Direct marketing channel has no intermediary level. The company sells directly to consumers.

听力原文：Ubix is a publicly traded corporation actively traded on the, NASDAQ. The company was launched in 1999. Shareholders own more than 80% of the company while upper level management and employee stock options own the remaining 20%. Ubix is located in Denver, Colorado with manufacturing plants in Taiwan and Indonesia.The total cash flow during 2000 was $365 million.

Which market is Ubix traded on?

A．NASDAQ.

B．Denver.

C．Taiwan.

D．Indonesia.

The company you work for has recently created a new product—the Dictaphone. Your Marketing Manager asked you to write sales letters to the potential customers.

The letter should include the following information

arousing the interests of the customers

commenting on the features of the new product

inducing the customers' action to purchase.

Selling is the direct confrontation between the company and its customer. Management training and material tend to be devoted to “closing the sale”, "effective presentation skills", "use of visual aids" , and so on. The one aspect of selling which is often neglected is "prospecting(寻找可能的顾客)".

In advance of any direct selling activity or, indeed, any promotion, it is important to take time and allocate resources to prospecting for clients. Prospecting identifies buyers and makes the best use of time available for selling. It is the quality, not the quantity, of prospects that matters. Market segmentation(条块化) will show the market segment most likely to yield buyers, e.g. manufacturing companies with a turnover in excess of ￡5 million within 50 miles of your offices.

Building up a prime prospect file is the most valuable activity a salesperson can do. Once achieved, canvassing(游说顾客) is necessary only to "top up" the prospect reservoir when the level drops; that is, a prospect is converted to a customer, ceases to be a prime prospect and is replaced by another prime prospect.

The prospect file will help only if it is kept up to date and used systematically. A follow-up or bring-forward system will force you to plan your time effectively.

The selection of prospects can be done at the desk or by telephone. It involves a relatively low cost resource, compared with a field salesperson. The use of computers enables companies to develop a database of prospects which can be used interactively, depending on sales objectives or changes in strategy. By using a computerized marketing database, you can analyze important factors such as source of prospect/lead, date last called, change in staff.

A new sales in a market sector can open the door to acquiring a number of new prospects in this sector.

According to the author, in selling people do not attach importance to ______.

A．management training and material

B．effective presentation skills

C．search for possible customers

D．successful conclusion of deals

听力原文：Ubix is a publicly traded corporation actively traded on the NASDAQ. The company was launched in 1999. Shareholders own more than 80% of the company while upper level management and employee stock options own the remaining 20%. Ubix is located in Denver, Colorado with manufacturing plants in Taiwan and Indonesia. The total cash flow during 2000 was $365 million.

Which market is Ubix traded on?

A．NASDAQ.

B．Denver.

C．Taiwan.

D．Indonesia.

Mezza Co is a large food manufacturing and wholesale company. It imports fruit and vegetables from countries in South America, Africa and Asia, and packages them in steel cans, plastic tubs and as frozen foods, for sale to supermarkets around Europe. Its suppliers range from individual farmers to Government run cooperatives, and farms run by its own subsidiary companies. In the past, Mezza Co has been very successful in its activities, and has an excellent corporate image with its customers, suppliers and employees. Indeed Mezza Co prides itself on how it has supported local farming communities around the world and has consistently highlighted these activities in its annual reports.

However, in spite of buoyant stock markets over the last couple of years, Mezza Co’s share price has remained static. It is thought that this is because there is little scope for future growth in its products. As a result the company’s directors are considering diversifying into new areas. One possibility is to commercialise a product developed by a recently acquired subsidiary company. The subsidiary company is engaged in researching solutions to carbon emissions and global warming, and has developed a high carbon absorbing variety of plant that can be grown in warm, shallow sea water. The plant would then be harvested into carbon-neutral bio-fuel. This fuel, if widely used, is expected to lower carbon production levels.

Currently there is a lot of interest among the world’s governments in finding solutions to climate change. Mezza Co’s directors feel that this venture could enhance its reputation and result in a rise in its share price. They believe that the company’s expertise would be ideally suited to commercialising the product. On a personal level, they feel that the venture’s success would enhance their generous remuneration package which includes share options. It is hoped that the resulting increase in the share price would enable the options to be exercised in the future.

Mezza Co has identified the coast of Maienar, a small country in Asia, as an ideal location, as it has a large area of warm, shallow waters. Mezza Co has been operating in Maienar for many years and as a result, has a well developed infrastructure to enable it to plant, monitor and harvest the crop. Mezza Co’s directors have strong ties with senior government officials in Maienar and the country’s politicians are keen to develop new industries, especially ones with a long-term future.

The area identified by Mezza Co is a rich fishing ground for local fishermen, who have been fishing there for many generations. However, the fishermen are poor and have little political influence. The general perception is that the fishermen contribute little to Maienar’s economic development. The coastal area, although naturally beautiful, has not been well developed for tourism. It is thought that the high carbon absorbing plant, if grown on a commercial scale, may have a negative impact on fish stocks and other wildlife in the area. The resulting decline in fish stocks may make it impossible for the fishermen to continue with their traditional way of life.

Required:

Discuss the key issues that the directors of Mezza Co should consider when making the decision about whether or not to commercialise the new product, and suggest how these issues may be mitigated or resolved.

The Holiday Company (HC) currently offers travel agency services by giving travel advice and making travel bookings for customers who physically visit the offices located in most major towns in the country. However, it is progressively reducing this part of the business while simultaneously trying to achieve a greater proportion of its revenue online.

To help meet this objective, HC is in the process of forming a new business unit to market and sell luxury holidays. The holiday product range marketed by this new business unit will be named Inspirations. It is intended that Inspirations will provide a high quality, bespoke holiday service for discerning clients. HC has decided that this new business unit will have its own mission statement of ‘delivering a high quality service for discerning travellers’. The new managing director of Inspirations has stated that it has an objective of achieving annual revenue of $100m by 2018. This would be approximately 25% of the total forecast revenue for HC that year, but it is expected to represent only about 5% of the total number of holidays sold by HC. The type of holidays offered by Inspirations is already provided by some of HC’s competitors.

Dilip Kharel, the new director of marketing of Inspirations, has stated that the internet should be increasingly used as the main source of marketing and selling the holidays, as ‘the days are almost gone when families visit a ‘high street’ travel agency to plan their holiday; it’s all done now from the comfort of the home’. He believes that potential customers of Inspirations will not want to visit high street travel agencies.

HC currently makes extensive use of traditional marketing techniques, sending out travel brochures containing all of its holidays to potential customers. However, as Dilip has recognised, ‘the problem is that we don’t even know if our customers bother opening these, or if they put them directly into the dustbin.’ These brochures are often produced months in advance, and may advertise holidays which are no longer available. Customers will not discover this until they visit one of the travel agents. The company currently does make some use of targeted emails, but it has been accused of sending spam mail in the past and mass mailing a weekly email of all current holiday offers to everyone registered on its database.

Dilip is keen to embrace the opportunities offered by electronic marketing and believes that Inspirations can benefit greatly by exploiting the principles of intelligence, individualisation, interactivity, integration and independence of location which are central to electronic marketing.

Inspirations will offer holidays in a wide variety of locations, including the Caribbean, Africa and Asia, and plan to offer ‘themed’ trips, such as gourmet food holidays and heritage trips. Different countries may have different requirements for visiting tourists, such as visa regulations. Inspirations does not own hotels or aircraft and therefore the majority of holidays offered will be provided by third-party suppliers, such as hotel and airline companies. This means that Inspirations can lack control over some elements such as passenger taxes. Inspirations will have representatives on site in all resorts to meet guests at airports and to address any issues they have with the holiday. However, the hotels and excursions will not be solely or exclusively offered to Inspirations guests. For example, there will be other guests at a hotel who have not booked through Inspirations.

Dilip is concerned about this. He feels that the company needs to be able to differentiate itself, either in the overall holiday experience itself or in the marketing of it, so that customers are more likely to book such holidays through Inspirations, rather than through a competitor, or indeed through booking with the hotel directly. He also recognises the importance of adopting an appropriate pricing strategy which meets the needs of the organisation (HC and Inspirations) and customers alike.

Required:

(a) Evaluate how the principles of intelligence, individualisation, interactivity, integration and independence of location could be exploited when marketing the new range of holidays to be offered by Inspirations. (15 marks)

Dilip Kharel recognises the importance of a pricing strategy which supports the overall corporate and business strategies of the organisation.

Required:

(b) Describe a strategic approach to establishing prices in the context of Inspirations. You should recognise both economic and non-economic factors in your approach. (10 marks)

Section B – TWO questions ONLY to be attempted

(a) Mehran, a public limited company, has just acquired a company, which comprises a farming and mining business. Mehran wishes advice on how to fair value some of the assets acquired.

One such asset is a piece of land, which is currently used for farming. The fair value of the land if used for farming is $5 million. If the land is used for farming purposes, a tax credit currently arises annually, which is based upon the lower of 15% of the fair market value of land or $500,000 at the current tax rate. The current tax rate in the jurisdiction is 20%.

Mehran has determined that market participants would consider that the land could have an alternative use for residential purposes. The fair value of the land for residential purposes before associated costs is thought to be $7·4 million. In order to transform. the land from farming to residential use, there would be legal costs of $200,000, a viability analysis cost of $300,000 and costs of demolition of the farm buildings of $100,000. Additionally, permission for residential use has not been formally given by the legal authority and because of this, market participants have indicated that the fair value of the land, after the above costs, would be discounted by 20% because of the risk of not obtaining planning permission.

In addition, Mehran has acquired the brand name associated with the produce from the farm. Mehran has decided to discontinue the brand on the assumption that it will gain increased revenues from its own brands. Mehran has determined that if it ceases to use the brand, then the indirect benefits will be $20 million. If it continues to use the brand, then the direct benefit will be $17 million. (8 marks)

(b) Mehran wishes to fair value the inventory of the entity acquired. There are three different markets for the produce, which are mainly vegetables. The first is the local domestic market where Mehran can sell direct to retailers of the produce. The second domestic market is one where Mehran sells directly to manufacturers of canned vegetables. There are no restrictions on the sale of produce in either of the domestic markets other than the demand of the retailers and manufacturers. The final market is the export market but the government limits the amount of produce which can be exported. Mehran needs a licence from the government to export its produce. Farmers tend to sell all of the produce that they can in the export market and, when they do not have any further authorisation to export, they sell the remaining produce in the two domestic markets.

It is difficult to obtain information on the volume of trade in the domestic market where the produce is sold locally direct to retailers but Mehran feels that the market is at least as large as the domestic market – direct to manufacturers. The volumes of sales quoted below have been taken from trade journals.

(9 marks)

(c) Mehran owns a non-controlling equity interest in Erham, a private company, and wishes to fair value it as at its financial year end of 31 March 2016. Mehran acquired the ordinary share interest in Erham on 1 April 2014. During the current financial year, Erham has issued further equity capital through the issue of preferred shares to a venture capital fund.

As a result of the preferred share issue, the venture capital fund now holds a controlling interest in Erham. The terms of the preferred shares, including the voting rights, are similar to those of the ordinary shares, except that the preferred shares have a cumulative fixed dividend entitlement for a period of four years and the preferred shares rank ahead of the ordinary shares upon the liquidation of Erham. The transaction price for the preferred shares was $15 per share.

Mehran wishes to know the factors which should be taken into account in measuring the fair value of their holding in the ordinary shares of Erham at 31 March 2016 using a market-based approach. (6 marks)

Required:

Discuss the way in which Mehran should fair value the above assets with reference to the principles of IFRS 13 Fair Value Measurement.

Note: The mark allocation is shown against each of the three issues above.

Professional marks will be awarded in question 2 for clarity and quality of presentation. (2 marks)

英译中

In the past year, however, software companies have developed tools that allow companies to "push" information directly out to consumers, transmitting marketing messages directly to targeted customers.

Section B

Directions: There are 2 passages in this section. Each passage is followed by some questions or unfinished statements. For each of them there are four choices marked A, B, C and D. You should decide on the best choice.

Just five one-hundredths of an inch thick, light golden in color and with a perfect "saddle curl," the Lay's potato chip seems an unlikely weapon for global domination. But its maker, Frito-Lay, thinks otherwise." Potato chips are a snack food for the world," said Salman Amin, the company's head of global marketing. Amin believes there is no corner of the world that can resist the charms of a Frito-Lay potato chip.

Frito-Lay is the biggest snack maker in America. owned by PepsiCo, and accounts for over half of the parent company's $ 3 billion annual profits. But the U. S. snack food market is largely saturated, and to grow, the company has to look overseas.

Its strategy rests on two beliefs: first, a global product offers economies of scale with which local brands cannot compete. And second, consumers in the 21st century are drawn to "global" as a concept. "Global" does not mean products that are consciously identified as American, but ones that consumes-- especially young people--see as part of a modern, innovative(创新的)world in which people are linked across cultures by shared beliefs and tastes. Potato chips are an American invention, but most Chinese, for instance, do not know that Frito-Lay is an American company. Instead, Riskey, the company's research and development head, would hope they associate the brand with the new world of global communications and business.

With brand perception a crucial factor, Riskey ordered a redesign of the Frito-Lay logo(标识). The logo, along with the company's long-held marketing image of the "irresistibility" of its chips, would help facilitate the company's global expansion.

The executives acknowledge that they try to swing national eating habits to a food created in America, but they deny that amounts to economic imperialism. Rather, they see Frito-Lay as spreading the benefits of free enterprise across the world. "We're making products in those countries, we're adapting them to the tastes of those countries, building businesses and employing people and changing lives," said Steve Reinemund, PepsiCo's chief executive.

It is the belief of Frito-Lay's head of global marking that ______.

A．potato chips can hardly be used as a weapon to dominate the world market

B．their company must find new ways to promote domestic sales.

C．the light golden color enhances the charm of their company's potato chips

D．people the world over enjoy eating their company's potato chips

Clarinet Co (Clarinet) is a computer hardware specialist and has been trading for over five years. The company is funded partly through overdrafts and loans and also by several large shareholders; the year end is 30 April 2014.

Clarinet has experienced significant growth in previous years; however, in the current year a new competitor, Drums Design Co (Drums), has entered the market and through competitive pricing has gained considerable market share from Clarinet. One of Clarinet’s larger customers has stopped trading with them and has moved its business to Drums. In addition, a number of Clarinet’s specialist developers have left the company and joined Drums. Clarinet has found it difficult to replace these employees due to the level of their skills and knowledge. Clarinet has just received notification that its main supplier who provides the company with specialist electrical equipment has ceased to trade.

Clarinet is looking to develop new products to differentiate itself from the rest of its competitors. It has approached its shareholders to finance this development; however, they declined to invest further in Clarinet. Clarinet’s loan is long term and it has met all repayments on time. The overdraft has increased significantly over the year and the directors have informed you that the overdraft facility is due for renewal next month, and they are confident it will be renewed.

The directors have produced a cash flow forecast which shows a significantly worsening position over the coming 12 months. They are confident with the new products being developed, and in light of their trading history of significant growth, believe it is unnecessary to make any disclosures in the financial statements regarding going concern.

At the year end, Clarinet received notification from one of its customers that the hardware installed by Clarinet for the customers’ online ordering system has not been operating correctly. As a result, the customer has lost significant revenue and has informed Clarinet that they intend to take legal action against them for loss of earnings. Clarinet has investigated the problem post year end and discovered that other work-in-progress is similarly affected and inventory should be written down. The finance director believes that as this misstatement was identified after the year end, it can be amended in the 2015 financial statements.

Required:

(a) Describe the procedures the auditors of Clarinet Co should undertake in relation to the uncorrected inventory misstatement identified above. (4 marks)

(b) Explain SIX potential indicators that Clarinet Co is not a going concern. (6 marks)

(c) Describe the audit procedures which you should perform. in assessing whether or not Clarinet Co is a going concern. (6 marks)

(d) The auditors have been informed that Clarinet’s bankers will not make a decision on the overdraft facility until after the audit report is completed. The directors have now agreed to include some going concern disclosures.

Required:

Describe the impact on the audit report of Clarinet Co if the auditor believes the company is a going concern but that this is subject to a material uncertainty. (4 marks)