Академический Документы
Профессиональный Документы
Культура Документы
Description
2013 2014 2015 2016
Quick Ratio = Current Assets – Inventory 0.75 = 33961 - 9172 0.64 = 29434 - 8153 0.63 = 32042 - 8401 #DIV/0! = $0 - $0
Current Liabilities $32,895 $33,321 $37,517 $0
Industry Average 0.28 0.28 0.31 7.20
Variance 0.47 0.36 0.32 #DIV/0!
[Company Name]
Ratio Analysis
Inventory Turnover Ratio = Total Sales 9.99 = 91612 10.89 = 88785 10.65 = $89,469 #DIV/0! = $0
Inventory 9172 $8,153 $8,401 $0
Fixed Assets Turnover = Total Sales 3.22 = $91,612 3.34 = $88,785 3.25 = $89,469 #DIV/0! = $0
Ratio Fixed Assets $28,421 $26,567 $27,554 $0
Total Assets Ratio = Total Sales 0.69 = $91,612 0.72 = $88,785 0.68 = $89,469 #DIV/0! = $0
Total Assets $133,450 $123,992 $131,901 $0
Industry Average 0.72 0.72 0.72 2.00
Variance (0.03) (0.00) (0.04) #DIV/0!
[Company Name]
Ratio Analysis
Total Debt Ratio = Total Liabilities 46.13% = $61,566 48.40% = $60,006 49.98% = $65,920 #DIV/0! = $0
Total Assets $133,450 $123,992 $131,901 $0
Industry Average 2.00 2.00 2.00 2.00
Variance (1.54) (1.52) (1.50) #DIV/0!
Times-interest-earned (TIE) Ratio = Earnings Before Interest and Taxes (EBIT) 22.91964 = $10,268 29.38653 = $11,784 35.58523 = $12,526 #DIV/0! = $0
Interest Expense $448 $401 $352 $0
Debt/Equity Ratio = Total Liabilities 85.65% = $61,566 93.78% = $60,006 99.91% = $65,920 #DIV/0! = $0
Owners' Equity $71,884 $63,986 $65,981 $0
Industry Average 2.00 2.00 2.00 2.00
Variance (1.14) (1.06) (1.00) #DIV/0!
[Company Name]
Ratio Analysis
Return on Assets Ratio (ROA) = Net Income 11% = $14,456 7% = $9,066 6% = $8,531 #DIV/0! =
Average Total Assets $133,450 ### $131,901
Industry Average 100.00 100.00 100.00 100.00
Variance (99.89) (99.93) (99.94) #DIV/0!
Return on Equity Ratio (ROE) = Net Income 20% = $14,456 14% = $9,066 13% = $8,531 #DIV/0! =
Average Owners' Equity $71,884 $63,986 $65,981
Industry Average 100.00 100.00 100.00 100.00
Variance (99.80) (99.86) (99.87) #DIV/0!
Profit Margin Ratio = Net Income 16% = $14,456 10% = $9,066 10% = $8,531 #DIV/0! =
Total Sales $91,612 $88,785 $89,469
Industry Average 100.00 100.00 100.00 100.00
Variance (99.84) (99.90) (99.90) #DIV/0!
Basic Earnings Power Ratio = Earnings Before Interest and Taxes 8% = $10,268 10% = $11,784 9% = $12,526 #DIV/0! =
Total Assets $133,450 ### $131,901
Earnings per Share Ratio = Net Income #DIV/0! = $14,456 #DIV/0! = $9,066 #DIV/0! = $8,531 #DIV/0! =
Average Number of Common Shares $0 $0 $0
Industry Average 100.00 100.00 100.00 100.00
Variance #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Gross profit Ratio = SALES – COGS 48% = ### - ### 50% = ### - ### 51% = ### - ### #DIV/0! =
SALES $91,612 $88,785 $89,469
Industry Average 100.00 100.00 100.00 100.00
Variance (99.52) (99.50) (99.49) #DIV/0!
Operating profit Ratio = Earnings Before Interest and Taxes 11% = $10,268 13% = $11,784 14% = $12,526 #DIV/0! =
SALES $91,612 $88,785 $89,469
Industry Average 100.00 100.00 100.00 100.00
Variance (99.89) (99.87) (99.86) #DIV/0!
comments
[Company Name]
Ratio Analysis
Earnings per Share = Net Income #DIV/0! = $14,456 #DIV/0! = $9,066 #DIV/0! = $8,531 #DIV/0! = $0
(EPS) Ratio Average Number of Common Shares 0 0 0 0
Price to Earnings Ratio = Market Price per Share #DIV/0! = $68.80 #DIV/0! = $74.10 #DIV/0! = $74.66 #DIV/0! = $0.00
Earnings per Share #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Industry Average 2.00 2.00 2.00 2.00
Variance #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Price to Cash Flow = Market Price per Share #DIV/0! = $68.80 #DIV/0! = $74.10 #DIV/0! = $74.66 #DIV/0! = $0.00
Ratio Cash Flow per Share $0.00 $0.00 $0.00 $0.00
Payout Ratio = Dividends Paid 0.48 = $6,883.00 0.77 = $6,950.00 0.81 = $6,937.00 #DIV/0! = $0.00
Net Income $14,456.00 $9,066.00 $8,531.00 $0.00
Industry Average 2.00 2.00 2.00 2.00
Variance (1.52) (1.23) (1.19) #DIV/0!
[Company Name]
Ratio Analysis
annual growth in sales = pev. slaes-actual sales #DIV/0! = $91,612 - $0 -3.09% = $88,785 - $91,612 0.77% = $89,469 - $88,785 -100.00% = $0
(EPS) Ratio pev. Sales $0 $91,612 $88,785 $89,469
annual growth in net income = pev. net income-actual net income #DIV/0! = $14,456 - $0 -37.29% = $9,066 - $14,456 -5.90% = $8,531 - $9,066 -100.00% = $0
pev net income $0 $14,456 $9,066 $8,531
annual growth in devidens per share = pev. DPS-actual DPS #DIV/0! = $0 - $0 #DIV/0! = $0 - $0 #DIV/0! = $0 - $0 #DIV/0! = $0
pev. DPS $0 $0 $0 $0
Ratio Years
2014 2015 2016
Liquidity Ratios
Current Ratio times 1.03 0.88 0.85
Quick Ratio times 0.75 0.64 0.63
Asset Ratios
Inventory Turnover Ratio times 9.99 10.89 10.65
Fixed Assets Turnover Ratio times 3.22 3.34 3.25
Total Assets Ratio times 0.69 0.72 0.68
Debt Ratios
Total Debt Ratio % 46% 48% 50%
Times-interest-earned (TIE) Ratio times 22.92 29.39 35.59
Debt/Equity Ratio % 86% 94% 100%
Profitability Ratios
Return on Assets Ratio (ROA) % 11% 7% 6%
Return on Equity Ratio (ROE) % 20% 14% 13%
Profit Margin Ratio % 16% 10% 10%
Basic Earnings Power Ratio % 8% 10% 9%
Earnings per Share Ratio #DIV/0! #DIV/0! #DIV/0!
Gross profit Ratio % 48% 50% 51%
Operating profit Ratio % 11% 13% 14%
Market Ratios
Earnings per Share times #DIV/0! #DIV/0! #DIV/0!
Price to Earnings Ratio times #DIV/0! #DIV/0! #DIV/0!
Price to Cash Flow Ratio times #DIV/0! #DIV/0! #DIV/0!
Payout Ratio times 0.48 0.77 0.81
book value per share times 22.58 20.47 21.35
market /book value ratio times 3.05 3.62 3.50
Growth Ratios
annual growth in sales % #DIV/0! -3% 1%
annual growth in net income % #DIV/0! -37% -6%
annual growth in EPS % #DIV/0! -36% -5%
annual growth in devidens per share % #DIV/0! #DIV/0! #DIV/0!
strength weekeness
1
2
3
4
Years
2017 Industry healthy result
#DIV/0! high
#DIV/0! high
#DIV/0! high
#DIV/0! low
#DIV/0! high
#DIV/0! low
6% high
13% high
10% high
9% high
#DIV/0! high
51% high
14% high
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-100%
-100%
-100%
#DIV/0!
working capital
eness
marketing
A-customer analysis
1-examin customer needs and wants
2-analyzing consumer info.
3-customer survey
4-develop customer profile
5-devolp optimal market segmentaion strategy
B-selling product and services
1-advertising
2-sales promotion
3-publicity
4-personal selling
5-sales force management
6-customer relation
7-delar relation
C-product and service planning
1-test marketing
2-product and brand
3-positioning
4-devising warranties product development or diversification
5-packing
6-product option
7-feature
8-style
9-quality
9-dleting old product
10-provide customer service
D-pricing
affect pricing
1-consumers
2-governments
3-suppliers
4-distributers
5-competitors
E-distribution:
1-distribution coverage
2-retail site location
3-sales territories product development or forward integration
4-inventory levels and locations
5-transportation carriers
6-wholesaling and retails
F-market reseach:
gathering recording and analyzing data
G:cost benefits
assesing :
cost
benfits
risk
Marketing Audit
1.Are markets segmented effectively?
2.Is the organization positioned well among competitors?
3.Has the firm’s market share been increasing?
4.Are the distribution channels reliable & cost effective?
5.Is the sales force effective?
6.Does the firm conduct market research?
7.Are product quality & customer service good?
8.Are the firm’s products and services priced appropriately?
9.Does the firm have effective promotion, advertising, and publicity strategies?
10.Are the marketing, planning, and budgeting effective?
11.Do the firm’s marketing managers have adequate experience and training?
12.Is the firm’s Internet presence excellent as compared to rivals?
management
planning Beginning of management process
Bridge between present & future
Improves likelihood of attaining desired results
organizing
Achieves coordinated effort
Defines task & authority relationships
Determines who does what
Determines who reports to whom
motivating
Leadership
Group dynamics
Communication
Organizational change
staffing
Personnel management
Human resource management
controling
Establishing performance standards
Ensure actual operations conform to planned operations
Taking corrective actions
operation
Process
Capacity
Inventory
Workforce
Quality
Production/Operations Audit
•Are suppliers of materials, parts, etc. reliable and reasonable?
•Are facilities, equipment, machinery, and offices in good condition?
•Are inventory-control policies and procedures effective?
•Are quality-control policies & procedures effective?
•Are facilities, resources, and markets strategically located?
•Does the firm have technological competencies?
R&D
Development of new products beforecompetitors
Improving product quality
Improving manufacturing processes to reduce costs
These functions can be done internally or externally
Research & Development Audit
•Are the R&D facilities adequate?
•If R&D is outsourced, is it cost-effective?
•Are the R&D personnel well qualified?
•Are R&D resources allocated effectively?
•Are MIS and computer systems adequate?
•Is communication between R&D and other organizational units effective?
•Are present products technologically competitive?
Are strategists of the firm familiar with the information systems of rival firms?
Is the information system user-friendly?
Do all users understand the competitive advantages that information can provide?
Are computer training workshops provided for users?
Is the firm’s system being improved?
Core competencies
Distinctive competencies
Benchmarking
1. The company’s cost cutting
practices have reduced negative
net income from -$198 million in
January 2005 to -$42 million in 0.1 3 0.3
January 2007.
2. As of January 2007, there
are 296 stores open in US and
123 internationally and there are
plans to open additional 200 0.1 4 0.4
stores abroad.
Weaknesses
1. The company's stock has
tumbled from $50 per share to $
2.50 per share and most Wall
Street analysts recommend the 0.1 2 0.2
stock as a "strong sell."
TOTAL 1 2.63
PEST
Political, Governmental, and Legal Forces
Key
Special tariffs
Tax law changes
PAC’s
Voter participation rates
Regulation/deregulation
Environmental protection laws
Changes in patent laws
Equal employment legislation
Government subsidies
Number of patents
Import/export regulations
Global relationships
Political conditions
Location and severity of terrorist activity
Anti-trust enforcement
Economic Forces
Key
Trends in the dollar’s value
European Union
Layoffs
Economic standard of living
models
porter model
ndustry Analysis: Competitive Profile Matrix (CPM)
Porter 5 forces model
Key External Factors Weight Rating Weighted
Score
Opportunities
1. Economies in China and India grew 11.5 and 8
percent in 2007, and are expected to grow 8 and 7
percent respectively in next 5 years. 0.08 4 0.32
2. Weak US dollar makes US products and
technologies more affordable in Europe and Asia.
0.08 4 0.24
3. Popularity of premium coffee drinks and their 0.05 3 0.15
addition to fast food menus.
4. Growing popularity of canned coffee drinks, 0.05 4 0.2
especially in Japan and China.
5. The industry growth of 7.9 percent in last 5 0.12 3 0.36
years.
6. Consumers demand more foods made out of 0.04 3 0.12
organic products.
7. Increasing popularity of diets which do not place
strict limitations on lower fat, carbohydrate, and
sugar content. 0.04 3 0.12
8. An average diet costs of $85.79 per week is
substantially more than average food expense of
$54.44 0.04 4 0.16
9. E-commerce continues to grow, third quarter
sales in 2007 were $34.7 billion, a 3.6 percent
increase from the previous quarter. 0.05 3 0.15
Threats
1. Sluggish US economy is causing a decrease in 0.08 3 0.24
consumer spending.
2. Growing health concerns and correlation
between higher risk of diabetes and heart problems
caused by excessive weight.
0.07 4 0.28
3. The competitors' sales grew by an industry 0.05 4 0.2
average 7.90 percent in past five years.
4. Starbucks opened 2,199 new stores world wide 0.03 4 0.12
in 2006.
5. USDA is now projecting 2008 food prices could
increase as much as 4.5 percent, which is the top end
of their 3.5 percent to 4.5 percent projection.
0.08 3 0.24
6. The price increase in raw materials such as 0.05 3 0.15
sugar, coffee, wheat, cooking oil.
7. The energy prices are on constant rise and cause 0.04 4 0.16
increase in operational expenses.
8. Dunkin Donuts and other competitors diversified 0.05 3 0.15
their menus and beverages that they are offering to
their customers.
TOTAL 1 3.36
STRATEGIES
Vertical Integration Strategies (Gain Control Over: Distributors, Suppliers, Competitors)
1-Forward Integration(Gain Control Over ---Distributors, Retailers)
Guidelines
Current distributors – expensive or unreliable
Availability of quality distributors – limited
Firm competes in industry expected to grow markedly
Firm has both capital & HR to manage new business of distribution
Current distributors have high profit margins
2-Backward Integration (Ownership or Control -- Firm’s suppliers)
Guidelines
Current suppliers – expensive or unreliable
of suppliers is small; # competitors is large
High growth in industry sector
Firm has both capital & HR to manage new business
Stable prices are important
Current suppliers have high profit margins
3-Horizontal Integration (Ownership or Control --Firm’s competitors)
Guidelines
Gain monopolistic characteristics w/o federal government challenge
Competes in growing industry
Increased economies of scale – major competitive advantages
Faltering due to lack of managerial expertise or need for particular resource
2- Market Development (New Markets -- Present products/services to new geographic areas)
Guidelines
New channels of distribution – reliable, inexpensive, good quality
Firm is successful at what it does
Untapped/unsaturated markets
Excess production capacity
Basic industry rapidly becoming global
3- Product Development(Increased Sales -- Improving present products/services, Developing new prod
Guidelines
Products in maturity stage of life cycle
Industry characterized by rapid technological development
Competitors offer better-quality products @ comparable prices
Compete in high-growth industry
Strong R&D capabilities
2- Conglomerate Diversification(New & unrelated products/services)
Guidelines
Declining annual sales & profits
Capital & managerial ability to compete in new industry
Financial synergy between acquired and acquiring firms
Current markets for present products - saturated
3- Horizontal Diversification(New & unrelated products/services for current customers)
Guidelines
Adding new products/services would significantly increase revenues
Highly competitive and/or no-growth industry; low margins & returns
Current distribution channels can be used
New products have counter cyclical sales patterns
Defensive Strategies
1- Retrenchment: (Regrouping , Cost & asset reduction to reverse declining sales & profit)
Guidelines
Failed to meet objectives & goals consistency; has distinctive competencies
Firm is one of weaker competitors
Inefficiency, low profitability, poor employee morale, pressure for stockholders
Strategic managers have failed
Rapid growth in size; major internal reorganization necessary
2- Divestiture(Selling a division or part of an organization)
Guidelines
Retrenchment failed to attain improvements
Division needs more resources than are available
Division responsible for firm’s overall poor performance
Division is a mis-fit with organization
Large amount of cash is needed and cannot be raised through other sources
3- Liquidation: Selling , Company’s assets, in parts, for their tangible worth
Guidelines
Retrenchment & divestiture failed
Only alternative is bankruptcy
Minimize stockholder loss by selling firm’s assets
Marketing strategies:
Principles of defensive marketing warfare
1. Only the market leader should consider playing defense.
2. The best defensive strategy is the courage to attack.
3. Strong competitive moves should always be blocked.
Defensive strategies: For market leader
A) Position defense: of the current market (weakest way)
B) Mobile defense: market broadening, diversification into unrelated industries.
C) Flanking defense: Don't ignore secondary markets
D) Contraction defense: withdraw from segments &/or geographical regions which are most vulnerable
E) Pre-emptive defense: Striking first by first gathering information about the competitors and capitalizing on comp
F) Counter offensive attack: response after the attack by:
· Attack head on
· Attacker's flank
· Pincer movement
Offensive strategies: For market challenger
G)Frontal attacks: matching competitors in everything (should have superior resources & willing to persevere.
H)Flank attack: attack part of the market where the competitor is weak
I)Bypass attack: offer new type of product that makes the competitors product unnecessary
J)Encirclement: Encircles the competitor's position in terms of products or markets or both.
K)Guerrilla warfare: "Hit & Run", small intermittent assaults on different market segments (think of exit strategies)
Principles of guerrilla marketing warfare
1. Find a segment of the market small enough to defend.
2. No matter how successful you become, never act like the leader.
3. Be prepared to bugout at a moment’s notice.
ew geographic areas)
services, Developing new products/services)
rrent customers)
ning sales & profit)
re most vulnerable
titors and capitalizing on competitive advantage
s & willing to persevere.
ssary
both.
ments (think of exit strategies)
SWOT Matrix
SPACE Matrix
Steps required to develop a SPACE Matrix are as follows:
1-Select a set of variables to define the financial strength (FS),
competitive advantage (CA), environmental stability (ES), and industry
strength
2-Assign(IS).
a numerical value ranging from +1 (worst) to +6 (best) to each
of the variables that make up the FS and IS dimensions. Assign a
3-Compute an average score for FS, CA, IS and ES by summing the
values given to variables of each dimension and then by dividing by the
4-Plot the average scores for FS, IS, ES, and CA on the appropriate
axis in the SPACE Matrix.
5-Add the two scores on the x-axis and plot the resultant point on X.
Add the two scores on the y-axis and plot the resultant point on y.
6-Draw a directional vector form the origin of the space Matrix through
the new intersection point. The vector reveals the type of strategies
analysis
see charts
BCG Matrix
§Enhances multi-divisional firm in formulating strategies
§Autonomous divisions = business portfolio
§Divisions may compete in different industries
§Focus on market-share position & industry growth rate
Question Marks
§Low relative market share – compete in high-growth industry
§Cash needs are high
§Case generation is low
Stars
§High relative market share and high growth rate
§Best long-run opportunities for growth & profitability
Cash Cows
Dogs
§Low relative market share & compete in slow or no market growth
§Weak internal & external position
§Liquidation, divestiture, retrenchment