Fundamentals of Ethics, Corporate Governance and Business Law

Other pages in this section

| Fundamentals of Management Accounting | Fundamentals of Financial Accounting | Fundamentals of Business Mathematics | Fundamentals of Business Economics | Fundamentals of Ethics, Corporate Governance and Business Law |

Syllabus outline:

The syllabus comprises:

Topic and Study Weighting
A - Ethics and Business 15%
B - Ethical Conflict 10%
C - Corporate Governance 10%
D - Comparison of English Law with Alternative Legal Systems 10%
E - The Law of Contract 20%
F - The Law of Employment 10%
G - Company Administration and Finance 25%

Learning aims

Students should be able to:

• discuss the framework of professional values, ethics and attitudes for exercising professional judgement and acting in an ethical manner, that is in the best interests of society and the profession;
• explain the need to comply with the CIMA and IFAC ‘Codes of Ethics for Professional Accountants’;
• explain the importance of good corporate governance and the evolution of good practice;
• explain fundamental aspects of the organisation and operation of the English legal system and compare and contrast it with other legal systems;
• explain the elements of the tort of negligence and the manner in which the tort impacts upon professional advisers;
• explain the essential elements of a simple contract, what is regarded as adequate performance of the simple contract, and the remedies available to the innocent party in the event of a breach;
• explain the essential differences between sole traderships, partnerships and companies limited by shares;
• explain the way in which companies are administered, financed and managed;
• apply legal knowledge to solve business problems.

Note: Unless specifically mentioned, the English legal system will be the context for those parts of this syllabus that relate to the study of business law.

Assessment strategy

There will be a computer based assessment of two hours duration, comprising 75 compulsory questions, each with one or more parts.

A variety of objective test question styles and types will be used within the assessment.

Learning outcomes and indicative syllabus content

A. Ethics and Business – 15%

Learning outcomes

On completion of their studies students should be able to:

(i) apply the values and attitudes that provide professional accountants with a commitment to act in the public interest and with social responsibility;

(ii) explain the need for a framework of laws, regulations and standards in business and their application;

(iii) explain the nature of ethics and its application to business and the accountancy profession;

(iv) identify the difference between detailed rules-based and framework approaches to ethics;

(v) explain the need for continual personal improvement and life long learning;

(vi) explain the need to develop the virtues of reliability, responsibility, timeliness, courtesy and respect;

(vii) explain the ethical principles of integrity, objectivity, professional competence, due care and confidentiality;

(viii) identify concepts of independence, scepticism, accountability and social responsibility;

(ix) explain the reasons why CIMA and IFAC each have a ‘Code of Ethics for Professional Accountants’.

Indicative syllabus content

• Values and attitudes for professional accountants.
• Legal frameworks, regulations and standards for business.
• Nature of ethics and its relevance to business and the accountancy profession.
• Rules-based and framework approaches to ethics.
• Personal development and lifelong learning.
• Personal qualities of reliability, responsibility, timeliness, courtesy and respect.
• Ethical principles of integrity, objectivity, professional competence, due care and confidentiality.
• Concepts of independence, scepticism, accountability and social responsibility.
• The CIMA and IFAC ‘Codes of Ethics for Professional Accountants’.

B. Ethical Conflict – 10%

Learning outcomes

On completion of their studies students should be able to:

(i) explain the relationship between ethics, governance, the law and social responsibility;

(ii) describe the consequences of unethical behaviour to the individual, the profession and society;

(iii) identify situations where ethical dilemmas and conflicts of interest occur;

(iv) explain how ethical dilemmas and conflicts of interest can be resolved.

Indicative syllabus content

• Relationship between ethics, governance, the law and social responsibility.
• Unethical behaviour.
• Ethical dilemmas and conflicts of interest.

C. Corporate Governance – 10%

Learning outcomes

On completion of their studies students should be able to:

(i) define corporate governance;

(ii) explain the interaction of corporate governance with business ethics and company law;

(iii) describe the history of corporate governance internationally;

(iv) explain the effects of corporate governance on directors’ behaviour and their duties of skill and care;

(v) explain different board structures, the role of the board and corporate governance issues;

(vi) describe the types of policies and procedures that best practice companies introduce;

(vii) explain the regulatory governance framework for companies.

Indicative syllabus content

• The role and key objectives of corporate governance in relation to ethics and the law.
• Development of corporate governance internationally.
• The behaviour of directors in relation to corporate governance and duty of care towards their stakeholders.
• The role of the board in establishing corporate governance standards.
• Types of board structures and corporate governance issues.
• Policies and procedures for ‘best practice’ companies.
• Rules and principles based approaches to governance.
• The regulatory governance framework.

D. Comparison of English Law with Alternative Legal Systems - 10%

Learning outcomes

On completion of their studies students should be able to:

(i) explain the manner in which behaviour within society is regulated by the civil and the criminal law;

(ii) identify and explain the sources of English law;

(iii) illustrate the operation of the doctrine of precedent by reference to the essential elements of the tort of negligence and its application to professional advisers;

(iv) compare and contast the elements of alternative legal systems, Sharia Law and the role of international legal regulations.

Indicative syllabus content

• The sources of English law.
• The system of judicial precedent.
• The essential elements of the tort of negligence, including duty, breach and damage/loss/injury and the liability of professionals in respect of negligent advice.
• Alternative legal systems, including codified (civil law) systems, Sharia Law and international legal regulations

E. The Law of Contract - 20%

Learning outcomes

On completion of their studies students should be able to:

(i) identify the essential elements of a valid simple contract and situations where the law requires the contract to be in a particular form;

(ii) explain how the law determines whether negotiating parties have reached agreement and the role of consideration in making that agreement enforceable;

(iii) explain when the parties will be regarded as intending the agreement to be legally binding and how an agreement may be avoided because of misrepresentations;

(iv) explain how the contents and the terms of a contract are established and the possible repercussions of non-performance;

(v) explain how the law controls the use of unfair terms in respect of both consumer and non-consumer business agreements;

(vi) explain what the law regards as performance of the contract, and valid and invalid reasons for non-performance;

(vii) explain the type of breach necessary to cause contractual breakdown and the remedies which are available for serious and minor breaches of contract.

Indicative syllabus content

• The essential elements of a valid simple contract.
• The legal status of statements made by negotiating parties. Enforceable offers and acceptances, and the application of the rules to standard form contracts using modern forms of communication and the role of consideration.
• The principles for establishing that the parties intend their agreement to have contractual force and how a contract is affected by a misrepresentation.
• Incorporation of express and implied terms, conditions and warranties.
• The main provisions of sale of goods and supply of services legislation.
• The manner in which the law controls the use of exclusion clauses and unfair terms in consumer and non-consumer transactions.
• The level of performance sufficient to discharge contractual obligations.
• Valid reasons for non-performance by way of agreement, breach by the other party and frustration.
• The remedies of specific performance, injunction, rescission, and requiring a contract party to pay the agreed price.
• Causation and remoteness of damages, and their quantification.

F. The Law of Employment - 10%

Learning outcomes

On completion of their studies students should be able to:

(i) explain the difference between employees and independent contractors and how the contents of a contract of employment are established;

(ii) explain the distinction between unfair and wrongful dismissal;

(iii) demonstrate an awareness of how employers and employees are affected by health and safety legislation, including the consequences of a failure to comply.

Indicative syllabus content

• The tests used to distinguish an employee from an independent contractor.
• The express and implied terms of a contract of employment.
• Unfair and wrongful dismissal.
• An outline of the main rules relating to health and safety at work, sanctions on employers for non-compliance, and remedies for employees.

G. Company Administration and Finance - 25%

Learning outcomes

On completion of their studies students should be able to:

(i) explain the essential characteristics of the different forms of business organisations and the implications of corporate personality;

(ii) explain the differences between public and private companies and establishing a company by registration or purchasing “off the shelf”;

(iii) explain the purpose and legal status of the memorandum and articles of association;

(iv) explain the ability of a company to contract;

(v) explain the main advantages and disadvantages of carrying on business through the medium of a company limited by shares.

(vi) explain the use and procedure of board meetings and general meetings of shareholders;

(vii) explain the voting rights of directors and shareholders and identify the various types of shareholder resolutions;

(viii) explain the nature of different types of share, the procedure for the issue of shares, and acceptable forms of payment;

(ix) explain the maintenance of capital principle and the procedure to increase and reduce share capital, including the repercussions of issuing shares for an improper purpose;

(x) explain the ability of a company to take secured and unsecured loans, the different types of security and the registration procedure.

(xi) explain the procedure for the appointment, retirement, disqualification and removal of directors and their powers and duties during office;

(xii) explain the rules dealing with the possible imposition of personal liability upon the directors of insolvent companies;

(xiii) identify and contrast the rights of shareholders with the board of a company;

(xiv) explain the qualifications, powers and duties of the company secretary.

Indicative syllabus content

• The essential characteristics of sole traderships/practitionerships, partnerships, companies limited by shares and corporate personality.
• “Lifting the corporate veil” both at common law and by statute.
• The distinction between public and private companies.
• The procedure for registering a company, the advantages of purchasing a company “off the shelf”, and the purpose and contents of the memorandum and articles of association.
• Corporate capacity to contract.
• Board meetings: when used and the procedure at the meeting.
• Annual and Extraordinary General Meetings: when used and the procedure at the meeting including company resolutions and the uses of each type of resolution;
• The rights attaching to the different types of shares and the purposes and procedures for issuing shares.
• The maintenance of capital principle, the purposes and rules for which shares may be issued, redeemed or, purchased and the provision of financial assistance for the purchase of its own shares.
• The ability of a company to borrow money and the procedure to be followed.
• Unsecured loans, and the nature and effect of fixed and floating charges.
• The appointment, retirement and removal of directors and their powers and duties during office.
• Fraudulent and wrongful trading, preferences and transactions at an under-value.
• The division of powers between the board and the shareholders.
• The rights of majority and minority shareholders.
• The qualifications, powers and duties of the company secretary.

Fundamentals of Business Economics

Other pages in this section

| Fundamentals of Management Accounting | Fundamentals of Financial Accounting | Fundamentals of Business Mathematics | Fundamentals of Business Economics | Fundamentals of Ethics, Corporate Governance and Business Law |

Syllabus outline

The syllabus comprises:

Topic and Study Weighting
A - The Goals and Decisions of Organisations 20%
B - The Market System and the Competitive Process 30%
C - The Financial System 20%
D - The Macroeconomic Context of Business 30%

Learning aims

This syllabus aims to test student’s ability to:

• Distinguish the differing goals of organisations and identify how these differing goals affect the decisions made by managers;
• Illustrate how market economies function and identify the reasons for and impacts of government involvement in economic activities;
• Identify the role of financial institutions and markets in the provision of short and long term finance to individuals, businesses and governmental organisations;
• Identify how macroeconomic variables and government economic policies affect the organisation.

Assessment strategy

There will be a computer based assessment of 2 hours duration, comprising 75 compulsory questions, each with one or more parts.

A variety of objective test question styles and types will be used within the assessment.

Learning outcomes and indicative syllabus content

A. The Goals and Decisions of Organisations – 20%

Learning outcomes

On completion of their studies students should be able to:

(i) distinguish the goals of profit seeking organisations, not-for-profit organisations and governmental organisations;

(ii) compute the point of profit maximisation for a single product firm in the short run;

(iii) distinguish the likely behaviour of a firm’s unit costs in the short run and long run;

(iv) illustrate the effects of long run cost behaviour on prices, the size of the organisation and the number of competitors in the industry;

(v) explain shareholder wealth, the variables affecting shareholder wealth, and its application in management decision making;

(vi) identify stakeholders and their likely impact on the goals of not-for-profit organisations and the decisions of the management of not-for-profit organisations;

(vii) distinguish between the potential objectives of management and those of shareholders, and the effects of this principal-agent problem on decisions concerning price, output and growth of the firm.

(viii) describe the main mechanisms to improve corporate governance in profit seeking organisations.

Indicative syllabus content

• The forms of ownership of organisations by which we mean public, private and mutual, and their goals.
• Graphical treatment of short run cost and revenue behaviour as output increases (total revenue and total cost curves) and identification of point of short-run profit maximisation using graphical techniques and from data.
• Long run cost behaviour and the impact of economies and diseconomies of scale.
• Concept of returns to shareholder investment in the short run (ROCE and EPS) and long run (NPV of free cash flows) leading to the need for firms to provide rates of return to shareholders at least equal to the firm’s cost of capital.
• Calculation of impact on the value of shares of a change to a company’s forecast cash flows or required rate. Note: Calculations required will be either perpetual annuity valuations with constant annual free cash flows, or NPV calculations with variable cash flows over three years.
• Types of not-for-profit organisations (NPOs) and the status of economic considerations as constraints rather than primary objectives in the long run.
• Role of stakeholders in setting goals and influencing decisions in not-for-profit organisations (NPOs) and potential ways of resolving differing stakeholder demands.
• The principal-agent problem, its likely effect on decision-making in profit seeking and not-for-profit organisations (NPOs), and the concepts of scrutiny and corporate governance.

B. The Market System and the Competitive Process – 30%

Learning outcomes

On completion of their studies students should be able to:

(i) identify the equilibrium price in a product or factor markets likely to result from specified changes in conditions of demand or supply;

(ii) calculate the price elasticity of demand and the price elasticity of supply;

(iii) identify the effects of price elasticity of demand on a firm’s revenues following a change in prices;

(iv) explain market concentration and the factors giving rise to differing levels of concentration between markets;

(v) explain market failures, their effects on prices, efficiency of market operation and economic welfare, and the likely responses of government to these;

(vi) distinguish the nature of competition in different market structures;

(vii) identify the impacts of the different forms of competition on prices and profitability.

Indicative syllabus content

• The price mechanism: determinants of supply and demand and their interaction to form and change equilibrium price.
• The price elasticity of demand and its effect on firms’ revenues and pricing decisions.
• The price elasticity of supply and its impact on prices, supply and buyers’ expenditure.
• Business integration: mergers, vertical integration and conglomerates.
• Calculation of market concentration and its impact on efficiency, innovation and competitive behaviour.
• Impact of monopolies and collusive practices on prices and output and role of competition policy in regulating this.
• Factors causing instability of prices in primary goods markets (i.e. periodic and short run inelasticity of supply, the cobweb or hog cycle) and the implications of this for producer incomes, industry stability and supply and government policies to combat this (e.g. deficiency payments, set-aside, subsidies).
• Impact of minimum price (minimum wages) and maximum price policies in goods and factor markets.
• Positive and negative externalities in goods markets and government policies to deal with these (including indirect taxes, subsidies, polluter pays policies and regulation).
• Public assurance of access to public goods, healthcare, education and housing.
• Public versus private provision of services (nationalisation, privatisation, contracting out, public private partnerships).

C. The Financial System – 20%

Learning outcomes

On completion of their studies students should be able to:

(i) identify the factors leading to liquidity surpluses and deficits in the short, medium and long run in households, firms and governments;

(ii) explain the role of various financial assets, markets and institutions in assisting organisations to manage their liquidity position and to provide an economic return to holders of liquidity;

(iii) explain the role of insurance markets in the facilitation of the economic transfer and bearing of risk for households, firms and governments;

(iv) explain the role of the foreign exchange market and the factors influencing it, in setting exchange rates and in helping organisations finance international trade and investment;

(v) explain the role of national and international governmental organisations in regulating and influencing the financial system, and the likely impact of their policy instruments on businesses.

Indicative syllabus content

• The causes of short-term, medium term and long term lack of synchronisation between payments and receipts in households (i.e. month to month cash flow, short-term saving and borrowing, and longer term property purchases and pensions provision).
• The causes of short-term, medium term and long term lack of synchronisation between payments and receipts in firms (i.e. month to month cash flow management, finance of working capital and short-term assets and long term permanent capital).
• The causes of short-term, medium term and long term lack of synchronisation between payments and receipts in governmental organisations (i.e. month to month cash flow management, finance of public projects and long term management of the national debt).
• The principal contracts and assets issued by financial institutions and borrowers to attract liquidity in the short, medium and long term (e.g. credit agreements, mortgages, bills of exchange, bonds, certificates of deposit and equities).
• The roles and functions of financial intermediaries and the principal institutions and markets in the financial system.
• The influence of commercial banks on the supply of liquidity to the financial system through their activities in credit creation.
• Yield on financial instruments (i.e. bill rate, running yield on bonds, net dividend yield on equity), relation between rates, role of risk, the yield curve.
• Influence of central banks on yield rates through market activity and as providers of liquidity to the financial system.
• Principal insurance contracts available and basic operation of insurance markets including terminology (e.g. broking, underwriting, reinsurance).
• The role of foreign exchange markets in facilitating international trade and in determining the exchange rate.
• Effect of exchange rates on the international competitiveness of firms, including elementary foreign exchange translation calculations.
• Credit and foreign exchange risks of international trading firms and the use of letters of credit, export credit guarantees and exchange rate hedging to manage these risks.
• Influences on exchange rates: interest rates, inflation rates, trade balance, currency speculation.
• Governmental and international policies on exchange rates (i.e. exchange rate management, fixed and floating rate systems, single currency zones) and the implications of these policies for international business.

D. The Macroeconomic Context of Business – 30%

Learning outcomes

On completion of their studies students should be able to:

(i) explain macroeconomic phenomena, including growth, inflation, unemployment, demand management and supply-side policies;

(ii) explain the main measures and indicators of a country’s economic performance and the problems of using these to assess the wealth and commercial potential of a country;

(iii) explain the stages of the trade cycle, its causes and consequences, and discuss the business impacts of potential policy responses of government to each stage;

(iv) explain the main principles of public finance (i.e. deficit financing, forms of taxation) and macroeconomic policy;

(v) explain the concept of the balance of payments and its implications for business and for government policy;

(vi) identify the main elements of national policy with respect to trade, including protectionism, trade agreements and trading blocks;

(vii) identify the conditions and policies necessary for economic growth in traditional, industrial and post-industrial societies, and the potential consequences of such growth;

(viii) explain the concept and consequences of globalisation for businesses and national economies;

(ix) identify the major institutions promoting global trade and development, and their respective roles.

Indicative syllabus content

• National Income Accounting identity and the three approaches to calculation and presentation of national income (Output, Expenditure and Income).
• Interpretation of national income accounting information for purposes of time series or cross sectional evaluation of economic performance.
• The circular flow of income and the main injections and withdrawals.
• Illustration of changes to equilibrium level of national income using aggregate demand and supply analysis.
• Government macroeconomic policy goals (low unemployment, inflation, external equilibrium and growth) and the effects on business of the government’s pursuit of these.
• Types and consequences of unemployment, inflation and balance of payments deficits.
• The trade cycle and the implications for unemployment, inflation and trade balance of each stage (recession, depression, recovery, boom).
• Government policy for each stage of the business cycle and the implications of each policy for business.
• The central government budget and forms of direct and indirect taxation. Incidence of taxation (progressive, regressive) and potential impact of high taxation on incentives and avoidance.
• Fiscal, monetary and supply side policies, including relative merits of each.
• Layout of balance of payments accounts and the causes and effects of fundamental imbalances in the balance of payments.
• Arguments for and against free trade and policies to encourage free trade (e.g. bi-lateral trade agreements, multi-lateral agreements, free trade areas, economic communities and economic unions), and protectionist instruments (tariffs, quotas, administrative controls, embargoes)
• Principal institutions encouraging international trade (e.g. WTO/GATT, EU, G8)
• Nature of globalisation and factors driving it (e.g. improved communications, political realignments, growth of global industries and institutions, cost differentials).
• Impacts of globalisation (e.g. industrial relocation, emergence of growth markets, enhanced competition, cross-national business alliances and mergers, widening economic divisions between countries)
• Role of major institutions (e.g. World Bank, International Monetary Fund, European Bank) in fostering international development and economic stabilisation.

Fundamentals of Business Mathematics

Other pages in this section

| Fundamentals of Management Accounting | Fundamentals of Financial Accounting | Fundamentals of Business Mathematics | Fundamentals of Business Economics | Fundamentals of Ethics, Corporate Governance and Business Law |

Syllabus outline

The syllabus comprises:

Topic and Study Weighting
A - Basic Mathematics 15%
B - Probability 15%
C - Summarising and Analysing Data 15%
D - Inter-relationships between Variables 15%
E - Forecasting 15%
F - Financial Mathematics 15%
G - Spreadsheets 10%

Learning aims

This syllabus aims to test the student’s ability to:

• demonstrate the use of basic mathematics, including formulae and ratios;
• identify reasonableness in the calculation of answers;
• demonstrate the use of probability where risk and uncertainty exist;
• apply techniques for summarising and analysing data;
• calculate correlation coefficients for bivariate data and apply the technique of simple regression analysis;
• demonstrate techniques used for forecasting;
• apply financial mathematical techniques;
• apply spreadsheets to facilitate the presentation of data, analysis of univariate and bivariate data and use of formulae.

Assessment strategy

There will be a computer based assessment of 2 hours duration, comprising 45 compulsory questions, each with one or more parts.

A variety of objective test question styles and types will be used within the assessment.

Learning outcomes and indicative syllabus content

A Basic Mathematics - 15%

Learning outcomes

On completion of their studies students should be able to:

(i) demonstrate the order of operations in formulae, including brackets, powers and roots;

(ii) calculate percentages and proportions;

(iii) calculate answers to an appropriate number of decimal places or significant figures;

(iv) solve simple equations, including two variable simultaneous equations and quadratic equations;

(v) prepare graphs of linear and quadratic equations.

Indicative syllabus content

• Use of formulae, including negative powers as in the formula for the learning curve.
• Percentages and ratios.
• Rounding of numbers.
• Basic algebraic techniques and solution of equations, including simultaneous equations and quadratic equations.
• Manipulation of inequalities

B Probability - 15%

Learning outcomes

On completion of their studies students should be able to:

(i) calculate a simple probability;

(ii) demonstrate the addition and multiplication rules of probability;

(iii) calculate a simple conditional probability;

(iv) calculate an expected value;

(v) demonstrate the use of expected value tables in decision making;

(vi) explain the limitations of expected values;

(vii) explain the concepts of risk and uncertainty.

Indicative syllabus content

• The relationship between probability, proportion and percent.
• Addition and multiplication rules in probability theory.
• Venn diagrams.
• Expected values and expected value tables.
• Risk and uncertainty.

C Summarising and Analysing Data - 15%

Learning outcomes

On completion of their studies students should be able to:

(i) explain the difference between data and information;

(ii) identify the characteristics of good information;

(iii) tabulate data and prepare histograms;

(iv) calculate for both ungrouped and grouped data: arithmetic mean, median, mode, range, variance, standard deviation and coefficient of variation;

(v) explain the concept of a frequency distribution;

(vi) prepare graphs/diagrams of normal distribution, explain its properties and use tables of normal distribution;

(vii) apply the Pareto distribution and the ‘80:20 rule’.

(viii) explain how and why indices are used;

(ix) calculate indices using either base or current weights;

(x) apply indices to deflate a series.

Indicative syllabus content

• Data and information.
• Tabulation of data.
• Graphs and diagrams: scatter diagrams, histograms, bar charts and ogives.
• Summary measures of central tendency and dispersion for both grouped and ungrouped data.
• Frequency distributions.
• Normal distribution, the Pareto distribution and ‘80:20 rule’.
• Index numbers

D Inter-relationships between Variables - 15%

Learning outcomes

On completion of their studies students should be able to:

(i) prepare a scatter diagram;

(ii) calculate the correlation coefficient and the coefficient of determination between two variables;

(iii) calculate the regression equation between two variables;

(iv) apply the regression equation to predict the dependent variable, given a value of the independent variable.

Indicative syllabus content

• Scatter diagrams and the correlation coefficient.
• Simple linear regression.

E Forecasting - 15%

Learning outcomes

On completion of their studies students should be able to:

(i) prepare a time series graph;

(ii) identify trends and patterns using an appropriate moving average;

(iii) identify the components of a time series model;

(iv) prepare a trend equation using either graphical means or regression analysis;

(v) calculate seasonal factors for both additive and multiplicative models and explain when each is appropriate;

(vi) calculate predicted values given a time series model;

(vii)identify the limitations of forecasting models.

Indicative syllabus content

• Time series analysis – graphical analysis.
• Trends in time series – graphs, moving averages and linear regression.
• Seasonal variations using both additive and multiplicative models.
• Forecasting and its limitations.

F Financial Mathematics - 15%

Learning outcomes

On completion of their studies students should be able to:

(i) calculate future values of an investment using both simple and compound interest;

(ii) calculate an annual percentage rate of interest given a monthly or quarterly rate;

(iii) calculate the present value of a future cash sum using formula and CIMA Tables;

(iv) calculate the present value of an annuity and a perpetuity using formula and CIMA Tables;

(v) calculate loan/mortgage repayments and the value of the loan/mortgage outstanding;

(vi) calculate the future value of regular savings and/or the regular investment needed to generate a required future sum using the formula for the sum of a geometric progression;

(vii) calculate the net present value (NPV) and internal rate of return (IRR) of a project and explain whether and why it should be accepted;

Indicative syllabus content

• Simple and compound interest.
• Annuities and perpetuities.
• Loans and mortgages.
• Sinking funds and savings funds.
• Discounting to find NPV and IRR and interpretation of NPV and IRR.

G Spreadsheets - 10%

Learning outcomes

On completion of their studies students should be able to:

(i) explain the features and functions of spreadsheet software;

(ii) explain the use and limitations of spreadsheet software in business;

(iii) apply spreadsheet software to the normal work of a Chartered Management Accountant.

Indicative syllabus content

• Features and functions of commonly-used spreadsheet software: workbook, worksheet, rows, columns, cells, data, text, formulae, formatting, printing, graphics and macros. Note: Knowledge of Microsoft Excel type spreadsheet vocabulary/formulae syntax is required. Formulae tested will be that which is constructed by users rather than pre-programmed formulae.
• Advantages and disadvantages of spreadsheet software, when compared to manual analysis and other types of software application packages.
• Use of spreadsheet software in the day-to-day work of the Chartered Management Accountant: budgeting, forecasting, reporting performance, variance analysis, what-if analysis, discounted cashflow calculations.
  

Fundamentals of Financial Accounting

Other pages in this section

| Fundamentals of Management Accounting | Fundamentals of Financial Accounting | Fundamentals of Business Mathematics | Fundamentals of Business Economics | Fundamentals of Ethics, Corporate Governance and Business Law |

Syllabus outline

The syllabus comprises:

Topic and Study Weighting
A - Conceptual and Regulatory Framework 20%
B - Accounting Systems 20%
C - Control of Accounting Systems 15%
D - Preparation of Accounts for Single Entities 45%

Learning aims

This syllabus aims to test the student’s ability to:

• explain the conceptual and regulatory framework of accounting;
• explain the nature of accounting systems and understand the control of such systems;
• prepare and interpret accounts for a single entity;
• calculate and interpret simple ratios.

Note:
This syllabus deals with the recording of accounting transactions and the preparation of accounting statements for single entities. Students will be required to be aware of the format and content of published accounts but are not required to prepare them. No knowledge of any specific accounting treatment contained in the International Financial Reporting Standards (IFRSs) - including the International Accounting Standards (IASs), - is necessary, except in terms of how they influence the presentation of financial statements. IAS 1 and IAS 7 formats will form the basis of those statements. The terminology used for all entities will be that seen in the International Finanical Reporting Standards. This will enable students to use a consistent set of accounting terms throughout their studies.

Assessment strategy

There will be a computer-based assessment of 2 hours duration, comprising 50 compulsory questions, each with one or more parts.

A variety of objective test question types and styles will be used within the assessment.

Learning outcomes and indicative syllabus content

A Conceptual and Regulatory Framework – 20%

Learning outcomes

On completion of their studies students should be able to:

(i) identify the various user groups which need accounting information and the qualitative characteristics of financial statements;

(ii) explain the function of and differences between financial and management accounting systems;

(iii) identify the underlying assumptions, policies and changes in accounting estimates;

(iv) explain and distinguish capital and revenue, cash and profit, income and expenditure, assets and liabilities;

(v) identify the difference between tangible and intangible assets;

(vi) explain the historical cost convention;

(vii) identify the basic methods of valuing assets on current cost, fair value and value in use bases, and their impact on profit measures and balance sheet values;

(viii) explain the influence of legislation (e.g. Companies Acts, EC directives) and accounting standards on the production of published accounting information for organisations.

Indicative syllabus content

• Users of accounts and the objectives and the qualitative characteristics of financial statements; functions of financial and management accounts; purpose of accounting statements; stewardship; the accounting equation.
• Underlying assumptions; policies; changes in accounting estimates; capital and revenue; cash and profit; income, expenditure, assets and liabilities.
• Tangible and intangible assets.
• Historical cost convention.
• Methods of asset valuation and their implications for profit measurement and the balance sheet.
• The regulatory influence of company law and accounting standards; items in formats for published accounts.

B Accounting Systems – 20%

Learning outcomes

On completion of their studies students should be able to:

(i) explain the purpose of accounting records and their role in the accounting system;

(ii) prepare cash and bank accounts, and bank reconciliation statements;

(iii) prepare petty cash statements under an imprest system;

(iv) prepare accounts for sales and purchases, including personal accounts and control accounts;

(v) explain the necessity for financial accounting codes and construct a simple coding system;

(vi) prepare nominal ledger accounts, journal entries and a trial balance;

(vii) prepare accounts for indirect taxes;

(viii) prepare accounts for payroll.

Indicative syllabus content

• The accounting system and accounting records.
• Ledger accounts; double-entry bookkeeping.
• Preparation of accounts for cash and bank, bank reconciliations, imprest system for petty cash.
• Accounting for sales and purchases, including personal accounts and control accounts.
• Financial accounting codes and their uses.
• Nominal ledger accounting, journal entries.
• Trial balance.
• Accounting for indirect taxes e.g. value added tax (VAT).
• Accounting for payroll.

C Control of Accounting Systems – 15%

Learning outcomes

On completion of their studies students should be able to:

(i) identify the requirements for external audit and the basic processes undertaken;

(ii) explain the purpose and basic procedures of internal audit;

(iii) explain the meaning of fair presentation;

(iv) explain the need for financial controls;

(v) explain the purpose of audit checks and audit trails;

(vi) explain the nature of errors, and be able to make accounting entries for them;

(vii) explain the nature of fraud and basic methods of fraud prevention.

Indicative syllabus content

• External audit and the meaning of fair presentation.
• Internal audit.
• Financial controls, audit checks on financial controls, audit trails.
• Errors and fraud.

D Preparation of Accounts for Single Entities – 45%

Learning outcomes

On completion of their studies students should be able to:

(i) prepare accounts using accruals and prepayments;

(ii) explain the difference between bad debts and allowances for receivables;

(iii) prepare accounts for bad debts and allowances for receivables;

(iv) calculate depreciation;

(v) prepare accounts using each method of depreciation and for impairment values;

(vi) prepare a non-current asset register;

(vii) prepare accounts for inventories;

(viii) prepare income statements, statement of changes in equity and balance sheets from trial balance;

(ix) prepare manufacturing accounts;

(x) prepare income and expenditure accounts;

(xi) prepare accounts from incomplete records;

(xii) interpret basic ratios;

(xiii) prepare cash-flow statements.

Indicative syllabus content

• Adjustments to the trial balance; accruals and prepayments.
• Bad debts and allowances for receivables.
• Accounting treatment for depreciation (straight line, reducing balance and revaluation methods) and impairment.
• Non-current asset register.
• Accounting for inventories (excluding construction contracts); methods of inventory valuation (FIFO, LIFO and average cost).
• Income statements and balance sheets from trial balance; statement of changes in equity.
• Manufacturing accounts.
• Income and expenditure accounts.
• Production of accounting statements from incomplete data.
• Ratios: return on capital employed; gross and net profit margins; asset turnover; trade receivables collection period and trade payables payment period; current and quick ratios; inventory turnover; gearing.
• Cash-flow statements.

http://archive.gulfnews.com/articles/07/08/03/10143806.html

Murdoch's Wall Street Journal Strategy

What is Murdoch's mission?

By Aline van Duyn and Joshua Chaffin, Financial Times Published: August 02, 2007, 23:15

Four days after Rupert Murdoch made front-page news around the world through his bid to buy Dow Jones and its Wall Street Journal newspaper, the mogul was standing before 60 of his most senior executives. The meeting in early May at a plush Californian resort, not far from his own ranch near Carmel, was called to discuss opportunities for news businesses - from print to television - in an age of increasing digital distribution of content. Murdoch opened the session by asking his troops to raise their hand if they knew how news would work in an age dominated by the internet. None shot up. Murdoch's next instruction was: let's find some answers. The 76-year-old founder of News Corp - the global media group worth some $68 billion that he built up from the small Australian newspaper company he inherited over 50 years ago - has just doubled his bet that he can figure out how to make money from traditional media in a digital age. In a departure from his previous strategy of adding digital expertise through acquisitions such as MySpace, the social networking site he took over in 2005 for $580 million and which has become one of the world's most popular web destinations, he is instead paying nine times as much to buy one of the biggest companies in the slow-growing US newspaper sector. Counter-intuitive investment The $5 billion move is a counter-intuitive investment in an industry on which many investors have given up. Recent auctions of other American dailies have drawn few bidders and trading statistics have been grim. In May, compared with a year earlier, advertising revenue for US newspaper companies fell by more than 9 per cent - the worst month ever in a non-recession period. Classified advertising - from jobs to property - is shifting to the internet at a faster pace than ever, while profit margins are being squeezed because so many costs - such as paper and printing presses - are fixed. News Corp was built on newspapers, first in Australia and then in the UK and the US, but these now form a small part of a group that includes not only MySpace but 20th Century Fox studios, the biggest group of US television stations, satellite broadcasters in the UK and Italy, and book publishing. Still, the newspaper division gives Murdoch enormous visibility and provides political clout. Yet the purchase of Dow Jones is less of a bet on newspapers than a move by Murdoch to acquire content that he can then use across the many different media sectors in which he plays: print, television and, increasingly, the internet. The financial news and information that Dow Jones produces is regarded as more valuable than the general news on which many newspapers survive, both in its importance to trading and business decisions and in the appeal to advertisers of its readers, who are generally well-educated and wealthy. Despite Murdoch's long newspaper history, buying Dow Jones takes him for the first time into the financial information business. Overall, demand for such information is expected to grow, fuelled by the growth of financial assets themselves. In one estimate, the McKinsey Global Institute says financial assets worldwide will be worth $214,000 billion by 2010, up from $140,000 billion in 2005. To manage these assets, the need for accurate, fast and in-depth financial information will grow around the world, especially in Asia - and, although individuals are used to getting information for free on the web, businesses do pay for information. Many continue to do so, especially when gaining access to information faster, or being able to analyse market trends better, gives users an edge over rivals and makes them money. Overall growth In spite of the overall growth in demand, consolidation in financial services, as well as the growing competitive pressure as more information becomes freely available on the internet, isprompting tie-ups across the information industries. Just days after Murdoch confirmed he had bid for Dow Jones, Reuters and Thomson announced a $17 billion merger, aimed at dominating the marketfor electronically distributed information. Murdoch's decisions are not all likely to be driven by short-term commercial factors: many of his newspapers operate at a loss and he is expected to invest and expand with a longer-term perspective in mind. Murdoch's efforts to prove there is an attractive business model for an operation such as Dow Jones in the face of such pressures will be taking place amid intense scrutiny. The biggest sticking point during the three-month negotiations with the Bancroft family, which has controlled Dow Jones since 1902, revolved around Murdoch's record of a hands-on editorial approach, which he has displayed in particular with tabloid papers such as the New York Post and The Sun. One point on which most observers agree is that the issue is no esoteric nicety but is instead core to the future value of Dow Jones. Indeed, a special editorial committee has been set up, intended to curb any unwanted pressure Murdoch might be tempted to put on the Journal's reporters and editors. But Murdoch will have full power over its business efforts. That in itself should be enough to ensure he continues making headlines, even without dictating them to his editors.

不过，除了那些主体计划，细节问题仍不清楚。例如，新闻集团可能极为迅速和轻松地扩大《华尔街日报》在海外的影响力，只需将其品牌文章刊登在该集团在欧洲和亚洲报纸的商业版上。 有一个迫切问题涉及到互联网战略：具体地讲，就是默多克是否会放弃《华尔街日报》网络版(WSJ.com)的订费。这个网站拥有逾90万的订户，已成为可以令用户心甘情愿地为其内容付费的少数网站之一。然而，批评人士辩称，通过施行网站免费制，《华尔街日报》可能大幅增加网站流量及相关广告收入。默多克已表示，这两种方式各有优点。 默多克还将解决道琼斯与CNBC的关系。CNBC是通用电气(GE)旗下NBC环球(NBC Universal)所拥有的有线商业网络。他已经盯上了CNBC每年通过广告和有线及卫星公司收费，创造的6亿美元收入，并将于10月份推出一个竞争网络——福克斯商业网(Fox Business Network)。 新闻集团做这笔交易的根本原因之一，在于《华尔街日报》能够立刻给这个商业频道带来可信度。对于新闻集团拥有道琼斯可能造成的潜在威胁，通用电气和培生集团(Pearson)（英国《金融时报》的所有者）探讨了联手发起一次竞购的可能性，但最终认为，它们无法与默多克提出的65%的溢价相匹敌。 NBC环球首席执行官杰夫•朱克(Jeff Zucker)表示，CNBC将不会轻视这个新对手。他最近向英国《金融时报》表示：“在福克斯新闻频道(FOX News Channel)进入市场时，美国有线新闻网络(CNN)犯下了错误，我们不会犯同样的错误，也不会忽略这些问题。我们不会忽略，也不会向它们屈服。我们会做好准备，我认为我们已经准备好了。” 培生集团首席执行官玛乔丽•斯卡尔迪诺(Marjorie Scardino)上周表示，任何明智的商人永远都不会对竞争者掉以轻心，我们当然也不会。她还表示，对于《华尔街日报》而言，英国《金融时报》集团拥有“继续作为一个竞争者的规模和战略”，而且正在寻求一种“完全不同的战略”，目标是全球富裕读者市场，而不是大众读者群。 在默多克谋划他的战略时，竞争环境也在发生变化。天平的一端是彭博社(Bloomberg)和路透，它们对信息收取高额订金。（道琼斯曾在这一领域拥有巨大影响力，但在20世纪90年代，彭博社取代了道琼斯的领先地位。）另一端是非专业的普通报纸，它们在尝试使用免费的互联网模式，旨在赢得吸引广告客户的受众。 专业的商业模式和消费者商业模式都在进化。例如，彭博社和路透就通过在线广告资金的支持，日益追逐消费者受众。在日流量计算，雅虎财经(Yahoo Finance)等网站主宰了在线金融新闻领域。市场的某些领域（比如美国的理财经理人）正日益倾向从此类网站上获取免费信息，而不是为其付费。维尼格表示：“新闻和信息的大宗化在不断发展。” 如何处理这种大宗化，将是默多克在道琼斯及其日常业务中面临的问题。《华尔街日报》前任执行总编辑蒲思鼎(Norman Pearlstine)表示，默多克几年前就告诉他，如果他收购这家报纸，“就会停掉其它所有事情，专门在它身上花一年时间”。 然而，对报纸公司而言，彻底改造商业模式所需的时间可能不只一年——高盛(Goldman Sachs)分析人士最近预计，至少需要5年的过渡期，这个行业才能获得足够的数字收入，来弥补印刷产品（收入）的下滑。 默多克要努力证明，面临如此压力，对于像道琼斯这样的业务，存在一种吸引人的商业模式。默多克的这种努力将得到密切关注。在与班氏家族谈判的3个月中，最大的症结围绕着默多克参与的社评方式，这种方式在《纽约邮报》(New York Post)和《太阳报》(The Sun)等小报上展现得尤为明显。 大多数观察人士都认为，这并非秘而不公的礼貌之事，而是对道琼斯的未来价值至关重要。的确，已经成立了一个特殊评论委员会，旨在制约默多克可能试图给《华尔街日报》记者和编辑施加不必要的压力。 但是，默多克将拥有该报商业运作的所有权力。即便他不向编辑下令，这一点也足以确保默多克继续是新闻人物。 译者/何黎

阅读本文章英文,请点击 Murdoch's mission

未经英国《金融时报》书面许可，对于英国《金融时报》拥有版权和/或其他知识产权的任何内容，任何人不得复制、转载、摘编或在非FT中文网（或：英国《金融时报》中文网）所属的服务器上做镜像或以其他任何方式进行使用。已经英国《金融时报》授权使用作品的，应在授权范围内使用。

5

Rupert Murdoch's Big Strategy? Turn Little Media Into Big Media

from the does-that-work? dept

(http://www.techdirt.com/articles/20051018/0422255_F.shtml)

There's been a lot of talk about Rupert Murdoch this year as he's suddenly found the religion of the internet and has decided he needs to pay up to catch up on what he may have missed before buying up just about every available site with some traction and a somewhat youthful audience. So what's he going to do with it all? According to Fortune, it's not entirely clear that he knows himself. It basically sounds like News Corp. is just going to experiment quite a bit. However, the early experiments don't sound too promising. The article seems to focus on two prongs. One is to "differentiate" by adding "web features, like video search, instant messaging, and Internet calling." Yes, read that again: differentiate by adding what everyone else has been doing for years. Hmm. Second is to turn little media into big media. It appears that the mind of a "broadcast" media exec doesn't change quite as easily as he'd led us to believe. The big strategy for MySpace -- a site based on user-created content -- is to turn that content into traditional big media broadcast style content. They're going to create a music label and a film studio to try to pluck out the top content creators on MySpace and turn them into something more. It's an interesting strategy, but seems to be focused on turning what's unique about the internet (the interactivity) into yet another form of broadcast media. That's going the wrong direction. However, this shouldn't be a surprise. The broadcast media has always viewed the internet as yet another broadcast outlet which is why it's reasonable to wonder if this "new" media strategy is really a lot like some old media strategies when it comes to the internet.

The rumors about Rupert Murdoch exiting the U.S. satellite business continue to fly, suggesting that satellite operators may be facing more of an uphill battle against cable and telecom operators than many had previously thought. Murdoch is reportedly in discussions with John Malone to sell his shares in DirecTV in return for Liberty Media-held stock in News Corporation. Although the move would ensure that Murdoch retains control over News Corporation (Liberty and Malone have been accumulating a significant stake), the potential move by Murdoch illustrates more strongly the shift in his feelings of the potential for satellite versus the Internet.

Satellite operators are facing increasing competition and challenge from cable and telephone operators. The triple-play packages that cable operators and telcos in select towns can offer trump the traditional strengths of satellite video - access anywhere, good quality video, high definition, and low price. To provide triple-play services, satellite operators have to find a way to establish an IP back channel capable of providing broadband service along with voice and on-demand video. Murdoch's BSkyB in the UK had started such a service by offering free broadband through EasyNet - another Murdoch acquisition. The package allowed customers to receive their traditional multicast video from BSkyB while getting broadband data and video on demand through the IP back channel. However, a glitch in the DRM software provided by Microsoft compromised content security, and the on-demand video service was suspended last week. Satellite providers are fighting an uphill battle to provide comparable, well-rounded service platforms to compete with cable and telecom. Adding triple-play capabilities to satellite networks will cost billions of dollars, and at that, the service may end up a "me-too" solution.

A renewed focus on News Corporation would present Murdoch with an opportunity to develop MySpace.com. MySpace has proven popular with key demographic targets for advertisers, and the platform holds enormous promise for deploying content worldwide. Murdoch may have finally made the decision that the Internet is simply an easier way to create a global media empire. He has the tools to do it with MySpace and the content-production capabilities of News Corp. The stock trade with Malone could end up being an effective exit strategy for Murdoch from one business that at best has a cloudy future.
View more blogs from Mike Arden

五十年时间，默多克把新闻集团（News Corporation）缔造成了一个庞大的传媒帝国，它是当今世界上规模最大、国际化程度最高的综合性传媒公司之一。

新闻集团各种媒体每天24小时连续向全球70多个国家和地区的观众传送精彩纷呈的新闻和娱乐节目；作为当今世界上最大的英文报纸出版商，集团在全球范围发行报纸每周发行量逾4000万份，销售额和发行量居全球第一。新闻集团还办有9个娱乐及新闻网站，并与YAHOO签订合作协议，将新闻集团下属的这些网站与YAHOO相互链接，以期获得更多访问者。

目前，新闻集团已经覆盖了所有的媒体领域。在英国，40%的报纸都由他控股，6张发行量最大的报纸其中包括《泰晤士报》、《每日电讯》、《镜报》、《卫报》等日总发行量达到2500万份；在澳大利亚，新闻集团也控制2/3的报纸。在美国，它拥有21世纪福克斯电影公司、福克斯网络和35家电视台，占全美电视台总数的40％；在拉美，默多克与3家电视台合作，通过卫星播送150套节目；在欧洲，默多克有天空电视台；在印度，有EETV；在中国，3500万个家庭可以通过卫星收看到默多克的电视节目。现在，新闻集团可以用7种语言，通过40多个频道向亚洲53个国家和地区提供娱乐和信息节目。

一、新闻集团的全球化战略

二、新闻集团的并购整合战略

三、新闻集团的资本扩张战略

四、新闻集团的对华运营战略

一、新闻集团的全球化战略

全球化是新闻集团区别于其他媒体的战略之一。与其他媒体相比，新闻集团在海外市场的经营本土化程度较高。新闻集团往往拥有当地市场中的独立品牌，而其他公司则更多地与母公司相联。比如在亚洲市场，隶属于新闻集团的STAR被视为一个亚洲公司，而CNNI更多地与母公司的品牌相关联。面临技术变革的挑战和机会，新闻集团认为，得以实现其全球化战略的技术是卫星电视。

新闻集团在一份年度报告中写道：“作为世界上最垂直一体化的公司，我们得以在好莱坞生产电影，在世界各地生产电视节目，并通过FOX网在美国、STAR在亚洲、BSkyB在英国传播。”

1985年，默多克买下了美国的20世纪福克斯电影公司，但他看中的并不是电影业务，而是该公司下属的福克斯电视台。只用了一年时间，这家名不见经传的小型独立电视台就被改造成了广泛覆盖的电视网，会员数也逐步从最初的12家电视台发展到188家，成为美国第四大电视网。

福克斯新闻频道（FOX News Channel）后来居上，其日常播出的12个栏目中，有7个跃居美国新闻频道同类栏目收视率第一，胜出首创“新闻频道”的CNN。FOX娱乐频道和１９个地方体育频道在一些国家超过了领导世界体坛的ESPN节目。FOX电视网初入默氏新闻集团时，市场占有率只有6%，如今已跃至12%。而ABC、NBC、CBS三大电视网各自的占有率也从30%下降到20%。

星空传媒（Star Group Limited）是默多克新闻集团的全资子公司，亚洲首要的多平台媒体内容和服务供货商。公司于1991年以五个电视频道启播，成功把卫星电视引进亚洲，并在此过程中获得快速发展。

目前，星空传媒在亚洲已有超过40个电视频道，以7种语言向亚洲53个国家和地区共3亿人口播出娱乐、体育、电影、音乐、新闻、纪录片等节目，每周有1.73亿人收看。星空传媒的主要品牌包括：Star Movies，好莱坞大片；Star World（卫视合家欢），美国流行娱乐；Star Plus，印度有线电视频道；Star Gold Bollywood，印度语电影频道；星空卫视，24小时普通话电视节目；Vijay，南印度泰米尔语娱乐频道；卫视电影台，华语影片；卫视中文台，台湾娱乐频道；Star News，印度新闻频道；Channel〔V〕，亚洲音乐电视品牌；凤凰卫视资讯台；凤凰卫视中文台；凤凰卫视电影台。星空传媒还同时播放国家地理频道（National Geographic Channel）、A1冒险活动新频道（Adventure One Channel）、历史频道等。此外，星空传媒驱动和发展了亚洲首项互动有线电视服务——台湾的数字“互动TV”，及印度首个商业调频电台Radio City、手机短信服务Star 7827。

目前，新闻集团虽然是洲际经营，但运营中心一直在纽约，集团75%的利润也都来自美国。

二、新闻集团的并购整合战略

在新闻集团的经营中，资产重组是常用的手法。有时，产业的这种购并、整合不仅仅是为了谋求超额利润，还可能是出于对内容平衡方面的考虑。

近十来年，默多克旗下的新闻集团大肆进行收购、兼并。1993年7月，默多克购买了亚洲的STAR TV，并让星空卫视的节目逐步覆盖了印度、日本等亚洲国家和地区。1998年默多克建立了英国数字电视平台，开播出200多个卫星频道，并于1999年推出互动体育频道，改变了传统的电视收看方式，使观众成为主导者。1999年12月，默多克通过他的卫星电视集团英国天空广播公司进军德国电视市场；2000年1月，默多克同诺基亚公司共同商讨利用互联网开展资讯活动事宜。2月28日，新闻集团以10亿美元收购了新加坡电信4％的股权。2001年默多克将新闻集团在西欧、亚洲和拉丁美洲的卫星平台和相关资产重组，整合为天空环球网络集团（Sky Global Networks）。从此以后，他开始从天空环视整个世界。

在默多克看来，美国对新闻集团的未来具有举足轻重的地位。为了很好地进入美国市场，默多克1970年从澳大利亚移民美国，但是问题并没有得到完全解除，他推行“天空帝国”计划，美国成了他构筑全球卫星网的最大障碍。根据美国宪法的规定，外国人不得拥有美国的电视台。1985年，默多克加入了美国国籍。

1985年当年，默多克就收购了20世纪FOX50%的股份。在随后的将近20年中，默多克在美国市场拥有了FOX新闻频道、FOX体育频道、国家地理频道、速度频道。

默多克意识到自己要在美国传媒市场站稳脚跟，就必须收购美国的一家卫星电视公司。2002年，默多克将收购的重点放在了美国休斯电子公司旗下的卫星电视公司DirectTV身上。DirectTV是美国最大的卫星电视公司，在全美卫星电视市场中拥有1200万用户。但是为拿下它，默多克可谓心机费尽，起起落落。2003年4月9日，默多克美梦成真，新闻集团宣布同休斯电子达成了协议，以每股14美元的价格收购通用汽车公司持有的DirectTV母公司休斯电子公司19.9%的股份，当天默多克再以该日收盘时每股11.3美元的价格从股民手中购买休斯公司14.4%的股份，随后休斯公司34%的股份转入新闻集团控股的美国FOX电视公司。

本次收购新闻集团耗资高达68亿美元，但默多克还是很高兴，因为这次收购标志着默多克从澳大利亚报人开始转变为世界上最强大的传媒大鳄。在默多克看来，DirectTV就像他王冠上闪闪发光的宝石，给了他一种前所未有的能量和权力，他终于实现了用卫星电视网覆盖全球的梦想。

2004年6月，新闻集团大规模重组，公司注册地也从澳大利亚转至美国，并寻求在纽约证券交易所上市。当年12月，新闻集团正式成为美国注册公司。

而在美国本土之外，表现最为出色的新闻集团控股子公司当属英国天空广播公司（BSkyB）。目前该公司可播放约420个数字电视和广播频道，其中包括超过120个付费频道，约200个免费收看的电视和广播频道，以及90个按次付费频道。在这些频道中，既包括BskyB的自营频道，也包括在“天空”平台上播放的第三方频道。截至2004年中期，英国天空广播公司已拥有740万直播卫星用户，是目前全球惟一开始赢利的付费电视平台运营商——总经营收入达到32亿英镑，2003/2004年的税前利润达到4.8亿英镑。

在亚洲，总部设在香港的全资子公司星空传媒集团是其拓展业务的领航员。在持续追加投入多年之后，2003财年，星空传媒集团首次实现全年度运营赢利。

三、新闻集团的资本扩张战略

资本经营是传媒企业快速成长的重要手段。传媒业是世界上最赚钱的产业之一，但同时也是竞争最激烈的市场，产权转移现象层出不穷。

在美国，传媒产业每年能创造超过5350亿美元的财富，占国民生产总值的5%以上。成为美国公司的新闻集团，无疑会在这个数字上增添令人惊艳的一笔。

自2002年起，新闻集团总收入与运营收入已连续三年实现了两位数增长。

在过去十年中，默多克几乎把旗下所有负债经营的公司都让给了银行，省下大笔开支进行更为稳健的全球布局。

在默多克的战略中，卫星电视是重中之重。他认为，新闻集团是大众化新闻及娱乐产品的创造者和经营者，要取得成功，只有靠电视，而把人们吸引到电视机前的最佳途径就是卫星，新闻集团的未来赌在了卫星电视网上。

1983年，新闻集团开始涉足卫星领域，在英国创办了天空频道公司，由于缺乏经验，天空频道很快就夭折了，这一次新闻集团损失了2000万美元。默多克并未气馁。1989年，新闻集团又在英国创办了天空电视台，1990年该电视台与英国卫星广播公司合并组成了由新闻集团控股的英国天空广播公司（BSkyB）。

1991年新闻集团第二次出击，受海湾战争和全球经济衰退的影响，它的卫星电视网每周烧掉200万美元，最终公司的负债达到80亿美元，新闻集团到了破产的边缘。在这种情况下，默多克不得不将杂志和印刷业出售，但是默多克并没有减慢在全球建立卫星电视网络的步伐。

新闻集团实质性的突飞猛进始于从美国通用汽车（General Motors）名下买进休斯电子19.9%的股份，进而取得了直播电视公司（DirecTV）的绝对控股权。1220万用户、300亿美元的年产值和遍布地球每一个角落的电视网络，使得默多克完成了建立一个属于自己的全球卫星电视网的战略布局。

新闻集团是全球最大的传媒集团之一，在卫星电视、有线电视和互动电视领域均拥有广泛的投资。同时，新闻集团也是全球领先的付费电视平台运营商，旗下拥有英国天空广播公司（BSkyB）、美国直播电视集团（directTV）以及澳大利亚福克斯澳讯（FOXTEL）等。

其中，英国天空广播公司被公认为全球运营最为成功的数字付费电视运营商，到2004年6月，其直播卫星用户已达740万；而美国直播电视集团的用户更是达到了1220万以上。

在澳大利亚，澳大利亚福克斯澳讯的卫星和有线用户达到80万户。在亚洲，星空传媒在卫星电视市场占据着领先的地位，从1991年初创时的5个频道，发展到目前的以7种语言、40多个频道播出，覆盖53个国家和地区的3亿多观众，每年原创节目多达25000小时。

1998年，福克斯18%的股份在美国成功上市，完成了默多克第一步目标。2004年末，新闻集团成功在纽约证券交易所上市。在这种情况下，保留两家上市公司已经没有必要。如果能够成功收回福克斯全部股票，意味着默多克实现了“曲线入美”的策略，而且依然保持着新闻集团的完整性。

近来，新闻集团做了一系列的战略交易。

2005年7月新闻集团宣布，它已签署协议用5.8亿美元现金收购Intermix媒体公司，开拓互联网新闻博客和社区网络市场。通过此次收购，这家由默多克控制的公司，获得卓越的“时尚门户”网站MySpace.com。

按照协议，Intermix公司已经收购了47%还未拥有的MySpace.com网站的股权。MySpace.com网站和Intermix公司拥有的其他30多家站点，都并入新闻集团的Fox交互式媒体部门。

协议完成后，新闻集团在美国的包月网络用户数量将增长近一倍超过4500万。作为主要提供娱乐、心情、游戏和社区网络服务，同时还提供图片、音乐和视频欣赏的Intermix公司网站，其用户总数已经达到2700万。

默多克表示，收购Intermix公司对新闻集团来说很重要，因为这不但能立即使集团的用户数翻一番，而且为集团扩展网络业务提供了一个很好的基础；如MySpace.com等Intermix公司的品牌是最受欢迎的一些网站，很容易为喜欢Fox新闻、体育和娱乐服务的用户所接受；将Intermix公司的品牌与我们现有的在线品牌合并，这是一个很好的机会，可为今天的网民提供更广泛的服务。

2005年9月，默多克控股的新闻集团又以6.5亿美元收购一家网络视频游戏公司IGN Entertainment。IGN公司下属网站包括GameSpy.com、IGN.com和TeamXbox.com。同时它还拥有两家娱乐网站，其中包括在影迷中很流行的Rottentomatoes.com网站。

最近几个月新闻集团进行了数次收购行动，默多克表示，目前公司应优先考虑的是扩展网络市场。

四、新闻集团的对华运营战略

默多克对中国市场情有独钟。许多海外媒体一直注意着他的历次访华以及新闻集团与中国有关方面的合作。新闻集团的业务在中国市场上不断扩大。

1985年，默多克首次访华，向中央电视台赠送了50部20世纪福克斯电影公司拍摄的影片，包括《音乐之声》、《巴顿将军》等。

1993年默多克出资5.25亿美元从李嘉诚家族购买了卫星电视台STAR TV64%的股份，后于1995年购入其余下股份。收购STAR TV后，默多克立即停止在该频道播出BBC的节目，因为BBC曾经播出过攻击中国人权的纪录片。

1994年新闻集团利用天津举办第43届世界乒乓球锦标赛，与天津广电局组建了天津金大陆公司。新闻集团通过丰果公司注资2000万美元，提供拍摄、制作设备占总股本的60％，天津广播局提供厂房和设备占40％。公司成立后重要的业务是进行频道包装，并逐步将业务转到节目制作上来。1994年到1995年间，默多克属下的哈珀—科林斯出版公司推出了邓榕的《我的父亲邓小平》的英文版。

1995年和1999年，新闻集团属下的伦敦《泰晤士报》先后两次赞助在大英博物馆举行的大型中国文物展。

1998年新闻集团向中国受灾地区捐款100万美元。1998年，哈珀—科林斯出版公司不顾有关编辑的反对，取消了为彭定康出版回忆录的合同。另一方面，默多克出资400多万美元，帮助创办了《人民日报》网络版。

1999年3月，新闻集团北京代表处成立。

2001年2月17日，新闻集团与高盛组成投资集团，共同向中国网通注资3.25亿美元，占网通12%的股份。有消息说，新闻集团出资额为6000万美元。

2001年5月10日，新闻集团的子公司NDS集团宣布在中国成立第一家独立分公司——NDS科技（北京）股份有限公司。NDS北京公司已经成为独立向国家级有线电视网提供数字有线电视的前端、接收、机顶盒和互动式节目指南软件等全套系统的供应商。新闻集团预测中国将成为全球最大的数字化有线电视市场。

2001年10月19日，中国国家广电总局正式批准新闻集团持股38%的凤凰卫视中文台进入广东珠江三角洲地区有线网络。有人估计凤凰卫视现在已拥有约3000万有线电视订户。

2001年12月19日，STAR宣布，其一个全新的综艺频道已获中国政府批准在广东地区落地。这是中国首次将有线电视网落地权授予一个境外全新频道。根据STAR集团与中国中央电视台、中国国际电视总公司、广东有线电视网络公司签署的协议，STAR于2002年初通过有线系统，向广东地区播放一个全新的24小时包括娱乐、音乐和影视剧的综艺频道；作为对等条件，STAR集团的姊妹公司福克斯有线网将安排中央电视台的英语频道CCTV-9在美国播出。

2002年1月21日，STAR集团宣布，将其获准在中国南方落地的新的综艺频道命名为“星空卫视”，同时将STARs Groups Limited的中文名称定为“星空传媒集团”。

2002年3月28日，星空卫视通过广东有线电视网正式开播。

2002年12月20日，新闻集团下属星空传媒集团与湖南广播影视集团结成战略联盟，约定今后在节目拍摄、世界性发行以及节目交流等方面进行广泛合作。

2003年，新闻集团又与央视达成了一项协议，新闻集团旗下专门从事技术发展的公司NDS集团，它所开发的接收系统已通过中央电视台中央卫星电视传播中心的最终验收测试，开始传送该中心的数字加密电视节目信号至全国有线电视网络中的各省级和地区级有线电视前端。

中国中央电视台第９套英语频道通过新闻集团旗下的福克斯有线电视网和直播电视集团在美国各大城市落地，通过英国天空广播公司在英国拥有了720万个收视用户。

回顾新闻集团在华业务的情况时，默多克说，中国的媒体产业发展非常迅速，市场容量不断扩大，他很高兴看到新闻集团旗下的星空卫视、凤凰卫视等近年来所表现出的强劲增长势头。“比如说像凤凰卫视，它已经进入很不错的赢利状况，这说明我们的认识和策略是正确的。”

值得一提的是，1999年6月，69岁的默多克迎娶了生于中国广东的31岁女子邓文迪。6年来，邓文迪为默多克生了两个女儿，但显然她并不满足于做个相夫教子的贤妻良母。

默多克长期以来一直衷情于有着巨大潜力的中国市场，邓文迪凭借流畅的中英双语交流能力和迷人的社交风采已在新闻集团上下给其带来了“默多克形象大使”和“亚洲外交官”的美誉。与此同时，邓文迪不断对新闻集团在亚洲的运营和投资施加影响，使得亚洲成为了该公司增长最快也是最重要的市场。此举得到了老默多克的大力支持和称赞。

经过50多年的奋斗和征战，默多克创造了一个全球性的媒体王国，编织了一个遍布世界的立体传媒网，使新闻集团从当初发行量不到10万份的地方报业公司一跃成为当今世界上规模最大、国际化程度最高的综合性传媒公司之一。

默多克已经基本建立起来了一个前所未有的天空帝国。（作者：李宝林 徐华）

星空卫视更进一步

　　2002年末，星空卫视获准在全国三星级以上宾馆落地，加上此前落地广东、结盟湘广电，新闻集团在中国大陆的业务又迈出了一大步。

　　来自英国《金融时报》的最新报道：新闻集团旗下频道星空卫视2003年元旦前夕已经获得国家广电总局批准，将在三星级以上宾馆及涉外小区落地播放。外电评论说：此番获得落地权，可以使营运商今后在进行业务推广的时候更加名正言顺。

　　新闻集团是当今世界上规模最大、国际化程度最高的综合性传媒公司之一，净资产超过470亿美元。董事长鲁伯特·默多克历来注重该集团在中国大陆的拓展业务——尽管中国大陆在广播电视领域对境外媒体尚且存在着许多严格的限制。目前新闻集团在大陆的业务主要由其在亚洲的全资子公司星空传媒负责。该公司旗下的全新普通话综艺频道——星空卫视2002年在各方面的突破令人侧目。2002年3月28日，以普通话播出的星空卫视在广东有线网落地播出——这是中国政府第一次允许境外电视频道通过国内有线网落地播送。集团董事长鲁伯特·默多克认为：这是新闻集团“在中国发展的里程碑”和“在中国取得更大成功的开端。”

　　事实证明，默多克的“开端”一说并非虚言。星空传媒在广东坚持采用普通话而非粤语播音，显然是“项庄舞剑”，其意本不在广东一地。七个月后，星空传媒上海表处于10月31日搬入曾经是荣氏家族老宅的新家，并开始补充人手。新闻集团在中国不到一年的时间里的这些进步，出乎很多人的意料。

　　业内人士认为，之所以有如此大的进展，一是因为星空传媒在大陆长期的努力，获得了政府的信任；二是新闻集团也为中国政府做了具体的工作。据悉，星空卫视落地广东以及获准进入全国三星级宾馆及涉外小区的交换条件，就是新闻集团协助中央电视台第九套电视节目在美国和欧洲落地。

　　结盟湖南广电意在生根

　　除了落地以外，星空传媒2002年在中国还有另外一个重大突破——与湖南广播电视集团结成战略联盟。

　　2002年12月19日，新闻集团与湖南广播电视集团在长沙举行了一次隆重的新闻发布会，庆祝双方签署战略联盟框架协议。这是双方长达一年谈判的结果。

　　新闻集团(中国)常务副总裁，星空传媒资深副总裁刘香成先生在接受《外滩画报》的采访时介绍说，这主要是个框架性协议，双方主要是在政策允许的范围内，就某些具体项目进行合作。比如共同制作电视节目、联合播出、交换节目、交流主持人以及共同开拓节目市场等。

　　的确，虽然双方自签署协议后至今还没有任何的具体项目合作，但来自据湖南广播电视集团的一位负责人也认为：双方签署这样一个框架协议将具有三个意义：“对新闻集团来说，可以利用湖南广电的节目制作经验，更好地实现本地化；对湖南广电来说，可借助新闻集团的国际化经验，迈向国际市场；而对双方来讲，一个更重要的意义则是，一旦政策放开，双方将拥有优先选择权。”

　　这与分析人士的看法大致相同，即：框架协议可大可小，很多事情都可以在这个框架下面做，当然前提是不能越轨。而《亚洲华尔街日报》的评价是：“这是中国政府第一次允许外资电视机构与中国影视机构进行全面合作，这标志着中国电视改革的步伐正在加快。”

　　新闻集团的中国之路

　　投资媒体是长线投资，大量的投入是必须的，一般要有5到10年才能看到效果。

　　1999年3月，新闻集团北京代表处成立，同年12月，新闻集团亚洲全资子公司星空传媒也在上海设立了代表处。尽管从80年代中期开始，新闻集团即开始了与中国的正面接触，但真正拓展中国业务是在这个时候才开始的。总部设在香港，辐射整个亚洲地区的综合传媒机构星空传媒集团为新闻集团全资拥有的子公司，它通过卫星以8种语言向53个国家和地区提供多种平台内容和多元服务。在这几个频道中，与华人合作推出的凤凰卫视成为亚洲最成功的电视台之一。

　　在中国大陆，星空传媒除了拥有北京、上海两个代表处以外，另有成都和广州两个销售代表处，共有员工130余人。

　　“星空传媒目前在中国还处于打基础的阶段。”刘香成说。

　　星空传媒集团董事长兼首席执行官杰智·默多克也说：“新闻集团的任何投资都是追求商业回报的，但在目前的中国，包括星空传媒在内的传媒集团眼光必须放长远一些。”实际上，星空传媒在中国的业务正在稳定增长。根据最新的数据，新闻集团在亚洲的全资子公司星空传媒2002年已经连续三季度赢利。

　　一般来讲，投资媒体是长线投资，大量的投入是必须的，一般要有5到10年才能看到效果。在印度，新闻集团做了8年时间，现在开始有了很好的商业回报。如今在印度最受欢迎的50个节目中，星空传媒的节目就占了其中的46个。事实上，除中国内地市场之外，星空传媒在亚洲其他市场已实现了全线盈利。

　　打开中国大门的钥匙：互信互利

　　新闻集团的成功秘诀就是寻找与中国政府的共同点，在长期的合作中建立良好的信任关系。

　　目前，境外电视媒体进入大陆主要有三种模式：电视频道直接落地，与国内媒体联合播送以及向国内电视台、宾馆出售电视节目。

　　第一种模式最为直接有效，政府控制也最为严格。现在还没有一个境外电视频道可以直接进入全国的有线网络——目前国内有线网开放还仅限于广东一地。而前不久星空传媒与湖南广电的合作属于第二种模式，双方主要在内容制作上展开全方位的合作。最后一种模式，即出售电视节目正被绝大多数境外媒体集团采用。现在星空传媒及其所属频道与中国30多个省市有线台合作编播音乐、体育和人文地理节目。其中《神奇的地球》、《全球华语音乐榜中榜》等节目为广大观众熟知。

　　以上这些加上2002年取得的成果，星空传媒已经被公认为深入中国市场最深和中国政府关系最好的国际传媒巨头。

　　“与中国政府合作，关键是要互信和互利”，或者说新闻集团的成功秘诀就是“寻找双方的共同点，在长期的合作中建立良好的信任关系。”新闻集团一位人士说。

　　密切关注大陆“数字化”动向

　　星空传媒密切关注中国数字电视的推广，寻找更大的商业机会。

　　除了继续打基础，寻找通道外，据悉星空传媒明年极有可能在节目多样化上下一番功夫。同时星空传媒还将关注国内数字电视的推广工作，寻找更大的商业机会。

　　刘香成认为，随着居民生活水平的不断提高，数字收费电视在中国大陆将有很广阔的发展前途。

　　在这方面，新闻集团可谓是行家里手，其经营的天空电视台是全世界最成功的收费电视台，而旗下的NDS有限公司则是世界领先的数字压缩和加密技术、互动电视技术、电视有条件接收系统的供应商。

　　据报道，2002年年中NDS公司已经与四川省广播电视网络公司合作，推出中国首例大范围用户的数字互动电视服务。

　　除了技术上的优势，向来崇尚内容为王的新闻集团在内容提供上已经有了良好的积累。

　　星空传媒集团拥有全球最大的当代华语电影片库，收集逾千部汉语(包括粤语)影片，并已同多家优秀的汉语制片商、以及众多好莱坞大制片集团商签约长期订购影片，享有独家首轮播放权。

　　据了解，在中国台湾市场，星空传媒旗下频道星空影院的收视状况已经超过了美国在线时代华纳旗下的HBO电影台。

　　另外一个有利条件是，中国发展数字电视的时间表已经相当明确：2005年全国四分之一的电视台将发射和传输数字电视信号；2008年北京奥运会上向全世界传输数字高清晰度电视节目；2010年主要大城市全面实现数字广播电视、东部相对发达地区普及数字电视；2015年停止播出模拟广播电视。对星空传媒来说，将是难得的发展机遇。

　　在上海，星空传媒一直与上海文化广播影视集团保持着密切地联系。不过据说，上海方面担心合作可能会给自己增加一个强劲的竞争对手，所以一直也没有新的消息传出。

　　传媒行业壁垒是个难题

　　默多克“主动、正面地与中国政策对接”的策略能否突破国内传媒行业壁垒，还需要时间来证明。

　　目前，中国传媒业还没有市场化。

　　根据有关政策，传媒业不搞市场化，但是要重视市场，向市场要利润，同时要在中国传媒业中形成若干个能够与国际传媒集团抗衡的传媒集团。这些都决定了中国传媒业要实行集团化、产业化运作，而这些离开市场，离开内外资金的支持都是行不通的。新闻集团这样的外资对于中国传媒业尤其重要。

　　根据国家计委、国家经贸委、外经贸部在2002年3月11日重新发布的《外商投资产业指导目录》，其中规定部分上市公司的国有股、法人股限制或不能向外商转让。其中明确禁止外商投资文化艺术及广播电影电视业。

　　不过，据业内人士介绍，国家政策对外资进入中国传媒业的处理还是很灵活的。中宣部、广电部和新闻出版总署早在2001年8月就出台了有关中国传媒融资的17号文件，其中规定：发行、印刷、电影集团经批准，是可以吸收外资的。除了国家政策的限制，外资进入中国传媒业还存在一些无形的产业壁垒，比如地方保护主义观念以及地区性的垄断。这些都是摆在国际传媒巨头面前的难题。

　　“主动、正面地与中国政策对接；以国际化的视野做地地道道的本土化节目。”这是默多克针对巨大的中国市场以及严格的管制制定的中国攻略，成功与否还需要未来时间的检验。

不要认为默多克的成就是一个神话。尽管传媒对默多克有褒奖也有贬低，但是从一个管理者的角度来看默多克，他是一位成功的管理者和商人。 　　１９５３年，２２岁的默多克在伦敦的《每日快报》开始了他的新闻生涯。在随后的近５０年里，默多克不停的收购报纸、电台、电视台、电影制片厂等传媒企业，使他所创建的新闻集团成了当今世界上规模最大、国际化程度最高的综合性传媒企业，其净资产超过４００亿美元。 默多克新闻集团的投资战略和战术特色 　　从默多克在世界范围所拥有的主要财产清单中，我们可以清楚地看到，默多克的投资战略就是要将新闻集团打造成称霸世界传播业巨无霸。 　　通过默多克对中国传媒市场的投资，我们可以窥见默多克抢占地盘常用的战术。 　　

１、内容交换。为了将新闻集团的节目让中国的亿万观众看到，新闻集团在中国的广东地区开始提供全天候的娱乐，音乐，影视剧综艺节目。作为交换，中国中央电视台的节目也于２００２年在美国的西海岸传播。

　　

２、兼并收购。１９９３年，默多克花８亿５千万美元的巨资，购买了李嘉诚的儿子李泽楷创办的卫视。不过，卫视从默多克购买的１９９３年起至今持续亏损，早已消耗掉了新闻集团当初注入的资金，成为了默多克心中永远的痛。 　　

３、投资控股。１９９６年，经过２０多轮谈判，默多克的ＳＴＡＲ ＴＶ公司与刘长乐今日亚洲公司各控股４５％成立了凤凰卫视。两位股东势均力敌，共同控股。五年后，凤凰卫视实现了运营的平衡。到２０００年财政年度，凤凰卫视赢利５０００万元港元，营业额则由前一年的３１１亿港元激增到５１１亿港元，并在香港创业板上市。 为了上市，凤凰卫视进行了微调，今日亚洲和ＳＴＡＲＴＶ各占３７。６％的股权，而中银的子公司华颖占８．３５％在一份凤凰卫视的广告指南中，对其３位股东的描述是：卫视控股由美国新闻集团全资拥有，具有丰富的运营国际媒体经验。今日亚洲的主要股东实力雄厚，在中国内地市场有丰富的运作经验，多年来已在石油贸易，公路，交通，地产实业等领域投资近百亿港元。今日亚洲与中国内地各界广泛，密切的关系，为凤凰卫视进入中国市场创造了良好的条件。华颖国际有限公司在中国和国际财务运作方面有丰富的经验，在中国代理媒介广告业务也有丰富的经验。无论全国性的电视台，还是广告客户均视华颖为服务质量高，信誉好的代理。两大股东势均力敌，第三大股东则明显带有中资背景。这就是凤凰卫视的股东集团。现在，凤凰卫视成了默多克在中国最成功的投资。 　　

４、品牌借用。为了将福克斯公司的电影引进到国，默多克借用中国有影响力的媒体——中央电视台，选择一些在政治上，文化和社会影响上符合中国受众习惯的影片在中央电视台播放，达了非常好的传播结果。 　　

５、外围渗透。利用凤凰卫视１９９８年开通的凤凰网，作为中国内地１．５亿观众和全球凤凰卫视观众交流的纽带，创造了电视与网络的互动。２００２年底，凤凰网又和中国移动联手，推出了凤凰短信，成功渗透到了中国数以亿计的手机无线网络这一世界上最大的使用人群中。 默多克的财务管理特色 　　每周检查一次集团的财务报表。默多克的新闻集团把财务情况，通过做成损益表，并且包装成蓝色封面，每周给默多克汇报。因而这种财务周报又常称为蓝皮书。损益表（Ｐｒｏｆｉｔ ａｎｄ Ｌｏｓｓ Ｓｔａｔｅｍｅｎｔ）的内容是世界上任何一个经营者都最为关注的事情。上市公司的损益表通常牵动着万众股民的心。 　　默多克的损益表的主要内容有： 本周经营预测、下周经营预测、本月经营报告、每月一次的全年经营预测和全年经营报告。 　　默多克花费巨资聘请专业人员管理财务，所以，默多克的损益表汇总精确快捷，成为默多克管理新闻集团不可缺少的工具。 　　例如：默多克拥有的报纸分布在世界的各地。澳大利亚，新西兰等太平洋地区７０％以上的报纸，英国的《泰晤士报》，《太阳报》，《世界新闻报》，美国的《纽约邮报》等均归默多克所有。为了每周都能了解到，新闻集团的损益情况，默多克无论旅行到世界何处，他那些分布在全世界的会计师们总会在每周四的下午，按时把损益表传真到默多克办公的地方。这就是默多克的财务管理的秘诀之一。 　　每周二，新闻集团旗下各报纸的财务部才会得到上周的收支数据，要想在两天的时间内把全世界各地区、各级公司和数百份报纸的损益表一级一级地汇总起来，没有一个强大准确的财务汇总系统是不可能的。因此，默多克新闻集团的会计师们使用了当今世界最先进的财务核算和数据库等技术。他们是默多克理财的秘密武器。 严密的预算制度 默多克财务管理的有效手段之二就是：严密的预算制度。新闻集团每年要花半年时间做财务预算，一般的子公司每年圣诞节过后即开始准备其下一个财政年度的预算，从最低层开始做，从每个美元做起，一层一层地向上报批，该预算报告到达默多克手中时已经是三四月份。随后，又是一层一层地至上而下地反馈意见，最终在六月中旬完成所有预算。对于新闻集团和默多克来说，预算是管理其全世界百家企业的最好手段。 默多克新闻集团的赢利模式 　　

１．改造亏损企业。 　　默多克对亏损企业的改造有一套独特的模式，即：默多克内容＋默多克的管理＝印钞机。 　　所谓默多克内容就是：含有性，运动和刺激的内容。这是默多克多年职业生涯总结的赢利模式，默多克认为，媒体应以内容为主。 　　以《太阳报》为例。在新闻集团买下《太阳报》之后，默多克立即对《太阳报》进行了一番默多克式的包装，他要求每一期《太阳报》的头版一定要送给他过目。默多克认为头版是一张报纸的精髓，它质量的好坏关系到报纸的整体声誉。 　　有一次，默多克看到《太阳报》的头版全部刊登的是英国政府活动的报道和图片，大发雷霆，立刻将头版的责任编辑叫到办公室，怒斥到：“英国政府到底付了多少报酬给你，你为什么整版刊登英国政府的报道，而不是选一些具有挑逗英国人欲望的花边新闻给大家看？再这样办下去，这张报纸非让你们给搞垮不可。” 　　在默多克的管理下，《太阳报》装上了默多克内容。女性裸照与生动活泼的言论充斥《太阳报》的版面。为了加速《太阳报》的赢利，默多克不但裁员节流，还将《太阳报》由大开张成了小开张。仅用了４年时间，《太阳报》的销售量就从不到１００万份份猛增到３００万份。 　　

２、利用银行贷款，低价收购经营不善的媒体，然后售出赢利。 　　此法已成为默多克的惯用手法。让我们看一看１９９８年３月—７月默多克的交易： 　　１９９８年３月，默多克以３亿美元买下了洛衫机道奇棒球队。 　　１９９８年４月，默多克买下《星球大战（续集）》系列电影的发行权。 　　１９９８年６月，默多克以２０亿美元把发行量达到１３００万份的《电视指南》卖给ＴＣＩ的环球电视卫星集团。 　　１９９８年７月，默多克宣布卖掉福克斯集团的２０％股份，以减轻新闻集团的６５亿美元的债务。 　　这些交易的最终结果是让默多克赢得了３０—１００亿美元的利润。

３、资源共享，节约成本。 　　由于新闻集团旗下的媒体遍及世界，所以默多克将新闻集团的内容资源在世界范围内充分利用。这样一来，默多克企业的就大大节约了成本。默多克常常将新闻集团内各个子公司拥有的精彩内容统一调配，新闻集团内的优秀稿件，默多克常常“供应”到世界各地的子公司。例如，我们通过默多克为股东之一的凤凰卫视可以看到许多精彩的来自默多克新闻集团的优秀电视节目和电影。

４、投资政治人物，回收巨额回报。 典型的事例就是默多克对英国“铁娘子”撒切尔夫人的支持。１９８２年，英国与阿根廷为争夺马尔维纳斯群岛发生了冲突。英国铁娘子撒切尔首相在１９８２年的５月发动了战争，予以武力解决问题。默多克新闻集团旗下的媒体极力支持撒切尔夫人的行动，不遗余力打击铁娘子撒切尔夫人的政敌。 战争结束之后，撒切尔首相投桃报李，尽管多方人士控告默多克垄断了英国三分之一的报业，但是，撒切尔夫人置若罔闻，听任默多克继续吞并英国的传媒

在线体育革命

　　人们对默多克并购Myspace的争论尚未平息，他再次出手。2005年8月5日，福克斯互动传媒宣布收购Scout Media。

　　Scout Media成立于2001年，总部位于西雅图，是联合创始人之一吉姆(Jim Heckman)在吸取了Rivals.com失败的教训后创立的一家非常成功的在线体育公司，旗下资产分成两大部分，即体育网站与体育杂志。

　　Scout Media的体育网站首推Scout.com，其注册用户超过240万，而且还有每月9.95美元的订户20万人，是美国最大的独立体育网站。此外，公司还有Dawgman.com，eDuck运动网等200多个体育站点。

　　体育杂志不是Scout Media的主要资产，但旗下45本体育杂志对各大站点的体育新闻与深度报道构成有力支撑。网络用户再加上杂志订户，Scout Media的体育新闻每天能传达到210万人，再加上给其它网站的供稿，每天的受众超过3600万人次。

　　默多克当年进军英国的时候，就是凭借体育打开的突破口，他当时一口气买下英超五年的转播权，成就了英国天空电视台，成为传统媒体市场开拓方面的一个经典案例。

　　此次并购，Scout Media与福克斯互动传媒都没有透露交易细节，人们无从得知具体交易金额，但默多克的手笔与多年前的体育先行似曾相似。

　　在并购之前，福克斯旗下的FoxSports.com已是美国三大综合体育网站之一，而且福克斯旗下还有20家地方体育网，以及SPEED、福克斯大学体育、福克斯足球等多个体育频道。并购之后，所有在线体育业务将全部归福克斯互动传媒运营，每月访问量超过1100多万。

　　CEO莱威逊说：“今后，福克斯互动传媒不仅体育实力大增，等到旗下各大网站，以及福克斯的现有体育资产都互动起来，我们将轻而易举地掀起在线体育革命。”

　　收购IGN娱乐

　　2005年9月8日，默多克再现惊人之举，其福克斯互动传媒宣布，以6.5亿美元收购视频游戏网络公司IGN娱乐(IGN Entertainment)，而且全部使用现金。

　　IGN娱乐的故事始于1997年，在被默多克相中之前曾走过一点弯路。公司最初的名字叫Snowball.com，业务分三大部分，即IGN、ChickClick与PowerStudents。其中IGN完全做网络游戏。

　　由于概念挺吸引人，2000年3月，公司成功上市，但由于主体业务不突出，不到一年，公司股价就从IPO的15美元一路下滑到每股不足1美元。见此情景，公司不得不将500名员工裁掉300名，将ChickClick与PowerStudents彻底放弃，只留下IGN，集中精力做网络游戏。

　　2003年5月，IGN真正的故事开场。新的管理层决定，将公司正式改名为IGN娱乐，将目标客户锁定为年龄18～34岁的男性游戏玩家。随后又出资5330万美元收购著名的多人游戏站点GameSpy，成为网络游戏业的第一玩家。在加入福克斯互动传媒的大家庭之前，IGN娱乐还于当年5月以1350万美元收购一家男性生活网站AskMen.com。

　　在默多克出手之前，IGN娱乐已经很有诱惑力，因为其注册用户增长很快，2001年还只有440万户，到2004年已经有2500万户。到2005年，这个数字已经超过3000万户。在3000万订户中，还有25万付费订户，再加上技术授权与直销等多种业务，IGN收入不菲。但这三种业务还只是总收入的一小部分，巨大的注册用户群，再加上都是18～34岁的男性，IGN娱乐很受广告商欢迎，广告收入一直占总收入75%以上。

　　与默多克同时看上IGN娱乐的还有维亚康姆的雷石东。但默多克志在必得，最终以6.5亿美元的全现金交易将IGN揽入怀中，因为他发现，在互联网时代，尤其随着宽带的普及，游戏将是必不可少的。

　　并购完成后，福克斯互动传媒下属网络的访问量加起来，每个月将超过7000万人次。至此，与任何一家传统媒体相比，包括时代华纳，新闻集团都拥有无可比拟的网络优势，而与任何一家新传媒相比，新闻集团又具有得天独厚的内容优势。

　　坚定不移

　　对于默多克的大举收购，业界有多种看法。比如，BBC的总裁就称默多克是出于对新传媒的恐慌；分析师们在报告中经常拿时代华纳与美国在线的失败提醒他小心前车之鉴；《经济学家》在《老巨头、新传媒》一文的开头特意叙述一段新闻集团内部对于新传媒的激烈争论。

　　但面对这一切，默多克丝毫不为所动。

　　就在收购IGN的一个月后，新闻集团英国子公司天空电视台(BSkyB)宣布，将以2.11亿英镑(约合3.85亿美元)收购宽带接入公司Easynet。

　　Easynet是欧洲最大的宽带服务商，业务遍及欧洲10多个主要国家，250多个重要城市。在英国，近20%家庭的宽带接入服务都来自Easynet。此次收购，意味着新闻集团已经率先着手将电视资产与宽带时代对接。

　　这些还远远不是新闻集团涉足新传媒的全部新闻，因为2005年只是一个开始，至少距离默多克3年20亿美元的目标还有一定的距离。

　　其实就在上述并购进行的同时，默多克还在与更多的新传媒进行接触与谈判。2005年8月，业界就曾经盛传默多克有意收购搜索引擎Blinkx。虽然默多克没有证实，但也没有矢口否认。

　　传闻还需要证实，但默多克对新传媒的态度已经没有悬念。

As an intern with the right attitude you’ll learn a lot and meet some amazing people. Just keep away from the photocopier

Whether you’re at the end of your second year as an undergraduate or completing the practical component of an MBA, summer internships are a key part of gaining experience – and perhaps even a job. Here’s how to make the most of your time in the office:

1. Know what to expect.
Research what your internship will involve before you sign up. “We have a few – very few – cases of people who spent their time making photocopies. That’s not very rewarding,” says Laura Renoldi, the associate director for skills development and coaching at the London Business School.

2. Make the most of it.
Farzana Ramji, a product manager at Google, did an internship at the internet company last summer as part of her MBA. “We got to have lunch with senior managers who had a lot of expertise and I met people who were not just working in my group but across the company,” she says. This helps interns to understand other areas of the company that they may wish to work in later.

3. Define success.
“Set your objectives before you start the internship,” Ramji says. Equally, you need to understand what the company considers successful and work out how to achieve it. Don’t take on too much; doing one project very well is better than a dozen rush jobs.

4. Know your place.
“You don’t want to come across as arrogant. Don’t think that you know it all fresh from university or business school,” Renoldi says. “Show a desire to learn, to do a good job and to work with a team.”

5. Put yourself about a bit.
“You have to be seen inside the organisation,” Renoldi says. “Start with your immediate colleagues, talk to them and ask them to introduce you to other people in the organisation.” And remember that networking isn’t just a way to get a permanent job – it’s the first step to doing that job well. “Getting to know different people and different functions is crucial for a manager,” Ramji says.

6. Make friends.
Networking isn’t just about meeting bigwigs. “It’s as important, if not more so, to network with your fellow interns,” says Sajaad Jetha, director of the Smarty Train, a graduate recruitment advisory firm. “They are high achievers; wherever they go, they will remain wonderful people to know professionally.”

7. Ask questions.
No one expects you to know all the answers. “We don’t expect interns to have a perfect knowledge of how to do an audit; we expect them to come in and learn,” says Richard Jordan, the head of employer brand at Ernst & Young. “Internship gives you the opportunity to ask questions they [recruiters] would not expect grads to ask,” Jetha says.

8. Use your initiative.
“No one will say, ‘Do you want to do this?’ You have to think for yourself. Companies that are entrepreneurial will respect that,” Ramji says. “It’s not just about doing what you are asked, it’s about taking risks so that you can stand out.” However, some firms like their interns to steer clear of risks, so be careful.

9. Appraisal runs both ways.
“It’s not just the company trying to find out if you’re the right person for them. You have to think if it’s the right company for you,” Ramji says.

10. Stay in touch.
This is part of ongoing networking, obviously. It also does no harm to show your employer that you were grateful for the time that you spent as an intern.

Facts and figures
Three-quarters of recruiters surveyed by the Association of Graduate Recruiters take paid interns or placement students; the average pay is £1,200 per month.

Of those surveyed, 46 per cent converted up to 20 per cent of their interns into permanent employees; more than 30 per cent gave between 21 per cent and 60 per cent of interns a full-time job; and more than 22 per cent hired between 61 per cent and all of their interns permanently.

Nearly three-quarters took on interns over the summer or during holidays; 22 per cent offered six-month programmes; and 58 per cent offered 12-month placements.

Source: The AGR Graduate Recruitment Survey 2007

Abstract:Argos is a large retailer selling furniture, appliances and other household goods. The company has a highly integrated supply chain and uses a multi channel approach for sales. Argos can sell its goods through traditional sales channels (retail shops), online (over the Internet), and through tele-phone orders. It continues integrating its multi-location physical points of sale with the new channels. This approach has been successful, resulting in a rapid increase of total sales and turnover

Case characteristics
• Sector focus
Retail
• Business focus
Large firm
• Geographical focus
United Kingdom, Ireland
Case objectives
• Multi-channel sales strategy
􀃆􀃆􀃆
• Supply chain integration
􀃆􀃆􀃆
􀃆 = some relevance for case; 􀃆􀃆􀃆􀃆 = high relevance
Background and objectives
Argos was founded in 1973 and is now the UK's leading general merchandise retailer and the UK's leading catalogue store chain with sales of over £3 billion (about 5 billion Euro) in the period between April 2002 and March 2003. Last year its sales grew by 12% and its profit by 17%. It is a non-specialized store, selling a large number of households goods such as furniture, sound & vision, household appliances, home wares, photography, baby products, DIY, garden & pets, sports & leisure, toys & games, office, PC & games, personal care, jewellery & watches.
Argos has a very strong position in some of these markets. It is in fact the first UK retailer for toys and small electrical appliances and a leading store in many other markets including DIY (Do It Yourself) and gardening, consumer electronics and furniture. It also has a significant market share in jewellery and sports equipment. This company is based on a simple idea: combine the comfort and the convenience of home selection via the catalogue with the closeness of high street stores.

For advertising, it uses a mixture of different channels such as television, radio, news-papers, magazines and posters, depending on which is the most effective and efficient from time to time. This method of buying goods seems to be very appreciated by the English people. In fact during 2002, Argos received over 2.6 million telephone orders, not including the orders that were placed via the website. Consequently the home delivery service has grown during last years, so much that the delivery of products at home via Argos Direct (the company responsible for the delivery services) increased by 33% and accounts for 18% of all Argos sales.
The company numbers 550 outlets throughout the UK and the Republic of Ireland, and more than 23,000 employees. Argos maintains a broad network of stores and distributes its catalogue to more than two-thirds of all UK households. There is an Argos store within 10 miles for 98% of the UK population. Argos plans to open 35 additional stores within the next three years.
Along with the evolution of information and communication technologies and the en-largement of its business, Argos has made some important changes in its organisation.

Activities
Betting on ICT from the beginnings
Since its beginnings in the 1970s, Argos has been noticed for its innovative use of technology. Computer systems have always had a huge impact on the way Argos functions as a retailer. Argos has used ICT to monitor stock levels, to recognise market trends early and to avoid stock out situations. Their electronic point-of-sale systems (POS) have led to great accuracy in the conduct of financial transactions.
New technologies have had a profound impact on internal communication as well as on the way in which Argos communicates with customers and suppliers. A very important element in this context is the feedback which Argos can collect through its various communication channels. Argos has implemented an innovative system of regular customer feedback sessions in which customers are invited to attend "open evenings" to make suggestions of how services could be further improved. The systematic use of e-mail and Intranets in all stores, distribution centres and head offices since September 2000 has increased the speed and the volume of the two-way-communication.
Multi-channel approach
The business model of Argos is a multi-channel approach: customers are offered different types of outlets for shopping. Prior to the introduction of the new e-channels, the customers could only browse the offer in the catalogue or directly at the store. Now they can browse the offer on their mobile phone, on the Argos website and on television. Customers with access to the Vodafone service can select Argos from the Shopping Menu and, via the main menu, browse the catalogue, check availability reserve in store or pay for home delivery. Argos customers can, since December 1999, place orders and buy goods through their digital television sets. Combined use of different channels is possible, as customers can for example browse and purchase goods from the catalogues and use the "Click & Collect" service via the website.
Fast technological developments and the spread of Internet access in households induced Argos to make an early start in online retailing. The Argos website was launched in 1995 and has been continuously developed since, with many features and services being added. Nearly 10 years later, Argos can be called a pioneer and leader
in e-commerce. With www.Argos.co.uk, the company became UK’s number two “Clicks and Bricks” retailer, combining both store based and online sales.
Although the website is widely used and appreciated, online sales presently account for a rather modest share of 5% of total business sales. Argos is taking great care that the website must be very user friendly, and that the services offered have real practical value for customers. For example, the site shows the delivery time for every product offered. Products can be delivered to any address in England or Ireland. Argos is also concerned about online security. They only accept orders that are placed using the Secure Socket Layer (SSL) standard to prevent customers from inadvertently revealing personal information by using insecure connection. During payment, the company asks for the card billing address as an additional security check. No credit or debit card details are stored once the customers order has been processed. Online customers can register to receive an electronic newsletter that informs about special offers and promotional deals. As a matter of principle, there are no differences in products and in promotions between the physical stores and the website.
The customers can check stock availability and reserve goods through the "Ring & Reserve" call centre and the "Text & Take Home" (SMS) services using, respectively, their fixed or their mobile phone. Argos has recently teamed up with Vodafone Live! to give customers the opportunity to view the catalogue on their mobile phone. As with Internet purchases, they can pick up the goods at the store or can make use of the home delivery service. None of these new sales channels are related to any specific warehouses, but are based on the existing Argos infrastructure.
The UPS supply chain management
A major problem for Argos to set up this strategy was to efficiently manage the flow of merchandising from an extensive base of more than 750 suppliers to any of the distribution centres throughout the UK. Argos selected UPS Supply Chain Solutions for this purpose, more specifically a solution called "Nominated Carrier Scheme". This system helps Argos to ensure merchandising is in the right place at the right time.
Prior to the introduction of the Nominated Carrier Scheme, the situation was very tricky and complex, because every supplier has its own transportation system, its specific method of documentation and specific standard industry lead times. The decision was therefore to adopt a single system to assemble all the merchandise from suppliers and have them presented as only one delivery. This supply chain solution by UPS receives, validates and handles consignments from several hundred Argos suppliers. UPS checks that the order is correct, consolidates it with other orders and than sends it to Argos’ own distribution centre for the final delivery.
This system works through direct computer links. It electronically validates the merchandise against the Argos orders, confirms that the merchandise is ordered and ensures that delivery occurs at the correct time. The UPS scheme, consolidating goods for delivery in only one lot instead of sending five or six separate loads, offers strong financial and organisational advantages to both Argos and its suppliers. The most important of these benefits are the following:
• Enhanced control of the Argos supply chain. All information about the goods is entered into the system from pickup until the delivery is made. Customers can track the goods virtually live.
• The system reduces the number of Argos trucks on the road, increasing the fill rate by 9% in 2003 as compared to 2001.
• Consolidation of the delivery logistics by ensuring full loads. In cooperation with UPS, Argos logistics manages to deliver its goods in approximately 15,000 (full) vehicle loads per year. The same goods could easily require up to 55,000 loads if a less sophisticated logistics system was used.
• Significant reduction of traffic in the Argos logistics and warehouse areas. This system has been such a success that the Nominated Carrier Scheme now takes care of 35% of all inbound goods Argos in the UK. Moreover, the percentage of inbound goods carried increased from 20% to 25% between 2002 and 2003.
The RETEK supply chain management
In August 2003, Argos decided to delegate the management of the warehouses to Retek Inc. Retek's "Advanced Inventory Planning" solution was expected to optimise the supply chain of Argos. This should improve the in-stock availability and sales while reducing total inventory levels
The "Advanced Inventory Planning" has the goal of optimising order plans and synchronizing supply with consumer demand across multiple channels for improving and maximizing the performance of inventories.
Lessons learned
Argos is a retail company at the forefront in its sector in using ICT systems and e-business solutions. The company has reached a high level of system and process integration both for its supply chain management and for its marketing and sales operations. It offers customers the possibility of making purchases via a number of channels, including the web, the telephone, mobile commerce and television. Regarding logistics, Argos has successfully integrated these channels so that the company has only one warehouse system and does not require parallel infrastructures for specific channels.
Sources and references
• Company information obtained – (Desk research, June 2004)
• Websites of the involved firms (www.argos.co-uk; www.atlasventure.com; www.gus.co.uk; www.investis.com; www.retek.com; www.theretailbulletin.co.uk; www.ups-scs.co.uk; www.unitec.it)

提到直銷(Direct-Selling)，許多人直覺就會聯想到戴爾電腦，其周全完善的線上購物系統，顧客可依自己需求，選取相關的電腦周邊設備在網路下單，經由供應鍊系統管理(Supply Chain Management)，將訂單、產品配備等細節，由戴爾和供應商分享資訊，以求在最短時間內，達到送貨、交件、取款一貫化的作業。另一種成功的直銷管理，就是瑞典IKEA家具，或是諸如家樂福大型量販店的直銷模式，這種由廠商選擇郊外地價比市區低的大型賣場，省去中盤商的剝削，直接賦予消費者折扣優惠，新興的商業經營模式，已深受世界各地民眾所喜愛。

　英國零售業「Argos」，不同於戴爾專注於網路行銷的模式，也有別於IKEA或家樂福等選擇郊區做生意，而是巧妙地融合上述二者，並在英國各大市區設有Argos分店，方便客戶免費索取精美目錄。到Argos的民眾，一進店裡，只見到少部份的陳設樣品、收銀人員、和標有A、B、C、D、E等候處的領貨專區，民眾若要購買目錄上的商品，只要在進口處的目錄架上看好產品，抽取一張旁邊預置的採購單，自行填寫商品標號和數量，到櫃檯結帳後，收銀人員便會告知到A或B或 C等的櫃台領取物件，消費滿一百五十元英鎊，則可享有免費送貨服務，享受先付款貨到府的便捷服務。為滿足懶得到店面購物或行動不便的民眾，Argos更提供貼心的電話購物專線，打通電話告知要購買商品的標號，若不滿一百五十元英鎊的最低消費額，外加一點運費，Argos則可安排送貨到府的服務，沒有目錄的民眾想購買Argos產品，店家的電腦網路系統和電視購物(Interactive TV)，亦隨時提供二十四小時的專人諮詢，讓各式各樣不同通路的消費者，都能感受到Argos的親切服務和多樣化行銷管道。

　也許有人好奇會問﹕「到底Argos賣的都是些什麼產品﹖其優勢策略又在哪裡﹖為什麼可以做到融合戴爾和家樂福量販店的優點，並融合連鎖店的經營模式，做出這樣成功的另類行銷﹖」Argos的市場區隔，鎖定在一般民眾，店裡所賣的產品，諸如小手飾、珠寶、家電、衛浴用品、廚房擺設飾品、到一般家具或辦公室家具、小孩玩具、花園用具等，貨品範圍可說是琳琅滿目應有盡有，也因許多產品製造商源自於中國大陸、台灣或印尼等東南亞國家，廠商打的行銷策略不在超好的品質，而是「價廉物美的實用品質」。

　秉持著直銷的理念和配合小型連鎖店的銷售模式，Argos打破傳統由電話目錄購物的限制，迎合現代網路購物的新潮流，並於各商店街建立小型連鎖店銷售，除此之外，其售後服務，只要購物後十六天內，消費者若改變心意，在產品沒有遭損毀的情況下，憑收據皆可在各連鎖店或利用專人取貨服務，拿到退還的現金，若再有特別售後服務的需求，Argos亦提供產品加長保固項目，讓民眾選購依自己所需的保固年限，這些綜合的經營管理，使得Argos的名號，已成為英國消費者日常生活的一部份，其多樣化的直銷管道，更奠定了廣義直銷策略的可行性。

　在競爭激烈的商業活動中，經營者對行銷的方針、消費對象的鎖定、和策略規劃等，都需有健全的規劃，而最重要的就是愈來愈受消費者注意的售後服務，更是成功管理不可或缺的要素。以Argos的例子來看，若只有從東南亞、中國大陸、或台灣取得低價物品做銷售，而沒有專業化的行銷管道與完善的售後服務，消費者根本無法分辨，到底買Argos的產品和其他店家的有何不同﹖再就市場佈建來看，Argos把大型家具的倉儲中心(Warehouse)設在租金便宜的郊區，做為送貨服務點， 再選擇近市中心或市中心內的地區，設小型連鎖店做銷售據點，並做為民眾退貨的樞紐，省去消費者退貨的不便，更贏得消費者的認同，這樣點線面層層兼顧、一脈相連的經營理念，是Argos成功的關鍵。

文/林懿宏

reference: http://www.china1435.com/lunwen/anli/1393.html

Argos自1973年成立以来，它的营业额就一直保持着引人注目的增长势头。尤其从2004年4月到2005年3月的一年时间里，Argos卖出了35亿英磅的商品，令零售同行们惊叹。
Argos是目前在英国排名首位的商品零售商，除了不卖吃的外，它经营的商品几乎无所不包，共计有17000个品种和品规。特别是在销售玩具、小家电和家用电子产品以及家具、金银珠宝和运动休闲品方面，Argos的销售表现更被认为是其他销售商无法相比的。
如今Argos已有600多家分店，分布在英国和爱尔兰共和国。Argos共雇有23000名员工，拥有2千万固定顾客。
据估计，在英国超过2/3的家庭中，至少有一个在用商品是从Argos购买的。无可置疑，Argos的经营是如此成功。这与其一贯充分考虑顾客需求，并把供应链管理理念和意识融合到日常管理中的作法是分不开的。这些经营特色主要体现在购物方式的设计、经营商品的规划、配送中心的优化和供应商管理方面。
多种购物方式
Argos一成立，就采取了一种与传统零售商不同的经营方式。它抓住了英国现代社会的生活本质：生活富裕，但闲暇时间有限的群体越来越多，特别是那些懂得使用现代网络技术，容易接受新思维的青少年，更是它的忠诚顾客。因此在经营上，Argos把核心能力体现在满足顾客最方便的购物方式，提供多种样式选择和物美价廉的商品上。这从它的经营宗旨上可见一斑：我们提供最便利的购物方式，奉献给顾客最价廉物美的商品和服务。
Argos为顾客提供了多种沟通平台，方便他们随时随地能便捷的购物。顾客们可以选择到Argos门店，或是访问它的电脑网站，或发送手机信息，或是拨打24小时免费服务热线电话等。多种购物渠道满足了不同的消费方式需求，给顾客提供了最大的便利性。
Argos的门店经营也与传统门店的经营完全不同。走进任何一家Argos门店，你都看不到货架，更看不到商品。商品被储存在门店后或楼上的仓库里。顾客若要购物，可以翻阅摆设在店里的购物导向书或海报，这些资料在所有的门店里随手可取，顾客还可以拿回家慢慢挑。所有经营的产品在这些书面资料均有关说明，并附有产品的编码和彩图。
如果顾客有意购买某种商品，他只需遵循以下的步骤。
第一步，查阅该店有没有所要购买商品的库存。这很简单，在店里有许多小型的库存查询终端，输入商品编码，回车，就可以知道该商品现在有多少库存。若查询结果有库存，接下来就在店里取一张购物小表，填上商品编码和购买数量，到柜台排队付款后，获得一张有编号的打印小票。等待另外一个柜台呼叫该小票号，就前去领取和核对商品。
如果查阅没有库存，也可以前来付款。但在收款前，工作人员会告诉你，现在没有现货，要到什么时候才有。一般是一两天。这时顾客可以自行决定是愿意付款等了，还是放弃购买。为了更好的方便顾客，Argos门店提供了一些电脑，顾客可以按操作提示使用信用卡支付货款，取下自动打印的小票，等候叫号取货，省去了排队付款的麻烦。
另外，顾客还可以通过24小时的购物热线和网站订货，其实这并不新鲜。但Argos所提供的这两种购物方式，顾客除了可以订购商品外，还可以查询任何一家Argos门店的商品库存、门店的地理位置、商品价格和其它信息，这让很多不愿出门购物的人感到非常方便。
Argos还开通了“Text & Take home ”服务，也就是发送手机短信，顾客能随时随地了解商品的价格和库存。
从这些购物方式可以看出，Argos充分地从顾客的各个角度考虑，应用了多种科学技术来满足各种个性消费方式。这种以传统门店和电子商务企业经营相结合的经营方式，同时也赢得了在街上购物的顾客的光临，结合其它购物方式，最大化捕获了消费群体。
自有品牌利润源
对于Argos，另一个让人惊讶的地方就是它能提供多种款式的商品给顾客选择。比如它经营的手表就有22个牌子，覆盖高中低档的600多种款式，电子表、机械表、运动表等应有尽有，无论男女老少，都能在这里找到自己满意的手表。
在英国，商家通常不会采用直接的价格战手段来竞争，普遍的是采用商品的不同包装、不同规格等来避免直接价格战造成的两败俱伤局面。那么如果实现了商品的不同包装或规格等与外面商品不一致，又能充分保证物美价廉，且有多种款式可供选择，那结果又如何呢？
Argos为了实现了这一点，专注于自有品牌的商品经营。Argos通过采用严格的供应商评估体系，选择商品的代理商或产品生产厂家，要求它们按市场的需求生产和包装商品，考核的指标包括规格、款式、颜色、形状、包装等，并使用Argos商标。如此一来，Argos出售的很多商品都没法在外面买到一模一样的，顾客很难作出直接的价格比较。
这种手法同时达到了三种目的。第一，因为供应商能按Argos要求生产和设计产品，所以能提供多种款式的市场需求，所定价格也能让顾客满意；第二，由于Argos设定了这种与供应商共同长远发展的战略，它们的合作关系就更密切，在Argos 成为最大零售商的同时，也提高了这些供应商的商品市场占有率；第三，正是这种战略关系，供应商既能充分保证所供商品富有价格竞争力，也能充分保证Argos商品毛利。
Argos的2004年度报告显示，Argos的59.3%价值是由这些商品创造的。自有品牌的经营在现代食品超市经营中也非常重要，这点得到了英国一家食品连锁超市Sainsbury供应链经理Lawrence Christensen的认同。
Sainsbury是英国继TESCO后，销售排名第2的连锁超市，在英国有465家超市和266家便利店，全年有16亿英磅的销售额。Lawrence 透露，Sainsbury超市总共经营大约30000种商品，其中有50%是自我品牌。他强调两点：第一，自我品牌的商品提升了Sainsbury品牌影响力；第二，提升了供应链管理，实现了顾客、供应商和Sainsbury的需求。
优化供应链管理
Argos 有1个DC（配送中心），4个RDC（区域配送中心），主要负责英格兰和威尔士内Argos门店配送。还有2个转运点，一个位于爱尔兰共和国，另一个位于苏格兰, 分别负责爱尔兰共和国和苏格兰Argos门店配送。
大约有750多家供应商向Argos供货。以前，这些供应商都各自安排自己的配送计划，并使用自己的送货文件格式，给Argos的配送中心送货。这就导致了Argos配送中心要在不同时间接收货物和不同的送货单据，无法统一协调安排，作业效率不高，也浪费不少人力物力。
Argos的管理层很快意识到，随着业务的发展，这将会是越来越大的挑战，于是决定采用UPS的供应链解决方案对配送中心流程进行规划。在这个规划下，UPS将为Argos的200多家供应商提供第三方物流服务。
首先，UPS电子程序将若干个供应商的送货单整合成一个整单，UPS 集合中心接收这些供应商给Argos的送货，将这些货拼成一个整车后，再由UPS运送到Argos的各个RDC。这样一来，Argos的供应商就省去了与Argos在财务上接触的麻烦，同时也免除了自己要给Argos各个RDC送货的负担。
Argos和所有供应商均可以随时通过网络查询这些商品从接收至发送的状态。Argos还可以通过网络向UPS指示配送时间和数量等，要求优先给Argos的RDC配送，并可以在网上追踪这些商品的路上状态。通过这个规划，Argos优化了库存管理，控制了库存成本。目前为止，Argos有35%的供货是由UPS提供第三方物流配送的。
在2003年8月，Argos更是作出了一个重大决定，将配送中心委托给一个叫Retek Inc的公司管理，该公司对配送中心实施了高级库存管理计划，将UPS和Argos纳入整体的供应链管理和规划，更优化了Argos 的库存，加快了反应速度，提升了整条供应链管理水平。
在供应商管理方面，Argos也通过整合供应商，取得了更紧密的合作关系，以此来迎合顾客的需求。
90年代早期，全球有名的公司有2/3都采用了减少供应商数量来取得更协调和更密切的战略合作伙伴关系。但是这种高强度的合作只能维持在一定数量的供应商体系里，而很难应用于大量的供应商体系。
Argos非常成功地运用了这种管理理论。它通过严格的供应商评估体系，发展和挖掘具有共同的市场战略和目标，能互相信任，并能共同承担风险和分享信息的合作伙伴。Argos经营17000种商品，却只有大约750个供应商。
它通过应用现代通讯技术，成功地将来自于顾客的需求信息与供应商分享，将顾客、零售商和供应商纳入整个供应链体系去设计业务流程。
Argos与供应商一起直接面对顾客的需求，充分保证了产品的款式设计，规格，包装等更符合市场的需要。而不象传统企业的做法，采购人员拿着现金或支票，到市面上去货比三家，寻找合适的供应商。这种做法，只会带来短期内价格的优势，并会导致商品价格很不稳定，更无法实现产品的增值，双方也无法从合作中获得更大的利益。产品的生产和商品的销售之间是一种推动关系，简单地说就是生产什么卖什么。生产与销售没有共同分享信息，而是单独运作的两个独立模块。
而Argos通过与供应商建立长期的合作关系，采用现代技术与供应商分享市场需求信息，从产品的设计就开始共同合作，商品的销售和产品的生产之间是一种拉动关系，简单地说是需要什么就卖什么。生产和销售紧密联系成一个整体，这当然比上面所说的推动关系更符合现代企业的经营需要。
Argos的这种管理理念在英国排名第一的食品连锁超市TESCO（特易购）也体现了出来。TESCO一年的销售额有30多亿欧元，在英国本土有600多家店，经营40000种商品，主要由2000多个供应商供应。它也通过整合供应商，建立长期的合作关系，共同分享市场信息，优化供应链管理，增强竞争力。这说明正是这种零售商和供应商长期的战略伙伴合作关系，通过分享市场信息，共同面对顾客的需求，促使了双方在现代商业竞争中达到了双赢的目的.