BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Low cost strategy
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Business value process
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First-mover value advantage
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Value chain
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Detailed explanation-1: -A value chain is a step-by-step business model for transforming a product or service from idea to reality. Value chains help increase a business’s efficiency so the business can deliver the most value for the least possible cost.
Detailed explanation-2: -Process management is a management approach that views an organization and its activities as a set of processes.
Detailed explanation-3: -The value chain model views the firm as a series or chain of basic activities that add a margin of value to a firm’s products or services.
Detailed explanation-4: -The value chain approach seeks to understand the firms that operate within an industry-from input suppliers to end market buyers; the support markets that provide technical, business and financial services to the industry; and the business environment in which the industry operates.
Detailed explanation-5: -The term value chain refers to the various business activities and processes involved in creating a product or performing a service. A value chain can consist of multiple stages of a product or service’s lifecycle, including research and development, sales, and everything in between.