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What is this link theory plz??
@MrA2Z said:
Congrats everybody, I have passed P6 and now affiliate.The link theory definitely works.
Kindly share with me how did u passed.. can u please personal message me.. i would b giving p2 in june..!!
@debbielynch said:
Passed with 71% on my first attempt – I am delighted! Three exams to go and I’ll be qualified. Thanks Chris for the brilliant lectures on how to answer section B of this paper. I thought I had done very badly but I used your technique and clearly it works!What a great analysis..!! Hope it helps me pass P5 in this first attempt?
@rohan300189 said:
Hello guys,I passed at 74 too in my 4th attempt. My score was 47, 38, 48 and then 74! The question is how??
Let me ask you a simple question- how many of you know exactly what’s going on with Sony, Twitter, Nokia, Tesco’s, Rio Tinto , Unilever in terms of their financial performance and strategy?? Most of you don’t, most of you can’t define what’s happening in real world and thats why you are here.as you are not fit to be a qualified ACCA and neither did I because I never cared enough about developing myself as a business professional. Senior managers and qualified accountants read business newspapers every day and if you ask them then they will be able to give you answers to my questions. I have full sympathy for those who don’t have guidance. Because best training providers fail to train candidates on most important aspects of P5.
Well guys let’s think this way.. Tesco is doing really bad – which it is at the very moment. CEO wants you as an advisor to evaluate how the business can turn around with an aim to maintain market share, profitability and customer satisfaction. (8 marks)
I use to answer and I know most of you guys would answer along the lines of 4 points mentioned below. I have then mentioned in brackets what examiner would want to see in your answer and why you don’t get 50%!
– Reduce cost. This will improve profitability.—— (But how? Where? What impact will this have?)
-Better marketing. This will improve market awareness amongst consumers and brand loyalty.—–(To target what/whom? What about cost implication? Is it necessary?)
-Improved stocks on shelves. To maintain customer satisfaction.—-(How? Do we have systems to do this? Will it improve customer satisfaction and if so why??
– Improve pricing, perhaps reduce the price. (What about margins? DO we have a plan to reduce costs too? What models can be used to close the gap? Should we source better cheaper supplier? If so will it reduce quality)If you answer all those questions in brackets above then you will be scoring at least 12-13 marks if questioned wasn’t capped at 8 marks. But instead majority of students give basic answers without a solution or further analysis into other things that affect businesses. The 4 points mentioned above will hardly fetch me 3 marks because all I have done is identified a strategy or solution to the problem. I haven’t analysed it . I haven’t provided how we can achieve it , neither have I given an example in relation to the company !!!
Now look at the model answer below( its brief but mentions all the points required to score full marks.Answer:
– Reduce Cost
[What]-Focus on cutting costs in areas not adding enough value in supply chain (0.5 mark). Example can be suppliers, logistics , staff , systems.(0.5 marks)
[How] There might be a need for an organisational restructure in reducing costs (0.5marks). Perhaps bring restructuring consultants specialised in the area (0.5marks)
[Risks/implications] Staff morale might reduce due to panic. Exercise to reduce cost might be costly in itself. (0.5marks) Perhaps involve staff in change management to avoid any demotivation.(0.5 marks)– Improved Marketing
[What] Target loyal customer in order to maintain market share. [0.5marks].Advertise more on loyalty cards and current offers through right channels of communication or maintain current client base. Advertise should be focused on comparisons of prices if new customers are to be attracted in order to improve or maintain market share.(0.5-1 mark).
[How]- We need to ensure that we have budgets for it or savings within other budgets of overall marketing budget.(0.5-1mark)
[Implication] There is always a risk that marketing might not be effective and might fail to win customers. To forecast check previous results and effectiveness of similar marketing campaigns.(1mark)– Improved stocks
[What] Improve stock positioning to push improved volumes. 0.5 mark
[How]. Improve stock positioning of items that are easy to sell (consumable like chocolates and drinks). Stop stocking slow moving brands as they might be a burden on supply chain.
Use better stocking systems or models that gives detailed analysis to purchasing manager.(1 mark)
[Implication] purchase items from better suppliers who provide good value for money. Stop stocking lower margin products. Improve the MI systems that give detailed view of stock and ensure that costs of this process improvement don’t exceed the benefits. 1 markGuys I have only spoken about 3 main points and applied simple elaboration rules (How, What, Why, Implications, Example) and I am already scoring 9-10 marks or more.
Sometimes students go blank during answering questions and can’t think of any ideas. The best thing to do is think of Mckinseys 7s( Systems , strategy , structure, staff , skills and style) They are all inter related. Changing one will have impact on all other S’s. For example change in systems means 1) u need to train staff for “skills”2) You might need a “restructure” and employ more people. 3) “Staff” will be worried of change etc. You will notice that similarly I have used many “S” in my answer on Tesco.
Final advise, please do enough questions 20-30 and just use your basic business sense but write slightly more sophisticated business language to explain simple points.
Don’t get too nervous. Nervousness is a killer! Use proper noise cancellation ear buds(not cotton buds!). It should be available online or pharmacy. Spend enough time reading questions and not giving an answer to different question.
When you start your exam just try to forget theory of every topic you learned instead try to plan answer in a way as if you own that business. Then think of models or techniques to apply , if you cant then its fine , just apply your common sense and you will notice that even without thinking of a model you actually applied a model unknowingly in your answer.
Best of Luck guys.
RohanWell looking into the comments i m litrally shocked as question 1 was fairly easier…onlt the last part of the question was a bit challenging..the rest question i found pretty fair..!!!
Obviously given the fact that Q1 was good , the rest part of the paper has to be pretty tough and challenging… i did Q3 and Q4..though i am nt very confident about the PART 2 of both the question…. i still feel that Q1 had easy marks to grab..!
The rest I believe that it is practically impossible to finish this paper on time, so just focus on puttIng as much marks in your pocket as possible!!!
Wishing some luck to happen …. so that i m able to pass it!!