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McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
Value-Chain Analysis
• Value-chain analysis
a strategic analysis of an organization that
uses value creating activities.
• Value is the amount that buyers are willing
to pay for what a firm provides them and is
measured by total revenue
3-2
The Value Chain
Exhibit 3.1
3-3
Value-Chain Analysis
• Primary activities
contribute to the physical creation of the
product or service, its sale and transfer to the
buyer, and its service after the sale.
inbound logistics, operations, outbound
logistics, marketing and sales, and service
3-4
Value-Chain Analysis
• Support activities
activities of the value chain that either add
value by themselves or add value through
important relationships with both primary
activities and other support activities
procurement, technology development,
human resource management, and general
administration.
3-5
Primary Activity: Inbound Logistics
• Associated with receiving, storing and
distributing inputs to the product
Location of distribution facilities
Warehouse layout
and designs
3-6
Primary Activity: Operations
• Associated with transforming inputs into
the final product form
Efficient plant operations
Incorporation of appropriate process
technology
Efficient plant layout and workflow design
3-7
Primary Activity: Outbound Logistics
3-8
Primary Activity: Marketing and Sales
3-9
Primary Activity: Service
• Associated with providing service to
enhance or maintain the value of the
product
Quick response to customer needs and
emergencies
Quality of service
personnel and
ongoing training
3-10
Support Activity: Procurement
• Function of purchasing inputs used in the
firm’s value chain
Procurement of raw material inputs
Development of collaborative “win-win”
relationships with suppliers
Analysis and selection of alternate sources of
inputs to minimize dependence on one
supplier
3-11
Support Activity:
Human Resource Management
• Activities involved in the recruiting, hiring,
training, development, and compensation
of all types of personnel
Effective recruiting, development, and
retention mechanisms for employees
Quality relations with trade unions
Reward and incentive programs to motivate
all employees
3-12
Support Activity:
Technology Development
• Related to a wide range of activities and
those embodied in processes and
equipment and the product itself
Effective R&D activities for process and
product initiatives
Positive collaborative relationships between
R&D and other departments
Excellent professional qualifications of
personnel
3-13
Support Activity:
General Administration
• Typically supports the entire value chain
and not individual activities
Effective planning systems
Excellent relationships with diverse
stakeholder groups
Effective information technology to integrate
value-creating activities
3-14
Interrelationships among Value-Chain Activities
within and across Organizations
Two levels
• Interrelationships • Relationships
among activities among activities
within the firm within the firm and
with other
organization (e.g.,
customers and
suppliers)
3-15
Value Chains in Service Industries
3-16
Resource-Based View of the Firm
• Resource-based view of the firm
perspective that firms’ competitive
advantages are due to their endowment of
strategic resources that are valuable, rare,
costly to imitate, and costly to substitute.
3-17
Resource-Based View of the Firm
• Two perspectives
The internal analysis of phenomena within a
company
An external analysis of the industry and its
competitive environment
3-18
Types of Resources
• Tangible resources
organizational assets that are relatively easy
to identify, including physical assets, financial
resources, organizational resources, and
technological resources.
3-19
Types of Resources
• Intangible resources organizational
assets that are difficult to identify and
account for and are typically embedded in
unique routines and practices, including
human resources, innovation resources, and
reputation resources.
3-20
Types of Resources
• Organizational
capabilities
The competencies
and skills that a
firm employs to
transform inputs
into outputs.
3-21
Firm Resources and Sustainable
Competitive Advantages
• First, the resource must be valuable in the
sense that it exploits opportunities and/or
neutralizes threats in the firm’s
environment.
• Second, it must be rare among the firm’s
current and potential competitors.
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Firm Resources and Sustainable
Competitive Advantages
• Third, the resource must be difficult for
competitors to imitate.
• Fourth, the resource must have no
strategically equivalent substitutes.
3-23
Sources of Inimitability
• Physical
uniqueness
• Path dependency
• Causal ambiguity
• Social complexity
3-24
The Generation and Distribution of a Firm’s
Profits
Four factors help explain the extent to which
employees and managers will be able to obtain a
proportionately high level of the profits that they
generate
• Employee bargaining power
• Employee replacement cost
• Employee exit costs
• Manager bargaining power
3-25
Evaluating Firm Performance
• Financial ratio • Stakeholder
analysis perspective
Balance sheet Employees
Income statement Customers
Historical Owners
comparison
Comparison with
industry norms
Comparison with
key competitors
3-26
Financial Ratio Analysis
• Five types of financial ratios
Short-term solvency or liquidity
Long-term solvency measures
Asset management (or turnover)
Profitability
Market value
3-27
Financial Ratio Analysis
• Historical comparisons
• Comparison with industry norms
• Comparison with key competitors
3-28
Five Types of Financial Ratios
3-29
The Balance Scorecard
• Provides a meaningful integration of many
issues that come into evaluating a firm’s
performance
• Four key perspectives
How do customers see us?
What must we excel at?
Can we continue to improve and create
value?
How do we look to shareholders?
3-30
Customer Perspective
• Time
• Quality
• Performance and service
• Cost
3-31
Internal Business Perspective
• Processes
• Decisions
• Actions
• Coordination
• Resources and
capabilities
3-32
Innovation and Learning Perspective
3-33
Financial Perspective
• Profitability
• Growth
• Shareholder value
• Increased market share
• Reduced operating expenses
• Higher asset turnover
3-34
Potential Limitations of the
Balanced Scorecard
• Lack of a clear strategy
• Limited or ineffective executive sponsorship
• Too much emphasis on financial measures
rather than non-financial measures
• Poor data on actual performance
• Inappropriate links to scorecard measures to
compensation
• Inconsistent or inappropriate terminology
3-35