During the recent A2 business studies revision workshops we dedicated to the necessity for students to use independent research evidence to aid support the lines of analysis their essay points.
One analogy we used was thinking about examples (evidence) once the seasoning in an essay hot-pot or casserole. The seasoning will there be to make the meal taste great; you likewise require the raw ingredients! An essay point this is certainly developed to a depth that is good always score better with the examiners than answers that are full of way too many examples.
In March 2012, tour operator and travel agent Thomas Cook announced that its 16,000 UK staff would no longer be able enjoy discounts of up to 75pc off their holidays. The move was element of a cost-cutting strategy because of the tour operator which has an objective to cut operating costs by Ј35m a in order to improve cash flow and reduce its substantial bank debts year.
So, we now have an example of a piece that is recent of news. This is just what we call evidence – and it’s really simple to get hold of by simply reading the continuing business news regularly.
You should not research anything you are able to about Thomas Cook. You don’t need to memorise Thomas Cook’s recent results that are financial have detailed understanding of the cost-reduction plan. You just need some good examples. It is how you employ them that matters.
How could we use the evidence about Thomas Cook’s decision to help make savings by restricting the staff discount scheme?
The data might be beneficial in several contexts. As an example, it could be used by you in an essay on strategic retrenchment, or approaches for profit improvement. You could make use of it as a example of how board-level decisions built to achieve corporate objectives might have effects at a level that is functional. You can make use of it in an essay on culture (new management taking a determination for financial motives without necessarily considering most of the HRM & operational implications)
The thing that is important remember is that the evidence should be used to guide the type of analysis in each paragraphpoint. Make the example and explore the implications. Look at the importance of the example and those implications.
An way that is effective try this is by using “connectives” – phrases and words that help develop a logical chain of argument.
So, let us see a typical example of that doing his thing. We will utilize the Thomas Cook staff discount evidence/example thereby applying it to a paragraph point which explores the possibility negative effects of a cost-cutting strategy.
Go through the paragraph below. See how it uses the data after which builds on it. Underline the connectives used – how many could you spot? Its also wise to note how the do my homework for me example uses business that is relevant – this can help build credibility with all the examiner.
Firms that need to improve their profitability and cash flow will inevitably look at reducing operating costs where possible. However, you can find potential dangers with a cost-minimisation strategy. For instance, Thomas Cook has set itself a corporate objective of reducing annual operating costs by at the least Ј35m p.a. since it seeks to boost cash flow in the short-term to simply help it reduce high gearing levels. It is implementing many different measures including shop closures, redundancies as well as reducing the price of financial benefits (such as generous discounted holidays) paid to Thomas Cook staff. In the short-term, reducing staff discounts should result in a significant cost saving since TC has tens and thousands of staff, although that may depend regarding the extent to which TC staff take advantage of the discount scheme. However, there are many downsides that are potential your choice, like the likelihood of reduced morale and motivation of staff who value their holiday discounts, which might indirectly end up in worse customer support or lower productivity, ultimately causing lower revenues and profits which as a consequence may actually result in lower cash flows into the long-term. The decision to limit staff discounts may initially seem quite appealing to management, however as described, you will find potential hidden tangible and intangible costs which would lessen the impact associated with the decision on TC’s cost-reduction strategy.