page 68 Work in progress 1 10-room hotel gives a maximum capacity of 70 bookings per week. Variable costs 35 x 10 350 Fixed costs 600 Total costs 950 Average cost of a room per night = 950 = 13.57 70 2 Assuming that 35 rooms are booked at 40 each, total revenue will be 1,400. Weekly profit = revenue total costs = 1400 - 950 = 450 Page 68 Point of view: But is it always profit? 1 New breakeven point = fixed costs (selling price variable cost) 600 = 12 (60 - 10) bookings 2 New profit/loss = sales revenue total cost = 960 - 760 = 200 per week 3 Limitations to break-even charts: Break-even charts do not explain the effect on demand of a change in price. They assume that variable costs increase in a linear fashion and fixed costs do not vary with output. In practice some costs increase in a non-linear fashion Page 69 No fudging added value? Your agenda Value is added by letting people watch the process, offering a postal service, mail order and packaging. They have town centre premises which means their rates, rent and other overheads from the actual shop will be high. There is limited space so they probably make five batches of fudge one per flavour rather than having the capacity to make a very large amount. They could cut costs by moving out of town to a cheaper location with more space. Opening out of town would lose passing trade and some locals out of sight may equal out of mind! Larger premises would take away the tourist appeal to some extent from watching production before buying. Page 70 Keeping in touch your agenda Both companies offer a quality service but in different ways Richer relies on the way he treats the customer, whereas Pret rely on their product quality. Any examples can be given here e.g. Volvo base theirs on driver and passenger safety features. Price, value for money, quality features, convenience, reliability, fashions or attractiveness may appear in the answer. Page 70 Rolys fudge your agenda Using margarine would compromise the quality of the product and take away their right to claim traditional as part of their selling point. Telling staff not to chat with customers would ruin the tourist attraction element and make customers reluctant to return, thereby lowering repeat business. Pre-packaged fudge, made out of sight, would make the product less appealing and spoil the day out with a souvenir feel, therefore lowering impulse buying. Plastic bags destroy the appeal of the product as a present and will lower sales again. The fun uniforms will make the visit more memorable for the tourist and probably result in recommendations to friends. The new font will add value to the product as it will be unique to their business and tourists will be even more inclined to take a souvenir. Flavours of the month, if advertised, will encourage repeat visits to but the specials a little bit like limited edition teddy bears. Using superior cocoa can be used as a selling point and encourage more sales. Adding value in this way may make it possible to charge higher prices. Enquiry 5 How is profit measured? Page 71 Kingfisher plc Your agenda 1 On the figures given, Kingfisher appears to have been successful. Over the five-year period: turnover increased by 52.6% operating profit increased by 108.9%. However, there is no direct evidence of the return to shareholders, and no comparison with other European volume retailers. 2 Although Next's profit margin is higher than Kingfisher's, this does not necessarily undermine Kingfisher's claim. In seeking a mass market Kingfisher may deliberately keep its profit margin low to increase sales, while Next's policy may be to raise its profit margin and accept a lower level of sales in its particular niche market. Page 72 Work in progress 1 Turnover 168,000 Cost of sales 109.000 Gross profit 59,000 Gross profit margin = gross profit x 100 = 35.1% turnover 2 Gross profit will have to cover her overhead expenses, e.g. rent, business rates, heating/lighting, interest charges, etc. 3 Other information needed: Changes in turnover, profit and costs from year to year. Some information on capital invested. Pages 73 Work in progress 1 Gross profit margin = 2.497 x 100 = 33.5% 7,458 Operating profit margin 637 x 100 = 8.5% 7,458 2 Selling expenses: Salaries of salespersons Advertising. Sales pamphlets and price lists Administration expenses: Salaries of office staff Heating and lighting for offices. Photocopying 3 The company will not be satisfied: It needs a positive operating profit to: Pay a dividend to its shareholders. Retain profit in the business for further investment. Pay any outstanding corporation tax liability. Page 75 Dart developments your agenda Dart Developments needed an overdraft facility because they were using their previously earned profits to plough back into each new development opportunity. Each new project required money to buy the property and more money to convert it to flats BEFORE it started earning any income. The problems occurred because they expanded too fast! They needed to wait for more of their income before starting a new venture so that they could generate their own capital. They did not have enough cash to pay immediate expenses or debts. PAGE  PAGE 6 Downloaded from the Nuffield Economics and Business website: www.necb.org CDO^n ) CDz!{!!!!!!!"" 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