At the recent A2 business studies revision workshops we dedicated to the need for students to use independent research evidence to simply help support the lines of analysis their essay points.
One analogy we used was thinking of examples (evidence) since the seasoning in an essay hot-pot or casserole. The seasoning is there to help make the meal taste great; you also need the ingredients that are raw! An essay point this is certainly developed to a depth that is good always score better utilizing the examiners than answers which are littered with a lot of examples.
In March 2012, tour operator and travel agent Thomas Cook announced that resume writer its 16,000 UK staff would no further be able enjoy discounts all the way to 75pc off their holidays. The move was section of a cost-cutting strategy because of the tour operator which includes a target to cut operating costs by Ј35m a year so that you can improve cash flow and minimize its substantial bank debts.
So, we now have a good example of a recent piece of business news. This is what we call evidence — and it is easy to get hold of by simply reading the business news regularly.
You don’t need to research anything you possibly can about Thomas Cook. You should not memorise Thomas Cook’s recent financial results or have detailed knowledge of the cost-reduction plan. You merely need some examples that are good. It is how they are used by you that matters.
How could the evidence is used by us about Thomas Cook’s decision to make savings by restricting the staff discount scheme?
The evidence might be beneficial in several contexts. For example, you could use it in an essay on strategic retrenchment, or strategies for profit improvement. You could utilize it as a example of how board-level decisions designed to achieve corporate objectives can have effects at a level that is functional. You might 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 support the line of analysis in each paragraphpoint. Take the example and explore the implications. Think about the significance of the example and those implications.
An effective method to try this is with «connectives» — phrases and words which help develop a logical chain of argument.
So, let’s see a good example of that in action. We will make use of the Thomas Cook staff discount evidence/example and apply it to a paragraph point which explores the possibility negative effects of a cost-cutting strategy.
Go through the paragraph below. Observe how it uses the data after which builds on it. Underline the connectives used — exactly how many could you spot? You should also note the way the example uses business that is relevant — it will help build credibility with all the examiner.
Firms that want to enhance their profitability and cash flow will inevitably have a look at reducing operating costs where possible. However, you will 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 least Ј35m p.a. because it seeks to improve cash flow in the short-term to simply help it reduce high gearing levels. It really is implementing a number of measures including shop closures, redundancies and also reducing the price of financial benefits (such as for instance generous discounted holidays) paid to Thomas Cook staff. Within the short-term, reducing staff discounts should lead to a substantial cost saving since TC has tens and thousands of staff, although that will depend on the extent to which TC staff use the discount scheme. However, there are many potential downsides to your decision, for instance the probability of reduced morale and motivation of staff who value their holiday discounts, which might indirectly bring about worse customer support or lower productivity, resulting in lower revenues and profits which as a consequence could possibly end up in lower cash flows when you look at the long-term. The choice to limit staff discounts may initially seem quite attractive to management, however as described, you will find potential hidden tangible and costs that are intangible would reduce the impact regarding the decision on TC’s cost-reduction strategy.