Thanks to everyone who joined me live! Here's a bonus 12-marker that is specifically about that network diagram in Appendix E: Using information from Appendix E and the case study, analyse the impact of a twelve-week delay to Activity C. (12 marks)
Would you recommend making multiple little points throughout the analysis or focus on just one point. Also in the conclusion, can you bring in new points to strengthen your argument or show weaknesses? Thanks
Q6) Innovation can be both process and product innovation and occurs when a business turns an idea into either a new product or a new process in making a product. This is really important for some businesses and if they fail to do so it may lead to their failure but for many businesses they may be able to continue producing/selling even without any innovation. Firstly, I believe that many businesses will fail if they aren’t innovative as it’ll only result in them being left behind by competitors. Using Energon as an example we are able to see how innovation is a key foundation in the success of this business. We see this when we are told about their ‘differentiation’ strategy and how innovation has enabled them to be ‘among the most advanced on the market’. If Energon fails to continue being innovative it is likely being in such a competitive environment with the likes of ‘Nissan, Ford and Toyata’ to be outcompeted as these firms will end up catching up to Energon and surpassing them in terms of innovation. Energon’s cars may begin to be less differentiated from the competition which may lead to sales falling to competitors leading to a fall in market share and therefore result in the business failing in the long term. This shows how strategic drift will set in if firms aren’t adapting to the environment in which they operate and in this case if they don’t innovate competitors will take over leading to Energon’s failure. However, many businesses may find that if they don’t innovate it’ll likely have no change on the performance of the business and therefore the failure to innovate will not lead to the business failing. Many firms aren’t in the nature to innovate and compete differently than to firms like Energon. Many firms take a different strategic positioning such as cost leadership, this means that firms compete based on selling a good at the lowest cost possible instead of being differentiated. A business that this concept may apply is potentially Primark. Primark is not innovative in terms of the clothes it provides as it just focuses on selling them at the lowest cost possible. Without being innovative in their products they have still seen significant success in the clothing industry even with other luxury brands such as Gucci being innovative in the type of materials they use on their products. So, many firms don’t compete with the use of innovation and therefore with the failure to innovate the business will still be able to succeed. My final judgement is that even though innovation is very important for many businesses and markets not all businesses need it in order to survive. Innovation is important to stay competitive in a dynamic industry such as the electric car industry which is expected to reach 8 million units by 2023 as it enables them to keep ahead of the competition and stay competitive. However, some firms have a different competitive strategy and so being innovative isn’t detrimental in the success of these firms and a lack of it will not lead to its failure, another cost leader may be with the likes of Travel Lodge. I believe that it all depends on the type of industry/business that is in question as for some innovation is a must whereas for others it isn’t needed as much to succeed. Thank you Jimmm
Nice structure and well argued with a variety of contexts Evan. Stayed really focused on the question too. Good work. Only suggestion would be in para 1 - not really explained how and why a fall in market share might lead to business failure; I'd add to the chain of reasoning there, perhaps saying that as market share falls, contribution likely to fall, which may lead to sustained losses and a business running out of cash, if it fails to respond. [jim]
@@tutor2u-official Thank you so much for the feedback Jim. Okay yep I see exactly what you mean, basically explain WHY. As well, found it quite hard to find another low cost firm to use, do you know any other which would fit?
Well that's the key to fully meeting the demands of the question, which like the 16-mark questions in P2 is an "open" question. So you need to refer to different contexts (e.g. industries, markets, businesses) to address the "all businesses" or "any business" part of the question. Students that only write about the P3 case study in the 24-marker have their marks capped.
Jim, for the 1 analysis point in the 12 markers I find it hard to get 12 marks from one point. In the paper 3 2019 paper there is a good example of this (Q2). My only point was labour turnover fell as employee-employer relations improved, i was only able to do one page and I'm unsure if that was enough?
You can get 12 marks in 8-10 lines Evan. If the point is well developed, in context and addresses the demands of the question, that's all you need - if the question's range is one point.
The key point I was trying to highlight this morning is that lots of students are getting bogged down in the 12-mark questions at the start of Paper 3, creating time pressure on the remaining Q3-6 which require a more extended response. Treat the 12 markers as 9 markers.
hey jim, if you could give some feedback on this response it would be really appreciated as to what level it would be. Thank you! One impact is that Electron is unable to launch the new model city in 32 weeks. This is because due to the supplier shortage which caused a 12-week delay for activity C the new duration of the critical path is 43 weeks which is a 11-week delay for Electron. This is a problem as it means that electron will be unable to release their new model of car before several rivals do such as Nissan and Toyota do. This means that electron may face problems in attracting sales as they will be unable to now gain first mover advantage in such a crowded and saturated market which is likely to have been key for their provisional success of this car model. Therefore, drivers have more choice as model city is likely to be released around the same time of other competitor’s models possibly making it seem less special as all of the new models are likely to have cutting edge technology not just Electron’s if it was released early. This threat of substitutes could possibly lead to Electron finding it difficult to overcome the increase in competitive rivalry over the new models which would be caused by this delay possibly damaging revenues and thus profits on this new model city.
Exactly Ellie. Though come down on one side or the other. E.g. for Q6 (Energon): "Most businesses that fail to innovate won't neccasrily fail, though some will..."
Definitely not for Q1 & Q2, which are straightforward analysis questions. Intros are ok for evaluation questions, but not essential. They can be effective in setting the direction of evaluation in Q5 & Q6
@@tutor2u-official Thank youuu ! Do you have any tips on last minute revision ? Do i need to practice calculations. I would appreciate any advice you could give and any specific topics you think I should go through. Thank you !
@@sarahk4769 probably not - if anything I was doing intros for them but that meant setting my viewpoint way too early its best to just say something like "it depends on multiple points" etc and then the first point and so on. Good luck for tomorrow
If you could mark this and provide me with some feedback, it would be much appreciated. Bonus 12 marker) One way Activity C's delay may impact Energon, is it may put them at a disadvantage to competitors. Despite originally forecasting a 32 week timeframe for the launch of Model City, the issues surrounding supplier shortages means that the critical path will be altered, now expected to finish at 38 weeks. This could mean that Energon lose potential consumers, as their competitors will likely release their small electric cars before Energon, resulting in a period where car buyers cannot opt for an Energon vehicle, possibly resulting in weeks of extra selling time for other car companies such as Ford and Toyota. Another way Energon may be impacted by the delay, is it may force them to look for new suppliers and, consequently, spend more on batteries and semi-conductors than they originally anticipated. Given the delay of Activity C is due to supplier shortages, Energon may choose to see what other suppliers are available, so they can avoid having to release the Model City after competitors. Although alternative suppliers may charge higher fees, Energon being able to receive batteries and semi-conductors at a much earlier time, could mean they do not lose out on potential customers to competitors.
L2 I'd suggest - Decent effort that one! Lookling at the network diagram, I reckon the overall delay is 11 weeks to launch (12 week delay, but Activity C had 1 week float). I might need to check my numbers!. your answer provides two points, although only one impact is asked for. I'd take your first point and develop it a little further, perhaps by using the network diagram for application a little more.
Thanks to everyone who joined me live! Here's a bonus 12-marker that is specifically about that network diagram in Appendix E:
Using information from Appendix E and the case study, analyse the impact of a twelve-week delay to Activity C. (12 marks)
Thanks Jim!!!
Cheers Jim, Smashed it
Would you recommend making multiple little points throughout the analysis or focus on just one point. Also in the conclusion, can you bring in new points to strengthen your argument or show weaknesses? Thanks
Fewer, better developed points are always better than lots of under-developed points
Q6) Innovation can be both process and product innovation and occurs when a business turns an idea into either a new product or a new process in making a product. This is really important for some businesses and if they fail to do so it may lead to their failure but for many businesses they may be able to continue producing/selling even without any innovation.
Firstly, I believe that many businesses will fail if they aren’t innovative as it’ll only result in them being left behind by competitors. Using Energon as an example we are able to see how innovation is a key foundation in the success of this business. We see this when we are told about their ‘differentiation’ strategy and how innovation has enabled them to be ‘among the most advanced on the market’. If Energon fails to continue being innovative it is likely being in such a competitive environment with the likes of ‘Nissan, Ford and Toyata’ to be outcompeted as these firms will end up catching up to Energon and surpassing them in terms of innovation. Energon’s cars may begin to be less differentiated from the competition which may lead to sales falling to competitors leading to a fall in market share and therefore result in the business failing in the long term. This shows how strategic drift will set in if firms aren’t adapting to the environment in which they operate and in this case if they don’t innovate competitors will take over leading to Energon’s failure.
However, many businesses may find that if they don’t innovate it’ll likely have no change on the performance of the business and therefore the failure to innovate will not lead to the business failing. Many firms aren’t in the nature to innovate and compete differently than to firms like Energon. Many firms take a different strategic positioning such as cost leadership, this means that firms compete based on selling a good at the lowest cost possible instead of being differentiated. A business that this concept may apply is potentially Primark. Primark is not innovative in terms of the clothes it provides as it just focuses on selling them at the lowest cost possible. Without being innovative in their products they have still seen significant success in the clothing industry even with other luxury brands such as Gucci being innovative in the type of materials they use on their products. So, many firms don’t compete with the use of innovation and therefore with the failure to innovate the business will still be able to succeed.
My final judgement is that even though innovation is very important for many businesses and markets not all businesses need it in order to survive. Innovation is important to stay competitive in a dynamic industry such as the electric car industry which is expected to reach 8 million units by 2023 as it enables them to keep ahead of the competition and stay competitive. However, some firms have a different competitive strategy and so being innovative isn’t detrimental in the success of these firms and a lack of it will not lead to its failure, another cost leader may be with the likes of Travel Lodge. I believe that it all depends on the type of industry/business that is in question as for some innovation is a must whereas for others it isn’t needed as much to succeed.
Thank you Jimmm
Nice structure and well argued with a variety of contexts Evan. Stayed really focused on the question too. Good work. Only suggestion would be in para 1 - not really explained how and why a fall in market share might lead to business failure; I'd add to the chain of reasoning there, perhaps saying that as market share falls, contribution likely to fall, which may lead to sustained losses and a business running out of cash, if it fails to respond. [jim]
@@tutor2u-official Thank you so much for the feedback Jim. Okay yep I see exactly what you mean, basically explain WHY. As well, found it quite hard to find another low cost firm to use, do you know any other which would fit?
@@evanpenfold4462 dacia is one for the car market, lidl, aldi are always safe bets too
@@maxroseyearu6302 ooo okay okay will def look at those
Are you able to write the same points used from the previous questions in the 20 or 24 marks?
If relevant, yes Kelly. But dont just rewrite them. Certainly bring in evidence from the case study in more than one Q
How many marks are available for bringing in other busineses into the 24mark?
Well that's the key to fully meeting the demands of the question, which like the 16-mark questions in P2 is an "open" question. So you need to refer to different contexts (e.g. industries, markets, businesses) to address the "all businesses" or "any business" part of the question. Students that only write about the P3 case study in the 24-marker have their marks capped.
i don’t get why we have only 2 hours like genuinely it doesn’t make sense.
Jim, for the 1 analysis point in the 12 markers I find it hard to get 12 marks from one point. In the paper 3 2019 paper there is a good example of this (Q2). My only point was labour turnover fell as employee-employer relations improved, i was only able to do one page and I'm unsure if that was enough?
You can get 12 marks in 8-10 lines Evan. If the point is well developed, in context and addresses the demands of the question, that's all you need - if the question's range is one point.
The key point I was trying to highlight this morning is that lots of students are getting bogged down in the 12-mark questions at the start of Paper 3, creating time pressure on the remaining Q3-6 which require a more extended response. Treat the 12 markers as 9 markers.
@@tutor2u-official Okay yep I'll make sure I do this
@@tutor2u-official Yep I agree especially as paper 3 is mostly evaluation questions, thank you Jim
Will you be able to go through critical path analysis in tonight’s livestream and maybe use an example from a past paper if possible?
Will do
@@tutor2u-official thank you!! 😍😊
Could you go through what a low/high current ratio means tonight please?
Sure - will do Jack. See you later.
hey jim, if you could give some feedback on this response it would be really appreciated as to what level it would be. Thank you!
One impact is that Electron is unable to launch the new model city in 32 weeks. This is because due to the supplier shortage which caused a 12-week delay for activity C the new duration of the critical path is 43 weeks which is a 11-week delay for Electron. This is a problem as it means that electron will be unable to release their new model of car before several rivals do such as Nissan and Toyota do. This means that electron may face problems in attracting sales as they will be unable to now gain first mover advantage in such a crowded and saturated market which is likely to have been key for their provisional success of this car model. Therefore, drivers have more choice as model city is likely to be released around the same time of other competitor’s models possibly making it seem less special as all of the new models are likely to have cutting edge technology not just Electron’s if it was released early. This threat of substitutes could possibly lead to Electron finding it difficult to overcome the increase in competitive rivalry over the new models which would be caused by this delay possibly damaging revenues and thus profits on this new model city.
Fantastic response Megan - couldnt do better than that
@@tutor2u-official thank you & thank you for all your support you’ve been such help!
@@meganboutcher3279how did u do?
for the 24 mark conclusion can our final answer be it depends on the type of business, so yes&no basically
Exactly Ellie. Though come down on one side or the other. E.g. for Q6 (Energon): "Most businesses that fail to innovate won't neccasrily fail, though some will..."
@@tutor2u-official Thank you Jim :)
probability of network diagrams or investment appraisal being in paper 3? @tutor2u
Network diagrams more likely than IA (since IA was in P2) but both are possible
so we are not supposed to put intros at all for any question ?
Definitely not for Q1 & Q2, which are straightforward analysis questions. Intros are ok for evaluation questions, but not essential. They can be effective in setting the direction of evaluation in Q5 & Q6
@@tutor2u-official Thank youuu ! Do you have any tips on last minute revision ? Do i need to practice calculations. I would appreciate any advice you could give and any specific topics you think I should go through. Thank you !
@@tutor2u-official So i wont lose marks if i dont do an intro for 16 markers ?
@@sarahk4769 probably not - if anything I was doing intros for them but that meant setting my viewpoint way too early its best to just say something like "it depends on multiple points" etc and then the first point and so on. Good luck for tomorrow
If you could mark this and provide me with some feedback, it would be much appreciated.
Bonus 12 marker)
One way Activity C's delay may impact Energon, is it may put them at a disadvantage to competitors. Despite originally forecasting a 32 week timeframe for the launch of Model City, the issues surrounding supplier shortages means that the critical path will be altered, now expected to finish at 38 weeks. This could mean that Energon lose potential consumers, as their competitors will likely release their small electric cars before Energon, resulting in a period where car buyers cannot opt for an Energon vehicle, possibly resulting in weeks of extra selling time for other car companies such as Ford and Toyota.
Another way Energon may be impacted by the delay, is it may force them to look for new suppliers and, consequently, spend more on batteries and semi-conductors than they originally anticipated. Given the delay of Activity C is due to supplier shortages, Energon may choose to see what other suppliers are available, so they can avoid having to release the Model City after competitors. Although alternative suppliers may charge higher fees, Energon being able to receive batteries and semi-conductors at a much earlier time, could mean they do not lose out on potential customers to competitors.
L2 I'd suggest - Decent effort that one! Lookling at the network diagram, I reckon the overall delay is 11 weeks to launch (12 week delay, but Activity C had 1 week float). I might need to check my numbers!. your answer provides two points, although only one impact is asked for. I'd take your first point and develop it a little further, perhaps by using the network diagram for application a little more.
what did u get?