What is value chain quizlet?
What is value chain quizlet?
Value Chain. the coordinated series of functional activities needed to transform resources into products and services customers want to buy. Consists of primary activities and secondary (or supporting) activities.
What is value chain management best defined as?
Value Chain Management Definition. Manufacturing value chain management (VCM) is the process of monitoring and managing all the components that comprise manufacturing, including procurement, production, quality control and distribution. This practice has gained prominence over the past couple of decades.
What is a value chain of a company?
Understanding the Value Chain The term value chain refers to the various business activities and processes involved in creating a product or performing a service. A value chain can consist of multiple stages of a product or service’s lifecycle, including research and development, sales, and everything in between.
How does one explain a value chain?
A value chain is a step-by-step business model for transforming a product or service from idea to reality. The end goal of a value chain is to create a competitive advantage for a company by increasing productivity while keeping costs reasonable.
Is a primary activity of the value chain?
The primary activities of the value chain include inbound logistics, operation outbound logistics, marketing and sales, and service. Secondary activities or the support activities include firm infrastructure, human resources management, and procurement.
What is the primary component of the value chain?
The value chain framework is made up of five primary activities — inbound operations, operations, outbound logistics, marketing and sales, service — and four secondary activities — procurement and purchasing, human resource management, technological development and company infrastructure.
How do you use value chain?
How to Implement the Value Chain
- Identify the secondary activities for each primary activity. Each primary activity has secondary activities associated with it.
- Identify the secondary activity for each support activity.
- Identify a connection between the activities.
What is a value chain map?
Value chain mapping is a process that identifies the main activities associated with a company’s service or product line and is often used in corporate strategy in order to identify performance improvement opportunities.
What are the value chain activities?
What is value chain and supply chain?
To recap: the Supply chain is the process between producing and distributing the product, dealing with the suppliers and logistics of getting the product to market; the Value chain is a set of activities carried out by the company which maximises the competitive advantage.
