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Understanding Value Chain in Business

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Questions and Answers

What is a value chain, according to Professor Michael Porter?

A strategy to compete with other businesses in the market

A method to increase profitability without changing business operations

A series of processes undertaken by an organization to manufacture a product or service (correct)

A way to reduce company costs

Which primary activity involves transforming inputs into outputs?

Marketing and Sales

Outbound Logistics

Operations (correct)

Inbound Logistics

What is the ultimate goal of evaluating a company's value chain?

To reduce the number of employees

To increase the prices of products

To enhance business efficiency and increase profitability (correct)

To increase employee salaries

What is the key factor in creating value in Inbound Logistics?

Supplier relationships Signup and view all the answers

What represents the profit margin in a company's value chain?

Value created and captured Signup and view all the answers

What is the primary goal of a cost leadership strategy?

To become the lowest-cost provider in an industry or market Signup and view all the answers

What is the purpose of conducting a value chain analysis?

To understand the relationships between different activities and areas in the business Signup and view all the answers

What is the primary focus of Technological Development in the value chain?

Developing and automating production procedures Signup and view all the answers

What is the main difference between a cost leadership strategy and a differentiation strategy?

The pricing strategy Signup and view all the answers

What is the role of Human Resource Management in the value chain?

Hiring and keeping workers engaged Signup and view all the answers