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:Define and Explain what is Meant by a Value Chain - Coursework Example

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'Define and explain what is meant by a value chain. Using two different organisational-based examples, examine how organizations construct their value chains to underpin and strengthen their business strategy. Evaluate, using the VRIN criteria, which aspects of their value chains are critical to the organization’s competitive advantage’ – The cases of Toyota and Sony…
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:Define and Explain what is Meant by a Value Chain
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Download file to see previous pages 1. Introduction The survival of organizations in the global market is a challenging task, especially during periods of high uncertainty, as currently. In such environment, the need for innovative business strategies becomes emergent especially when the competition is strong. There are certain strategies that help organizations to strengthen their market position avoiding excessive risks. For example, in many organizations the restructuring of value chain has been proposed as a strategy for increasing performance without setting existing operations in risk. The role of value chain in developing and strengthening business strategy is reviewed in this paper. Particular reference is made to the elements of value chain, as a concept developed within different fields. The strategies of two well-known firms, Toyota and Sony, in regard to the management of value chain are presented and compared, aiming to show the terms under which value chain can significantly support the improvement of existing business strategies. At this point, the VRIN criteria have been used for identifying which aspects of the two organizations’ value chains are most critical to the organizations’ competitive advantage. ...
’s competitiveness is not standardized, as revealed through the effects of value chain management on the two firms’ performance, as analyzed below. 2. Value chain in the organizational environment 2.1 Value chain – characteristics and role The term value chain is extensively used in order to explain two different concepts: the price of a product/ service and the availability of this product/ service in a particular sector. The specific term does not refer only to business activities, even if its use in business is extensive, compared to other sectors; for example, in the social services sector, where the term value chain is used for describing the value of food and other similar material (for instance, drugs), provided to people in need (Kannegiesser 2008). The most common definition of value chain is based on sales and prices as related to specific products/ services (Kannegiesser 2008, p.40). Vallespir (2010) also supports that value chain reflects the balance between costs and benefits in regard to specific products or services. He further explains that the value chain can help to develop effective strategies not just for promoting specific products/ services but also for keeping the quality of products/ services at high level. Reference is made in particular to the health sector where value chain offers valuable information on ‘the costs of products/ services but also on their benefits for patients’ (Vallespir 2010, p.612). In this way, strategy makers can identify effective plans for’ increasing customer satisfaction, meeting customer expectations’ (Vallespir 2010, p.612), meaning in particular the need of patients for health recovery, at the highest possible level, after investing on particular health products/ services. Harper (2010) notes that ...Download file to see next pagesRead More
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