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TRL3709 ASS 1 SEMESTER 2
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TRL3709 ASSIGNMENT 11. The value chain emphasizes the close relationship between all the functional
strategies within a company. TRUE OR FALSE
ANSWER
TRUE.
The value chain concept emphasizes the close relationship between all the
functional strategies within a company. The value chain is a framework used to
analyze and understand the various activities that a company performs to design,
produce, market, deliver, and support its products or services. It helps identify the
primary and support activities that contribute to creating value for customers and
generating a competitive advantage for the company.
The value chain consists of two main categories of activities:
Primary Activities: These activities are directly involved in the creation, marketing,
delivery, and support of the product or service. They include inbound logistics,
operations, outbound logistics, marketing and sales, and customer service.
Support Activities: These activities provide the necessary support and infrastructure
for the primary activities to function effectively. Support activities include
procurement, technology development, human resource management, and firm
infrastructure.
The value chain recognizes that these activities are interconnected and that the
success of one activity is dependent on the success and effectiveness of others. For
example, the efficiency of operations affects the quality of the final product, and
effective marketing and sales efforts are influenced by the quality of customer
service.
By understanding the relationships between different functional strategies and
activities, companies can identify areas for improvement, optimize processes, reduce
costs, and enhance overall performance. The value chain concept is widely used in
strategic management and helps organizations analyze their competitive position
and opportunities for value creation and differentiation in the market.
2. A product development strategy specifies the portfolio of new products that a
company will try to develop. TRUE FALSE
ANSWER
TRUE.
A product development strategy does indeed specify the portfolio of new products
that a company aims to develop. It is a strategic approach that outlines the
company's plans and goals related to creating and introducing new products or
improving existing ones.
, When developing a product development strategy, a company considers various
factors, including market trends, customer needs, technological advancements,
competitive landscape, and its own capabilities and resources. The strategy outlines
the types of products the company intends to develop, the target market for each
product, the expected timelines, and the budget allocated for research, development,
and commercialization.
The product development strategy is an essential component of the overall business
strategy. It helps guide the company's efforts in bringing innovative products to the
market, staying competitive, and meeting the changing demands of customers. By
having a clear product development strategy, companies can prioritize their
resources and focus on initiatives that align with their long-term goals and growth
objectives.
3. A company's product development strategy specifies the portfolio of new
products that it will try to develop. TRUE OR FALSE
ANSWER
TRUE.
A company's product development strategy does indeed specify the portfolio of new
products that it aims to develop. This strategy outlines the company's plans and
goals related to creating and introducing new products or improving existing ones.
The product development strategy takes into account various factors, including
market trends, customer needs, technological advancements, competitive
landscape, and the company's capabilities and resources. It defines the types of
products the company intends to develop, the target market for each product, the
expected timelines, and the budget allocated for research, development, and
commercialization.
Having a well-defined product development strategy is crucial for guiding a
company's efforts in bringing innovative products to the market, staying competitive,
and meeting the evolving demands of customers. It helps the company prioritize its
resources and focus on initiatives that align with its long-term goals and growth
objectives. By having a clear product development strategy, a company can
maximize its chances of success and ensure that its product offerings remain
relevant and appealing to its target market.
4. The value chain emphasizes the close relationship between all the functional
strategies within a company. TRUE OR FALSE
ANSWER
FALSE.
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