[FREE] Chapter 8 Economics Test Answers
Macro-Economics Chapter 8 Review 1. Our solutions are written by Chegg experts so you can be assured of the highest quality! Expert Teachers at SamacheerKalvi. No, you would not raise the price. Your product is exactly the same as the product of the...
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You are on page 1of 7 Search inside document Answer to Self-test question 1 The major question is whether the current strategy of Cumulus will succeed, and whether the company will survive. If not, it should look for ways to either change its strategy or cancel the project entirely. The company is targeting customers who will rent large quantities of space in its centre.
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The big growth in demand could be for co-location services in cloud computing. The company hopes to attract customers by offering lower prices. London-based service providers can offer faster connectivity. This may be important for users with regular links to institutions in London's financial centre. Reductions in the physical size of storage may raise questions about whether a large centre will ever be filled to capacity. The slow uptake in demand for the services of the company suggests that sales revenue growth for Cumulus may be slow and insufficient for breakeven for quite a long time. Answer to Self-test question 2 Part a Political factors Planning approval — BWY requires planning approval from the relevant authorities to build houses on its land banks. Consequently, if planning regulations become stricter, it may become harder for BWY to get the approvals it needs.
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If it does not get planning approval to develop its land banks, its future revenues will fall. Social housing — Social housing could possibly be seen as a substitute to private housing, and it seems that BWY currently only builds properties for the private markets. Given the continued uncertainty over the state of the private housing market in Erewhon, BWY could consider tendering for social housing contracts, but this may not fit with its current strategy, of building higher-quality and more expensive housing than its competitors.
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Environmental policy — BWY has established a reputation as an environmentally friendly company. If the Government introduces any new building regulations or requirements, this may influence people to buy from BWY rather than competitors due to BWY's existing reputation. Incentives to boost the housing market — Although the scenario doesn't specifically mention any incentives, it is possible that the Government could take action to try to boost the housing market, for example by reducing the costs associated with moving house, such as stamp duty in the UK.
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Any such incentives which boost demand should help BWY increase revenues and, in turn, profitability. Economic factors Interest rates — Interest rates are a major influence on the demand for houses because they affect the cost of repaying a mortgage. Interest rates — and therefore the costs of servicing debt — are currently low by historical standards and so this might be expected to increase the demand for houses, and therefore BWY's profitability. Mortgage availability — However, at the same time, it has become harder for borrowers to obtain mortgages, as lenders have withdrawn some of their mortgage products.
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In turn, this has reduced demand in the private housing market. Economic slowdown and economic uncertainty — The general uncertainty around the state of the economy is also likely to reduce demand for housing. For example, unemployment, or the fear of unemployment, may make people reluctant to buy a new house. In this way, the level of economic growth and prosperity in Erewhon as a whole will affect both the demand for houses and their price. The current economic slowdown is likely to have reduced both demand and price, which will have an adverse impact on BWY's revenues and profits. Geographical variation — However, it is possible that the housing market is more buoyant in some areas of Erewhon than others.
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Variations in regional prosperity may influence demand and house prices in different locations, so it is possible that BWY's sales in some parts of Erewhon may continue to be more buoyant than in other parts of the country. Social factors Demographic trends — BWY builds a range of properties, from one bedroom apartments to five bedroom houses. The scenario does not provide any details about demographic trends in Erewhon but these are likely to affect demand for different types of houses.
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For example, an increase in people living alone rather than as families will increase the demand for properties overall, but this demand is likely to be for apartments or smaller houses at the expense of larger, family houses. However, we do not know the relative profitability to BWY of selling these different types of property. Social trends — The scenario identifies the split between the 'new build' housing market, and the secondary market. However, there is no indication as to how the relative popularity of the two markets is likely to vary in future, although a shift in trend for either 'new build' or older houses may affect pricing in the two markets separately.
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For example, if there is a relative increase in the demand for 'new build' houses, this should translate into an increased demand for BWY's properties and, in turn, lead to an increase in its profitability. Other social trends could also affect demand for BWY's properties; for example, if people are looking for houses in city centres compared to suburban or rural locations.
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Depending on how well the location of BWY's current developments matches with buyers' demands, this could either improve or reduce profits. Technological factors There is little indication in the scenario about how technological developments will affect BWY's future profitability, although it is possible that improvements in building technology may reduce costs and improve profitability overall. Part b BCG matrix — The BCG matrix considers two variables: market growth as an indicator of the stage of a market in its life cycle and relative market share as an indicator of a business unit's strength compared to the market leader. Market growth and attractiveness The BCG matrix normally assumes that the market growth indicates the attractiveness of an industry as a source of future profits, and the expected level of these future profits helps a company make market entry or exit decisions.
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However, where there is future uncertainty, as with the house-building market in Erewhon, it is not clear what the rate of market growth will be, particularly in the near future. Given the cyclical nature of demand in the industry, market growth is likely to vary over time, making it difficult to place a business unit in the matrix. Therefore, BWY would be classified as having a low market share, according to the matrix. Therefore, unlike many market leaders, PMN is unlikely to have a dominant effect on competitive conditions in the market.
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So, a comparison to the market leader as an indicator of market strength is not necessarily a very useful model in the housing industry. Nonetheless, in this instance, the indication that BWY will have low market strength seems justified. This may be because PMN sells its properties at below the market average prices. However, it could also reflect a difference in the product mix between the two companies, with BWY selling a greater proportion of larger, higher value properties. Although BWY charges 8. However, it is important to appreciate that these figures only relate to one year in isolation. To get a more representative picture of the performance of both companies, it is necessary to look at the equivalent figures for a number of years. Part c Although there is a high degree of uncertainty about the housing market in Erewhon in the next few years, it seems likely that BWY's opportunities for growth, if it continues to trade solely in Erewhon, will be limited.
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Shareholder expectations — BWY is a listed company, so it is possible that the directors are considering a new market strategy in response to pressure from the shareholders; for example, that shareholders want the company to show increased growth. In this context, it is important for the directors to consider the risks involved in the potential expansion, alongside the levels of return and growth it could generate.
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Market development — It appears that BWY's new strategy is based on a market development strategy. However, the fact that it has so far only built houses in a single market Erewhon suggests that, historically, it has only grown by market penetration. A market development strategy carries a higher level of potential risk but, equally, it could also bring greater rewards in terms of growth. Risk appetite — It is likely that BWY's different stakeholders will have different attitudes to risk. Equity investors will want to see a return on their investments, but their perspective to risk may differ from BWY's managers or employees. Therefore, the directors need to consider whether the strategy is consistent with the key stakeholders' attitudes to risk. It is important that any business strategy BWY chooses and subsequently the performance targets it sets is consistent with its attitude to risk.
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Shareholder returns — Any decision to expand into the neighbouring countries around Erewhon is likely to represent a major capital project for BWY. Before the decision is approved, though, the board will need to be satisfied that it will generate a positive return for the company. There is inevitably a degree of uncertainty over the returns the project will generate, and this needs to be reflected in the forecasts; for example, by reflecting the level of risk in the discount factors used to discount future cash flows. Before it decides to move into neighbouring countries, there are also a number of practical issues BWY needs to address in relation to current uncertainty around the proposal: Researching potential markets — The plan will be most successful if the property markets in some of the countries around Erewhon are more buoyant than Erewhon's own market. The scenario does not mention this, and the directors will need to research the market structure and growth potential of possible target countries before deciding to enter them.
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However, moving into a new country brings risks of its own, not least because it will mean that BWY has to manage operations in a new country which it has never done before. For example, there could be language and cultural differences between the two countries, which could mean the performance of the new venture is not as successful as BWY's directors had hoped. We might expect Flyway to achieve a relatively high margin because it appears to be pursuing a differentiation strategy. Capacity utilisation — By showing, on average, how full each airline's aircraft are, this indicator shows how well the airlines are using their asset base ie, their aircraft. Flyway and Sudland's performance is similar in this respect, but Eazee's is significantly better. This is likely to be because Eazee a low-cost airline is pursuing a cost leadership strategy. Flyway might consider reducing its prices to try to improve capacity utilisation, but it needs to do so in the context of its overall strategy.
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If it reduces prices too much, it may end up compromising the quality and service it offers to passengers, but these elements are crucial to its strategy as a differentiator. Revenue per staff member — This is an important measure in the context of the recent disputes over working conditions and pay. Flyway's staff appear to be performing better than Sudland's which, in turn, might strengthen their claims for a pay rise. The comparison between Flyway's and Eazee Air's performance for this measure may be less meaningful. Eazee outsources many of its activities, meaning its staff numbers will be significantly lower than Flyway, which carries out the corresponding activities in-house. Fuel costs — The board's interest in new fuel-efficient aircraft indicates that reducing fuel costs is an important concern for Flyway. Again, Eazee appears to be controlling its fuel costs better than Flyway or Sudland.
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This might be because it has more fuel-efficient planes, which would support the board's argument for Flyway investing in new aircraft. Alternatively, however, Eazee may have negotiated more favourable fuel contracts with its suppliers, or may be using lower grade fuel. Tutorial note: It is important to use fuel cost per seat kilometre as the performance indicator here rather than fuel cost per passenger kilometre, because we are looking to monitor the fuel efficiency of the aircraft, rather than the airline's ability to fill its aircraft with passengers.
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Part b Flyway's business strategy, as a premium airline, coupled with the difficult trading conditions, mean that it is increasingly important for Flyway to provide its customers with the best services and experiences possible, so that they choose to fly with it in preference to another carrier. Increasing the data it holds about customers, and potential customers should help Flyway's management make better decisions, and thereby should help the company achieve this. Detecting key trends — Analysing conversations on social media could help Flyway identify potential trends in customer demand; for example, if there are major events taking place in a particular destination, or if certain resorts are increasing or decreasing in popularity as holiday destinations.
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Being able to forecast demand more accurately — and almost in 'real time' — could help Flyway boost revenue, through applying dynamic pricing. For example, Flyway could keep prices high on flights which are going to be popular, but could reduce prices on flights which look like they are going to have a lower capacity utilisation in order to try to boost demand for those flights. Customer selection process — One of the key issues here is for airlines to understand the reason why potential customers have not completed their transaction — for example, this could be due to price, seat availability, difficulties in the booking process itself. In this respect, if Flyway was able to capture data about the stage in the booking process which causes potential customers to abandon their booking, it could then look at ways to tackle the problem — for example, if there was a confusing user interface on Flyway's website this could be amended to make booking easier.
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Equally, applying the 'velocity' aspect of Big data, if a customer abandons a transaction, and Flyway already has their contact details, the customer could immediately be sent an incentive to try to encourage them to complete the purchase. In-flight sales — Flyway currently offers a standard selection of in-flight products across all its flights. However, the amount of products it sells and therefore the amount of in-flight revenue it generates is likely to depend on how well the products offered meet customer needs. By analysing the purchasing patterns of different passengers or different types of passengers on different routes, Flyway could customise the range of products it offers on different flights, to focus on the products which are most likely to appeal to the passengers on a particular flight. Customer satisfaction — In the same way that conversations on social media could help to identify trends in demand, they could also help to indicate how satisfied customers are or aren't with their flights and the service they receive from Flyway.
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However, although knowing whether customers are satisfied or not is useful, perhaps the greater value will come from identifying any factors which are reducing satisfaction levels eg, comfort of the planes, quality of customer service received so that Flyway can then address the causes of any problems and take steps to improve its performance in those areas. Answer to Self-test question 4 Malvo Ltd Tutorial Note: The solution below is only a suggested solution showing some of the points you could have made. You may have thought of others — and in an exam situation you would receive credit for valid points you made, even if they are not included in the suggested solution. Quality of information In general terms, the dashboard data has two key benefits over the information previously available to Malvo's management: — It is available in real time, so managers can identify issues as they arise, rather than having to wait until the end of the week for the weekly summary to be available.
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