Principles of Management Lecture 3 - Value Chain Management
FHNW
FHNW
Kartei Details
Karten | 15 |
---|---|
Sprache | English |
Kategorie | BWL |
Stufe | Universität |
Erstellt / Aktualisiert | 28.12.2020 / 28.12.2020 |
Lizenzierung | Keine Angabe |
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What is the value chain?
The coordinated series or sequence of functional activities necessary to transform inputs such as new product concepts, raw materials, component parts, or professional skills into the finished goods or services customers value and want to buy
What is value chain management?
The development of a set of functional-level strategies that support a company’s business-level strategy and strengthen its competitive advantage
Which functional activities of value chain management are within the "input stage"?
- Product development function
- Marketing function
Inputs: new product ideas, marketing research, component parts
Which functional activities of value chain management are within the "conversion stage"?
- Materials management function
- Production function
Changed into (conversion): People's ability and knowledge, machines, computers, functional skills
Which functional activities of value chain management are within the "output stage"?
- Sales function
- Customer service function
Outputs: goods and services
How do you create competitive advantage along the value chain?
- Improving quality
- Improving efficiency
- Improving innovation
- Improving responsiveness to customers
Result in competitive advantage from low costs and differentiation.
How do you improve responsiveness to customers?
Successful companies know what their customers want...
- Customer Relationship Management (CRM)
Not just about sales and marketing. Use IT to develop an ongoing relationship with customers to maximize the value an organization can deliver. Access to market intelligence!
What do customers typically want?
- Lower price
- High-quality
- Quick service and good after- sales service
- Products with many useful / valuable features
- Products that are tailored to their unique needs
How do you improve quality?
High-quality shows in design, features, reliability and after-sales support...
Impact of increased quality on organizational performance: Two dimensions
- Increased reliability leads to higher prices and higher profits
- Increased productivity leads to lower prices and higher profits
Implementing Total Quality Management (TQM) or Six Sigma