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1、Second Edition CMA preparatory program Part 3 Strategic ManagementThis is trial version,If you want get full version,please register it,thank you.Web site:/.adultpdf4/E-mail:supportadultpdf Second Edition CMA Preparatory Program Part 3 Strategic Management By Brian Hock, CMA Lynn Roden, CMA HOCK int
2、ernational The authors would like to thank the following people for their assistance in the production of this material. y Oleg Tyan, CMA and CFM, for his assistance in the technical elements of this material, y All of the staff of HOCK Training for their patience in the multiple revisions of the ma
3、terial, y The students of HOCK Training in all of our classrooms and in our Distance Learning Program who have made suggestions, comments and recommendations for the material, y Rohanna Muth, for her assistance with editing the material, and y Most important, to our spouses, Olga and John, for their
4、 patience in the long hours and travel that have gone into this. Additional acknowledgement is due to the Institute of Certified Management Accountants for permission to use questions and problems from past CMA and CFM Exams. The questions and unofficial answers are copyrighted by the Certified Inst
5、itute of Management Accountants and have been used here with their permission. The authors would also like to thank the Institute of Internal Auditors for permission to use questions and problems from Certified Internal Auditor Examinations Copyright 1985-1996 by The Institute of Internal Auditors,
6、Inc., 247 Maitland Avenue, Altamonte Springs, Florida 32701 USA. Reprinted with permission. The authors also wish to thank the IT Governance Institute for permission to make use of concepts from the publication Control Objectives for Information and related Technology (COBIT) 3rd Edition, copyright
7、2000, IT Governance Institute, .itgi.org. Reproduction without permission is not permitted. HOCK international, LLC PO Box 204 Oxford, Ohio 45056 USA 1-866-807-HOCK 1-866-807-4625 1-281-652-576 Internet: .hockinternational Editorial Note: Throughout these materials, we have chosen particular languag
8、e, spellings, structures and grammar in order to be consistent and comprehensible for all readers. HOCK study materials are used by candidates from countries throughout the world, and for many, English is a second language. We are aware that our choices may not always adhere to ;formal; standards, b
9、ut our efforts are focused on making the study process easy for all of our candidates. Nonetheless, we continue to welcome your meaningful corrections and ideas for creating better materials. This material is designed exclusively to assist people in their preparation for the CMA and CFM Exams. No in
10、formation in the material should be construed as authoritative business, accounting or consulting advice. Appropriate professionals should be consulted for such advice and consulting. ?8 All material is copyrighted by HOCK international, LLC, 2006. No part of this material may be used or reproduced
11、in any form without prior written permission from HOCK international, LLC. Dear Future CMA/CFM: Welcome to HOCK International! You have made a wonderful commitment to yourself and your profession by choosing to become a Certified Management Accountant or Certified Financial Manager. The process of c
12、ertification is an important one that demonstrates your skills, knowledge and commitment to your work. We are honored that you have chosen HOCK as your partner in this process. We know that this is a great responsibility, and it is our goal to make this process as painless and efficient as possible
13、for you. To do so, HOCK has developed the following tools for your use: y Textbook which you are currently reading. This is your main study source and contains all of the information necessary to pass the exams. This material follows the Learning Outcome Statements and provides all necessary backgro
14、und information so that you dont need to purchase or read other outside books. y Flashcards these include short summaries of main topics, key formulas and ideas. They are presented in flashcard format so you can easily study whenever you have a few minutes, but dont want to take your books along. y
15、Mock Exam for each part of the exam, the 110-question Mock Exam enables you to make final preparations using questions that you have not seen before. y Large Problems these larger problems are taken from past CMA and CFM Exams (when the exam was not entirely multiple choice). Although not currently
16、on the exam, they provide excellent practice for larger, more detailed multiple-choice questions that appear on the current exam. y Tutor Access we encourage you to contact HOCK trainers via e-mail throughout your studies as questions arise. y Question Software the HOCK software program contains que
17、stions from past CMA and CIA exams that are relevant to the current syllabus. It includes not only the questions, but answer explanations for the correct and incorrect answers. y Audio Files these Audio Files are recordings of classes actually conducted and taught by HOCK lecturers. With the Audio F
18、iles you are able to have the benefits of attending the classes without actually being required to be near a location where classes are held. We understand the commitment that you have made to the exams, and we will match that commitment in our efforts to help you. Furthermore, we understand that yo
19、ur time is too valuable to study for an exam twice, so we will do everything possible to make sure that you pass the first time. I wish you success in your studies, and if there is anything I can do to assist you, please contact me directly at brian.hockhocktraining. Sincerely, Brian J. Hock, CMA Pr
20、esident and CEO CMA Part 3 Strategic Management Table of Contents Introduction to Part 3 and Learning Outcome Statements.i Section A. Strategic Planning (Level B) 15%.iii Part 3 Section A.1. Strategic and tactical planning iii Part 3 Section A.2. Manufacturing paradigms iii Part 3 Section A.3. Busin
21、ess process performance iv Part 3. B. Strategic Marketing (Level A) 15%.v Part 3 - Section B.1. Strategic role within the firm v Part 3 - Section B.2. Managing marketing information v Part 3 - Section B.3. Market segmentation, targeting, and positioning vi Part 3 - Section B.4. Managing products and
22、 services vi Part 3 - Section B.5. Pricing strategy vi Part 3 - Section B.6. Promotional mix and distribution strategy vii Part 3. Section 8C. Corporate Finance (Levels A and B) 25%.viii Part 3 Section C.1. Risk and return viii Part 3 Section C.2. Financial instruments viii Part 3 Section C.3. Cost
23、of capital ix Part 3 Section C.4. Managing current assets ix Part 3 Section C.5. Financing current assets x Section D. Decision analysis (Levels A, B, and C) 25%.xi Part 3 Section D.1. Decision process xi Part 3 Section D.2. Relevant data concepts xi Part 3 Section D.3. Cost/volume/profit analysis x
24、ii Part 3 Section D.4. Marginal analysis xii Part 3 Section D.5. Cost-based pricing xiii Section E. Investment decisions (Levels A, B, and C) 20%.xiv Part 3 Section E.1. Capital budgeting process xiv Part 3 Section E.2. Discounted cash flow analysis xiv Part 3 Section E.3. Payback and discounted pay
25、back xiv Part 3 Section E.4. Ranking investment projects xv Part 3 Section E.5. Risk analysis in capital investment xv Part 3 Section E.6. Real options in capital investments xv i Strategic Management CMA Part 3 Section A Strategic Planning.1 Setting Objectives and Goals 2 Types of Planning 3 The Fo
26、rmal Strategic Planning Process 4 Strategic and Tactical Planning 4 Capital Budgeting and Capacity Planning.6 Contingency Planning 7 Manufacturing Paradigms 8 Other Contemporary Productivity Concepts or Systems 15 The Value Chain.16 Monitoring Quality.17 Total Quality Management (TQM) 17 Benchmarkin
27、g Process Performance 19 Business Process Reengineering.20 Total Quality Management and Activity-Based Costing 21 Section B Strategic Marketing.23 Strategic Marketing.23 Strategic Role within the Firm 24 The Marketing Mix 26 Competitive Strategies for Change 29 The Value Chain in Relation to Strateg
28、ic Marketing 31 Managing Marketing Information.33 Market Segmentation, Targeting and Positioning.34 Segmenting Consumer, Business and International Markets 35 Market Targeting 37 The Positioning Strategy 37 Managing Products and Services.39 Products and Services: The Differences 39 Product Mix 41 Br
29、anding 42 Services Marketing 43 New Product Development 47 Product Life-cycle Strategies 47 ii CMA Part 3 Strategic Management Pricing Strategy.49 Product Mix Pricing Strategies 50 Price Adjustment Strategies 50 International Pricing 51 Specific Price Decisions and Public Policy 53 Promotional Mix a
30、nd Distribution Strategy.55 Distribution Channels 62 Section C Corporate Finance.63 Working Capital.65 Levels of Working Capital 65 Types of Working Capital 65 Financial Analysis 68 Cash Management.74 The Operating Cycle 75 Marketable Securities Management.82 Cash and Marketable Security Management
31、Models 86 Accounts Receivable Management.88 Receivables Measurement 90 Inventory Management.92 Methods of Inventory Cost Management 94 Economic Order Quantity (EOQ) 95 Just-in-Time (JIT) Inventory Management 96 Kanban 96 Short-Term Financing.97 Bank Loans 97 Factoring of Receivables 102 Other Source
32、s of Financing 104 Maturity Matching Approach to Financing 107 Long-term Financing.109 Capital Structure.109 Determining the Capital Structure 110 Debt Financing Bonds.110 The Bond Itself 111 The Selling Price of the Bond 111 Characteristics of Bonds 114 Types of Bonds 115 iii Strategic Management C
33、MA Part 3 Equity.117 Common Stock 118 Preferred Stock 120 The Price of a Share of Stock 122 Additional Equity Sources of Financing.123 Cash Dividends.130 Cost of Capital.131 Weighted Average Cost of Capital (WACC).132 Cost of Debt 132 Cost of Common Equity 134 Capital Structure Decisions 140 The Mar
34、ginal Cost of Capital 140 Risk and Return in Investments.145 Risk 145 Types of Risk 146 Measurement of Risk in Investments.148 Absolute Measurement of Risk 148 Expected Return 149 Standard Deviation of Returns 150 Variance 150 Relative Measurement of Risk 154 Arbitrage Pricing Theory (APT) 160 Valua
35、tion of Stock 164 Indifference Curves 168 Risk Management Methods.170 Hedging to Manage Interest Rate Risk 173 Option Pricing Models.184 Leverage.187 iv CMA Part 3 Strategic Management Section D Decision Theory and Operational Decision Analysis.189 The Decision-Making Process.190 Relevant Informatio
36、n 191 Steps in Reaching a Decision 193 Costs and Cost Objects 195 Cost Behavior Patterns 197 Marginal Analysis Applications.199 Make-or-Buy Decisions 199 Special Order Decisions 203 Sell or Process Further Decisions 207 Disinvestment Decisions 209 Pricing.212 Short-Run and Long-Run Pricing Decisions
37、 212 Cost-Plus and Target Pricing Used Together 216 Life-Cycle Product Costing 216 Other Considerations in Price Setting 217 Illegal Pricing 218 Cost-Volume-Profit (CVP) Analysis.219 Contribution Margin Income Statement 221 Breakeven Analysis 222 Contribution Margin Method 224 Profit Requirement 227
38、 Using Breakeven Analysis in Decision-Making 234 Breakeven Analysis when More than One Product Is Sold.237 Sales Quantity Mix 237 Sales Revenue Mix 240 Effect of Changes in Sales Mix 241 Choosing Between Production Options 243 Choosing Between Two Cost Options 246 Product-Mix Decisions Under Constraints 249 CVP and Conditions of Risk and Uncertainty.250 Sensitivit