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Business Strategy Exam 2 Nance well answered already passed
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Business Strategy Exam 2 Nance well answered already passed
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Business Strategy Exam 2 NanceValue Chain Analysis - correct answer ✔✔looks at the sequential process of value-creating activities.
Value - correct answer ✔✔the amount buyers are willing to pay for what a firm provides.
The Value Chain - correct answer ✔✔Created by Porter and composed of primary activities and support
activities.
Primary Activities - correct answer ✔✔- contribute to the direct physical creation of the product or
service; the sale and transfer to the buyer; and service after the sale.
- Includes: Inbound logistics, operations, outbound logistics, marketing & sales, and service.
In assessing its primary activities, an airline would examine - correct answer ✔✔baggage handling
Support Activities - correct answer ✔✔- either add value by themselves or add value through important
relationships with both primary activities & other support activities.
- Includes: Procurement, technology development, HRM, and general administration.
Inbound Logistics - correct answer ✔✔- are primarily associated with receiving, storing & distributing
inputs to the product.
- Includes: Material handling, warehousing, inventory control, vehicle scheduling, and returns to
suppliers.
- Factors to consider: location of distribution facilities and warehouse layout.
Operations - correct answer ✔✔- include all activities associated with transforming inputs into the final
product form.
- Includes: Machining, packaging & assembly, testing or quality control, printing, and facility operations.
- Factors to consider: efficient plant operations & layout and incorporation of appropriate process
technology.
, Outbound Logistics - correct answer ✔✔- includes collecting, storing, & distributing the product or
service to buyers.
- Includes: Finished goods & warehousing, material handling, delivery vehicle operation, order
processing, scheduling, and distribution.
- Factors to consider: effective shipping processes and minimizing shipping costs by grouping goods into
large lot sizes.
Marketing and Sales Activities - correct answer ✔✔- involve purchases of products & services by end
users and includes how to induce buyers to make those purchases.
- Include: advertising & promotion, sales force management, pricing, and channel selection & relations.
- Factors to consider: innovative approaches to promotion and advertising and identification of customer
segments and needs.
Service - correct answer ✔✔- includes all actions associated with providing service to enhance or
maintain the value of the product.
- Includes: Installation & repair, training, parts supply, and product adjustment.
- Factors to consider: quick response to customer needs and quality of service personnel.
Procurement - correct answer ✔✔- involves how the firm purchases inputs used in its value chain.
- Includes: Optimizing quality & speed and minimizing associated costs.
Technology Development - correct answer ✔✔- is related to a wide range of activities.
- Includes: Use of data analytics, state-of-the-art facilities & equipment, and excellent professional
qualification.
Human Resource Management - correct answer ✔✔consists of activities involved in recruitment, hiring,
training & development, and compensation of all types of personnel.
General Administration - correct answer ✔✔involves:
- Effective planning systems to attain overall goals & objectives
- Excellent relations with diverse stakeholder groups
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