Strategic Management Accounting

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Strategic Management Accounting

Wing Sun Li (2018)

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INTRODUCTION

Strategic management accounting (SMA) is always an appealing topic for manage- ment accountants. From the context of meaning, SMA is dealing with strategy and management accounting. Management accounting (factory accounting) in the 1960s was confined to job costing, cost computation, cost evaluation, standard cost variance analysis, and inventory control. The scope of work was gradually extended to management control and decision making areas in 1970s, such as design and imple- mentation of management control system, financial information for decision mak-ing, transfer price analysis, responsibility accounting, and other product and segment profitability analysis. A more profound change of management accounting role began at early 1980s where large firms became even larger in scale and operations. The trend of deregulation and the concept of globalization have lured large national firms to go international. Meanwhile, the age of computing crept in silently to revolutionize the entire business worlds. More new inventions replaced traditional products. Product life cycle was shorter than the past, and customers became  less loyal but more elusive. Technological advancement produced destructive impact to the operations of established firms and traditional industries. Traditional norm of business operations could no longer survive in face of these challenges. The whole world was ready for change. Incidental to this phenomenal context, management accountant’s role was gradually reshaped to meet new business orders in the organization. New management accounting concepts and techniques were introduced or became more matured in the 1980s and 1990s, for example, value chain analysis, economic value analysis, target costing, value reengineering, activity-based costing, benchmarking, total quality control analysis, competitor analysis, customer analysis, attribute costing, life-cycle costing, strategic positioning analysis, and balanced scorecard, just to mention a few. These new concepts and techniques equipped management accountants with new knowledge to understand new processes and new tools to deal with new business requirements. The “business mindset” training of management accountants made them more performable in sophisticated work environments. Furthermore, the expertise of accountants in collecting, analyzing, collating, concluding, and monitoring information provided them opportunities to deal with more information not only internally but also externally, as well as more nonfinancial information in their daily work. Management accountants have taken more important roles in organizations. Management accountants were also involved in strategic management issues in which SMA was fit for this mission. In fact, the new roles also increase demands in professional requirements of management accountants. In sum, management accountants were transformed from a factory cost accountant to management accountants to look after business operations by late 1960s and then have taken more new roles in 1980s and 1990s in the wake of new business order. Management accountants’ role in an organization was changed from internal focused to dual focuses, both internally and externally. Management accountants’ mindset was changed from operations focused to strategic focused as well. New roles increase demand for SMA knowledge. This makes strategic management accounting an appeal topic to all management accountants.

 

CONTENTS

1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.2 Boundaries of SMA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.3 Objectives of This Book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
1.4 Organization of the Book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
1.5 Appreciation for Great Ideas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
1.6 Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Part I Fundamental Concepts: Cost and Value
2 Cost Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.2 Cost Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  15
2.3 Contribution Margin Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
2.4 Strategic Cost Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
2.5 Activity-Based Costing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
2.6 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
3 Value Concepts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . 35
3.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
3.2 Value Chain Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . 36
3.3 Vertical Value Chain Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
3.4 Present Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
3.5 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... 54
Part II Managing Customers
4 Cost to Serve and Customer Selection . . . . . . . . . . . . . . . . . . . . . . . . 57
4.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
4.2 Cost-to-Serve (CTS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
4.3 CTS and Customer Life Cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . .  60
4.4 Linking Customer Profit to CTS . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

4.5 Valuable Customers? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
4.6 Customer Selection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
4.7 Action Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
4.8 Sale Performance Monitoring System . . . . . . . . . . . . . . . . . . . . . . . 71
4.9 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
5 From Customer Profit to Customer Value . . . . . . . . . . . . . . . . . . . . .  75
5.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
5.2 An Overview of the Customer Performance
Reporting Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... 76
5.3 Free Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  . . . . 81
5.4 Customer Value Concept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 83
5.5 Modified CLV Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86
5.6 Key Driver Performance and Financial Outcomes . . . . . . . . . . . . . 94
5.7 Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96
Part III Managing Competitors
6 Competitor Analysis and Accounting Model:
Competitor Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 99
6.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100
6.2 Analytical Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  101
6.3 Competitive Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  102
6.4 Competitor Identification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  105
6.5 Interfirm Market Rivalry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... 111
6.6 Proxy Measures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113
6.7 Guide to Use Proxy Measures in Interfirm
Competitive Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... 120
6.8 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121
Appendices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  121
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
7 Competitor Analysis and Accounting Model:
Accounting Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
7.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
7.2 Assessment of Competitive Position . . . . . . . . . . . . . . . . . . . . . . . . 126
7.3 Predictive Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135
7.4 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141
8 Competitive Analysis: Game Theory . . . . . . . . . . . . . . . . . . . . . . ... . 143
8.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
8.2 The Basics of Game Theory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144
8.3 Case Revisited: Electrical Bike . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
8.4 Market Power and Pricing Decision . . . . . . . . . . . . . . . . . . . . . . . . 151
8.5 Conclusions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156

Part IV Managing Corporate Value
9 Strategic Value Analysis: Value Search . . . . . . . . . . . . . . . . . . . . . . . 159
9.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159
9.2 Short-cut Financial Statement Approach . . . . . . . . . . . . . . . . . . . . . 160
9.3 Strategic Value Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
9.4 Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . 170
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..170
10 Strategic Value Analysis: Business Valuation . . . . . . . . . . . . . . . . . .  171
10.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
10.2 Corporate Blue Print (Financial) . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
10.3 Case Revisited: Abbraccio Caffe (ABC) . . . . . . . . . . . . . . . . . . . . . 173
10.4 Free Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... 179
10.5 Discount Rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . 183
10.6 Business Valuation (Using DCF) . . . . . . . . . . . . . . . . . . . . . ... . . . . 187
10.7 Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . 191
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .192
11 Creating Value Through Strategic Alliances . . . . . . . . . . . . . . . . . . . . 193
11.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 194
11.2 Value Formation in Strategic Alliance . . . . . . . . . . . . . . . . . . . . . ... 194
11.3 Payoff Structure (Private vs. Common Benefits) . . . . . . . . . . . .. . . 199
11.4 Strategic Symmetry (Interfirm Fit) . . . . . . . . . . . . . . . . . . . . . . . .. . 207
11.5 Risk and Payoff Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 209
11.6 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . 214
Appendix: Composite Measure of Strategic Symmetry Index . . . . . . .. . 215
References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  216
12 Cases and Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217
12.1 Case 12.1: ART Food Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .... . 217
12.2 Case 12.2: BAX Containers Ltd. . . . . . . . . . . . . . . . . . . . . . . . .... . . 225
12.3 Case 12.3: Scenario: Dealership Contract . . . . . . . . . . . . . .... . . . . . 227
12.4 Case 12.4: Superstores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . 227
12.5 Case 12.5: Ah Kin Electric Bike . . . . . . . . . . . . . . . . . . . . . . . . . . . 237
12.6 Case 12.6: Tender Bid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 245
12.7 Case 12.7: Abbraccio Caffè . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . 251
12.8 Case 12.8: Telnet Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . 255

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