spm Flashcards

Question

STRATEGIC

Answer 1

1. these are particular to an individual business 2. they will be hard to copy 3. they will be valued by the customer (CSF) 4. they will lead to competitive advantage. Example: A particular newspaper may be able to stand out from its rivals if it has an exclusive deal with the country's top sport star who will write a daily column on his/her sport

Answer 2

refer notes

Answer 3

Sustainable competitive advantages – The capabilities that allow an organisation to beat its competitors. These capabilities must meet the needs and expectations of its customers. Unique capabilities are not enough – they must be valued by the customers

Answer 4

[identify which activities within the firm are contributing to a competitive advantage and which are not]

Answer 5

Inbound logistics [receiving, storing and handling raw material inputs. For example, a just-in-time stock system could give a cost advantage] Operations transformation of the raw materials into finished goods and services. For example, using skilled craftsmen could give a quality advantage Outbound logistics storing, distributing and delivering finished goods to customers. For example, outsourcing delivering could give a cost advantage. Marketing and sales for example, sponsorship of a sports celebrity could enhance the image of the product Service all activities that occur after the point of sale, such as installation, training and repair. E.g., Marks & Spencer’s friendly approach to returns gives it a perceived quality advantage.

Answer 6

Firm infrastructure [structure] Technology development Human Resource Development [people] Procurement [purchasing]

Answer 7

refer notes

Answer 8

refer notes

Answer 9

Routes 1 and 2 are price-based strategies. 1 = no frills: Very price-sensitive customers. Simple products and services where innovation is quickly imitated – price is a key competitive weapon. Costs are kept low because the product/service is very basic. 2 = low price: Aim for a low price without sacrificing perceived quality or benefits. In the long-run, the low price strategy must be supported by a low cost base. 3 = hybrid strategy: Achieves differentiation, but also keeps prices down. This implies high volumes or some other way in which costs can be kept low despite the inherent costs of differentiation. Routes 4 and 5 are differentiation strategies. 4 = differentiation: Offering better products and services at higher selling prices. Products and services need to be targeted carefully if customers are going to be willing to pay a premium price. 5 = focused differentiation: Offering high perceived benefits at high prices. Often this approach relies on powerful branding. New ventures often start with focused strategies, but then become less focused as they grow and need to address new markets. 6, 7, 8 = failure strategies: Ordinary products and services being sold at high prices. Can only work if there is a protected monopoly. Some organisations try option 8 by sneakily reducing benefits while maintaining prices

Answer 10

Suitability whether the options are adequate responses to the firm’s assessment of its strategic position. Acceptability considers whether the options meet and are consistent with the firm’s objectives and are acceptable to the stakeholders Feasibility assesses whether the organisation has the resources it needs to carry out the strategy

Answer 11

Greiner's Growth Model is a framework that describes how organizations evolve over time and identifies five stages of growth that organizations typically go through. The five stages are: Growth through creativity: In this stage, the organization is typically small, with a flat organizational structure and an entrepreneurial culture. The focus is on developing new products or services and establishing a market niche. Growth through direction: As the organization grows, it becomes more complex, with a need for more formalized processes and structures. The focus is on creating more efficient operations and developing a more hierarchical organizational structure. Growth through delegation: In this stage, the organization becomes even more complex, with multiple layers of management and a greater focus on delegation of authority. The focus is on developing a more decentralized structure and improving communication within the organization. Growth through coordination: In this stage, the organization becomes even larger and more complex, with multiple business units and a need for greater coordination and integration. The focus is on improving coordination and communication between different parts of the organization. Growth through collaboration: In the final stage, the organization becomes highly complex, with a global reach and a focus on collaboration with external partners. The focus is on developing a collaborative culture and a strategic focus on innovation. Greiner's model suggests that each stage of growth is marked by a crisis that must be overcome in order to move to the next stage. By understanding the challenges and opportunities of each stage, organizations can better prepare for the future and manage growth more effectively

Answer 12

An entity might grow its business with its own resources, seeking to increase sales and profits each year Management can control the rate of growth more easily, and ensure that the entity has sufficient resources to grow successfully The biggest disadvantage is probably that there is a limit to the rate of growth a business entity can achieve with its internal resources. Rival firms might be able to grow much more quickly by means of mergers, acquisitions and joint ventures

Answer 13

An entity can grow quickly by means of mergers or acquisitions. Acquisitions are more common than mergers, but large mergers are possibly more significant, because they can create market leaders in their industry Growth by acquisition or merger is much faster than growth through internal development. An acquisition can give the buyer immediate ownership of new products, new markets and new customers, that would be difficult to obtain through internal development An acquisition might be expensive. The bid price has to be high enough to make the shareholders of the target company willing to sell their shares. The return on investment for the entity making the acquisition might therefore be very low

Answer 14

The franchiser grants a licence to the franchisee allowing the franchisee to use the franchiser’s name, goodwill and systems. The franchisee pays the franchiser for these rights and also for subsequent support services the franchiser may supply. Rapid expansion and increasing market share with relatively little equity capital. The franchisee provides local knowledge and unit supervision. The franchiser specialises in providing a central marketing and control function, limiting the range of management skills needed. The franchiser will seek to maintain some control or influence over quality and service from the centre but this will be difficult if the franchisee sees opportunities to increase profit by deviating from the standards which the franchiser has established.

Answer 15

Franchises and licenses are both business agreements in which certain brand aspects are shared in exchange for a fee. However, a franchising agreement pertains to a business’s entire brand and operations, while a licensing agreement only applies to registered trademarks. Licensing is a limited legal business relationship where a specific party is granted rights to use certain registered trademarks of a brand. The business relationship is between the licensor and licensee. To use the registered trademarks of another brand, the licensee pays the licensor an agreed-upon royalty fee. In general, licensing agreements are most often used by brands that are highly recognizable and marketable. For a licensing agreement to be beneficial to both parties, the business branding must already be successful and known by a large portion of buyers.

Answer 16

Joint Venture [two or more companies join together to collaborate on a particular project. They share resources, profits, losses and expense, and form a separate legal entity] - can share the set-up and running costs - can learn from each other - can focus on relative strengths - may reduce political or cultural risks - it is better than going it alone and then competing - can often lead to disputes may give access to strategic capabilities and eventually allow the partner to compete in core areas - there may be a lack of commitment from each party - requires strong central support which may not be provided

Answer 17

Strategic alliance [a co-operative business activity, formed by two or more separate organisations for strategic purposes, that allocates ownership, operational responsibilities, financial risks, and rewards to each member, while preserving their separate identity/ autonomy] Alliances can allow participants to achieve critical mass, benefit from other participants’ skills and can allow skill transfer between participants. The technical difference between a strategic alliance and a joint venture is whether or not a new, independent business entity is formed. Less risk – forming the alliance reduces the risk of the venture. Co-operative spirit – both companies must want to do this and be willing to co-operate fully. Results, milestones, methods and resource commitments must be clearly understood.

Answer 18

[rate of market growth: high] [relative market share: high] A star has a high relative market share in a high-growth market. This type of product may be in a later stage of its product life cycle. A star may be only cash-neutral despite its strong position, as large amounts of cash may need to be spent to defend an organisation’s position against competitors. Competitors will be attracted to the market by the high growth rates. Failure to support a star sufficiently strongly may lead to the product losing its leading market share position, slipping to the right in the matrix and becoming a problem child.

Answer 19

[rate of market growth: high] [relative market share: low] A problem child (sometimes called ‘question mark’) is characterised by a low market share in a high-growth market. Substantial net cash input is required to maintain or increase market share. The company must decide whether to do nothing – but cash continues to be absorbed – or market more intensively, or get out of this market. The questions are whether this product can compete successfully with adequate support and what that support will cost

Answer 20

[rate of market growth: low] [relative market share: high] A cash cow has a high relative market share in a lowgrowth market and should be generating substantial cash inflows. The period of high growth in the market has ended (the product life cycle is in the maturity or decline stage), and consequently the market is less attractive to new entrants and existing competitors. Cash cow products tend to generate cash in excess of what is needed to sustain their market positions. Profits support the growth of other company products. The firm’s strategy is oriented towards maintaining the product’s strong position in the market.

Answer 21

[rate of market growth: low] [relative market share: low] A dog product has a low relative market share in a lowgrowth market. Such a product tends to have a negative cash flow, that is likely to continue. It is unlikely that a dog can wrest market share from competitors. Competitors, who have the advantage of having larger market shares, are likely to fiercely resist any attempts to reduce their share of a low-growth or static market. An organisation with such a product can attempt to appeal to a specialised market, delete the product or harvest profits by cutting back support services to a minimum

Answer 22

A product’s place in the matrix is not fixed forever, as the rate of growth of the market should be taken into account in determining strategy. - Stars tend to move vertically downwards as the market growth rate slows, to become cash cows. - The cash that they then generate can be used to turn problem children into stars, and eventually cash cows.

Answer 23

Refer notes

Answer 24

[E-business includes all aspects of e-commerce, but also includes work flows and movements of information within an entity. Internal processes are driven by e-business methods as well as external relationships with customers, suppliers and other external stakeholders]

Answer 25

[Porter argued that two main factors determine the profitability of a business entity; structure of the industry in which it competes and ability of the entity to achieve a sustainable competitive advantage.]

Answer 26

[The internet has given companies an opportunity to sell their goods or services to a large number of customers, and to find new suppliers. Following are the main types of business models]

Answer 27

[Although many companies engage in some form of e-business, there are barriers to setting up e-business activities and maintaining them so that they remain an effective way of developing the business]

Answer 28

The internet encourages greater competition. Companies provide a large amount of information about themselves and their products on their websites.

Answer 29

In many industries, the barriers to entry have been lowered. By using the internet, new competitors can enter the market more quickly and more cheaply.

Answer 30

Suppliers are able to use the internet to increase the number of clients or customers for their products. As a result, the bargaining power of suppliers is likely to increase.

Answer 31

Customers are able to obtain information about the rival products of many different competitors by using search engine

Answer 32

(customers buying goods or services by placing an order on company's website)

Answer 33

These are websites where customers can auction goods for sale, and put in bids for auctioned items. eBay is perhaps the most wellknown example

Answer 34

ntermediary companies Their business is based on acting as agents for selling the (similar) products or services of a large number of different companies, and attracting customers to their website. (foodpanda, sastaticket.pk)

Answer 35

In some markets, businesses have created alliances with shared websites for selling their products to customers over a wider geographical area.

Answer 36

As well as creating larger markets for consumer goods and services, communicatio ns networks and computer systems have created new opportunities for businessto-business purchasing by linking up the computer systems of companies with those of their main suppliers.

Answer 37

The internet has also created new opportunities for advertising and marketing. Companies can advertise their products or services on search engines such as Google, or on the websites of other companies.

Answer 38

Promotion Opportunities are provided by the chance to send promotional messages by e-mail to potential customers.

Answer 39

Customer relationships The internet provides opportunities for companies to build customer relationships, for example by providing support, user forums and FAQ

Answer 40

Set-up costs. It can be fairly expensive for a small company to establish a website for selling its products and taking payment by credit card, debit card, Interswitch or PayPal

Answer 41

Type of business Some products and services are easier to sell on the internet than others

Answer 42

On-going operating costs. A website has to be updated frequently, to keep it interesting (and accurate), and it might be necessary to keep making special offers to encourage customers to revisit the site

Answer 43

Time to establish the system It takes time to establish a website that customers know about and want to visit.

Answer 44

No in-house skills A company might not employee individuals with the knowledge or skills to maintain a website.

Answer 45

The website must be easy to use. The user must be able to navigate through the site easily. Screens should also be visually attractive, to encourage users to browse through the site. Design features such as the ability to enlarge images of products, or obtain additional information about a product, may also be very useful. The system must allow users to interact with it, so that the users can choose their own route through the website easily. The website must be kept up to date. For example, the availability of products must be kept up to date. The website is an advertising medium as well as an electronic store. It can be designed in such a way that the user's attention is drawn to additional products. Website should be available all the time with least possible downtime. System must be integrated with all necessary functions of the department. The system must be able to reassure users that it is secure.

Answer 46

PRODUCT Some products sold on the internet can be customised so that they are constructed to the customer's specification. Additionally, products can be bundled, so that related products can be bought at the same time, perhaps at reduced prices.

Answer 47

PRICE This is more transparent on the internet and users can often compare prices easily. Some websites are specifically designed to compare prices

Answer 48

PLACE Some goods, such as music, video and software can be delivered over the internet.

Answer 49

PROMOTION Websites and e-mail are new ways of advertising goods and services. Buying space on the websites of other companies or on search engines such as Google can provide an opportunity for targeted promotion.

Answer 50

PHYSICAL ENVIRONMENT In terms of e-marketing, the design of a website is important, because visitors will not stay on a website if it is not attractive, difficult to navigate or fails to provide the information that visitors are looking for.

Answer 51

PEOPLE The internet does not involve people in marketing in the sense that customers are communicating by computer with a website.

Answer 52

PROCESS Buying goods or services by internet is a process, and the quality of this process is another element in the marketing mix for ebusiness. A sale must be followed up by an efficient delivery service.

Answer 53

INTERACTIVITY To interact with the customer through website. Getting visitors to the site to provide details about themselves (and agree to receive e-mails from the website owner in the future), perhaps in exchange for additional information or a free service. Getting visitors to buy a product or service and pay for it using the internet.

Answer 54

INTELLIGENCE The internet can be used as a relatively low-cost method of collecting market research data and data about customers and other visitors to a website. This data can be analysed to produce marketing information about what customers buy, and what information on a website interests them most.

Answer 55

INDIVIDUALISATION In traditional media the same message tends to be broadcast to everyone. Communication via the internet can be tailored or 'personalised' to the individual.

Answer 56

INTEGRATION The internet provides scope for integrated marketing communications. Many companies are now considering how they integrate email response and website call-back into their existing call-centre or customer service operation.

Answer 57

INDUSTRY STRUCTURE The internet can lead to a restructuring of the industry supply chain. Disintermediation is the removal of intermediaries such as distributors or agents: this occurs for example when a company starts selling directly to end-consumers through its website.

Answer 58

INDEPENDENCE OF LOCATION The internet introduces the possibility of increasing the impact of an entity on a global market. Users of a website cannot easily tell from the website whether it is owned by a small local company or a large multinational or global company. This gives small companies opportunities to sell into global markets.

Answer 59

E-Branding When an established company is planning to market its products by internet for the first time, it has to consider what to do about its brand identity. There are four choices. Duplicate its existing brand identity online. However, if the quality of the internet site is poor, the brand could be damaged. Extend the traditional brand by creating a slightly different version of the brand. For example, in the UK the BBC extended its name image to its online services, giving the new services the slightly different name of BBC Online. This allowed the useful associations of the BBC brand name to be retained, but also suggested to the customer that the services offered by BBC Online might be different Partner with an existing e-brand. For example, a chain of hotels could market itself online through an airline website and so associate the hotels with the airline brand name. Create a new brand for the web. The new brand name allows an entity to break free from the perceptions associated with the old brand name. The old brand might be perceived by customers as too traditional and if there is going to be a successful, dynamic presence on the web, a new brand is needed without associations of tradition and conservatism.

Answer 60

The purpose of customer relationship management (CRM) is to help companies to understand better the behaviour of their customers, and modify their marketing operations to service customers in the best way possible. Collect information for identifying individual customers and categorising their behaviour. Store the customer information and keep it up-todate. Access the information, often instantly, whenever it is needed. Analyse customer behaviour Use the analysis of customer behaviour to develop a more effective marketing strategy. Provide customers with a better experience when they contact the company. Customer service staff are able to provide this type of experience because they have access to customer's record and know their previous requirements. Monitor key customer management performance indicators, such as the number of customer complaints.

Answer 61

Big Data is the term used to describe huge volume of both structured and unstructured data that is so large it is difficult to process using traditional database and software techniques.

Answer 62

Velocity refers to the incredibly high speed that data is created, stored, analysed and visualised. - for example when you post a photo or comment on social media. The post becomes immediately available around the world to users using the same social media platform. The speed at which new data is generated across the globe is incredible. Variety refers to the wide range of data types and sources reflected within big data. Big data comprises largely unstructured data which requires a different approach and technique to store raw data. Furthermore, the wide variety of data facilitates new ways of thinking and analysing. Volume refers to the huge volumes of new data generated every second. All this new data needs processing, storing and to be made readily accessible for searching and analysing.

Answer 63

Veracity - data needs to be correct and error-free in order to be reliable and relevant. Variability - whilst big data reflects a wide range (variety) of sources its meaning can also vary widely depending on the context. Visualisation is particularly challenging as it refers to making the vast amount of data comprehensible in a manner that is easy to read and understand. Value - the huge volume of data that big data reflects is capable of creating huge value for organisations, societie

Answer 64

Creating transparency Improved accessibility for relevant stakeholders in a timely manner can create value. Enabling experimentation to discover needs, expose variability and improve performance Organisations are able to collect and analyse ever more accurate and detailed performance data on everything from personal sick days to product inventories. Segmenting populations to customise actions Big data enables highly specific segmentation to be developed to support tailored products and services that precisely meet those needs. Replacing/supporting human decision making with automated algorithms Sophisticated analytics can substantially improve decision making, minimise risks and unearth valuable insights that would otherwise remain hidden. Innovating new business models, products and services. Big data enables companies to enhance existing products, create new products and services and invent entirely new business models.

Answer 65

- Finance (bringing value to the organisation) - Real-time stock market insights (algorithm trading) - Financial modeling (predictive) - Customer analytics (understanding customer needs & preferences) - Risk Management and Fraud Detection - Analysing financial performance & growth

Answer 66

[Every product has a life cycle, and eventually even the most successful products reach the end of their economic life therefore its necessary to perform R&D and innovate]

Answer 67

Methods to innovate Product renewal Changing the design of a product can help to renew or prolong its life. Many products therefore undergo design changes during their life, in order to maintain or increase sales. Product adaptation Products can be adapted for a new market segment. For example, a product that is marketed successfully in the US might be adapted by its manufacturer for sale into Europe, where customer needs might be different from those of US customers. Developing new products New products are continually being invented and developed. Companies test them and some of them are successful Developing new technology From time to time, new technology becomes available that creates opportunities for new products and also for new ways of doing things.

Answer 68

A decision has to be made about how much in total to spend on R&D each year. The need for R&D spending will vary between different industries. High spending is needed in industries that are at the leading edge of scientific or technological developments. Within the overall spending programme for R&D, decisions must be made to allocate the spending between research and more specific project development. R&D strategy must allow for failures. Research might not lead to any specific product development. Development projects might fail. Successful development projects might happen only occasionally, and failures might be much more commo

Answer 69

- integrity (an accountant must be honest and straightforward in his professional and business dealings) - objectivity (an accountant must not allow his professional or business judgement to be affected by: bias (personal prejudice), conflicts of interest or undue influence from others) - professional competence and due care (duty to maintain his professional knowledge and skills at a level that enables him to provide a competent professional service to his clients or employer) - confidentiality (must respect the confidentiality of information obtained in the course of their work) - professional behaviour (accountants are required to observe relevant laws and regulations, and to avoid any actions that would discredit the accountancy profession)

Answer 70

- Self-interest threats, or conflicts of interest (when personal interests of accountant or close family member could be affected by accountant's the decisions or actions) - Self-review threats (responsible for reviewing some work or a judgement that he was responsible for originally.) - Advocacy threats (when an accountant promotes the point of view of a client. Acting as an advocate for the client can reach the point where the objectivity of the accountant is compromised) - Familiarity threats (knowing someone very well, possibly through a long association in business. The risk is that an accountant might become too familiar with a client - Intimidation threats (objectivity and independence is threatened by intimidation, either real or imagined)

Answer 71

Safeguards created by legislation, regulation or the accountancy profession The requirements for individuals to have education and training for membership of the professional body. The CPD requirements for qualified members, to ensure that they maintain a suitable level of competence. Corporate governance regulations, particularly those relating to auditing, financial reporting and internal control. Professional standards, such as IFRSs and auditing standards. Monitoring procedures and disciplinary procedures. External review by a legallyempowered third party.

Answer 72

Safeguards in the work environment a code of ethics for the company and suitable ethical leadership from senior management a sound system of internal control, with strong internal controls the application of appropriate policies and procedures procedures for identifying personal interests and family relationships whistle blowing procedures for reporting illegal/unethical behaviour

Answer 73

Stage 1. Recognise and define the ethical issues. Stage 2. Identify the threats to compliance. Stage 3. Assess the significance of the threats. Stage 4: If the threats are 'not significant', consider additional safeguards that could be used Stage 5. Re-assess the threats to compliance after additional safeguards. Do the additional safeguards eliminate the risk or reduce it to an insignificant level? Stage 6. Make the decision about what to do

Answer 74

When an ethical issue is involved, an accountant should carry out a mirror test. To carry out a mirror test, you have to answer basic questions about the ethics of a course of action. 1. Is it legal? If it is not legal, you should not be doing it. 2. What will other people think? Think about the opinion of people whose views matter to you, such as close family members or the media. 3. Even if the action is legal, it is ethically correct? A problem for accountants is often that an action is legal (or not illegal) but is nevertheless unethical and should be avoided

Answer 75

[means reporting illegal or improper behaviour]

Answer 76

Are all the facts correct? Could they have misinterpreted something or mistakenly drawn the wrong conclusion? Is there sufficient evidence to justify blowing the whistle? They should double-check they have thought about the situation objectively and with neutral emotion Consider discussing events in confidence with an independent confidential third party Think about the impact on the person's career and job Double-check company policy and whistleblowing procedures in the staff handbook. Establish whether there is scope to discuss events confidentially with the human resources department. Is there an internal audit department who could be made aware of relevant events and take ownership of reporting any issues? Consider if there is a legal obligation to report

Answer 77

When an individual reports concerns about illegal or unethical conduct, the individual is often victimised, by colleagues and management. Some individuals make allegations about colleagues or managers that are unfounded. The allegations might be made for reasons of malice and dislike, or because there has been an argument at work.

Answer 78

There is no standard format or content for a code of ethics, but a typical code contains general statements about ethical conduct by employees, and specific reference to company's dealings with each stakeholder group, such as employees, customers, shareholders and local communities.

Answer 79

General statements about ethical conduct A code of conduct should specify that compliance with local laws is essential. In addition, employees should comply with the policies and procedures of the company

Answer 80

Customers A code of ethics might include statements about: - fair dealing with customers - product safety and/or product quality - the truthfulness of advertisements - respect for the privacy of confidential information about each customer

Answer 81

Competitors A code of ethics might include statements about: - fair dealing with competitors - the use of techniques for obtaining information about competitors

Answer 82

Shareholders A code of ethics might not include much about shareholders, because the relationship between a company and its shareholders might be contained in a code of corporate governance that the company follows. The key issue with shareholders is to maintain and develop trust and confidence, which might be achieved through disclosure of information (openness and transparency).

Answer 83

CSR refers to the responsibilities that a company has towards society. It can be described as decision-making by a business that is linked to ethical values and respect for individuals, society and the environment.

Answer 84

The significance of CSR probably varies between different countries, but in some countries, particularly Europe and North America, companies are waking up to the strategic possibilities and strategic advantages of being an environmental-friendly company. Customers might be willing to pay more for environment-friendly and for ‘healthy food’.

Answer 85

The following steps might be taken by a company to implement a CSR policy:  It should decide its code of ethical values, and possibly publish these as a Code of Ethics. It should establish the company’s current position with regard to its CSR values, and decide the position it would like to reach.  The company should develop realistic targets and strategies for its CSR policies. These strategies should be implemented.

Answer 86

 An environmental footprint, also called an ecological footprint, means the impact that an entity has on the environment, in terms of raw materials, non-renewable resources that it uses to make its products or services and the quantity of wastes and emissions that it creates in the process.  There have been attempts to measure environmental footprint, using a common measure for all activities. It can be measured in terms of the area of productive land and aquatic ecosystems that have been used.  An environmental footprint for any economic activity or any company can therefore be measured in terms of hectares of productive land or aquatic ecosystems.

Answer 87

The effect on the environment of economic activities by individual companies may be measured in terms of emissions of carbon-based pollutants. Carbon neutrality exists when a company is able to counterbalance its use of carbon products, and particularly its carbon dioxide emissions, with activities that reduce the amount of carbon dioxide in the atmosphere.

Answer 88

Example: Environmental conscience: There are many examples of large environment conscious companies. One company has listed some of the initiatives it has taken to create a sustainable business as: - Setting a target of zero waste generation and zero waste emissions. - Conserving energy and resources such as oil, coal, natural gas, water and minerals - Recycling materials to reduce the need for disposals - Reducing packaging waste and developing new products and processes that reduce the environmental risks - Managing land efficiently to increase habitats for wild life - Making, using, handling and transporting materials safely and in an environment friendly way

Answer 89

Social footprint A social footprint is the effect of economic activity on society and people. In general, economic activity is seen as providing benefits for society, although some companies are much more ‘people-friendly’ than others. Companies might seek to measure the contribution of their activities towards society in terms of:  Total numbers employed or increase in the total number of employees  The proportion of the total work force employed in different parts of the world  The proportion of the total work force that is female or from different ethnic groups  Health and safety at work (for example, numbers of employees injured each year per 1,000 of the work force).

spm Flashcards

(115 cards)