What is the difference between the supply chain and the value chain quizlet?

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What is the difference between the supply chain and the value chain? The value chain concept simply recognizes that in an efficient network, each member of the supply chain adds value to the product as it moves from raw material to the end user.

Furthermore, what is the difference between the supply chain and the value chain?

Difference Between Supply Chain and Value Chain. Supply Chain refers to the integration of all activities involved in the process of sourcing, procurement, conversion and logistics. Value Chain, on the other hand, is a set of activities that focuses on creating or adding value to the product.

Furthermore, what are the differences between a domestic and global value chain? A domestic value chain for example is farming and selling of fresh produce into local retail stores. An example of a global value chain is the textile and apparel industry. Designs are done by Brands in Western Countries while production is mainly in Southeast Asian countries and more recently in Africa.

Similarly, you may ask, what is a value chain quizlet?

Value Chain. the coordinated series of functional activities needed to transform resources into products and services customers want to buy. Consists of primary activities and secondary (or supporting) activities.

What is Value Chain Management?

value chain management. The process of organizing the connected group of activities that create value by producing goods or services from basic raw materials for purchase by a consumer. You should try to understand all points of the value chain management and see if you can use them to your businesses advantage.

31 Related Question Answers Found

What is the value chain model?

A value chain is a business model that describes the full range of activities needed to create a product or service. The purpose of a value-chain analysis is to increase production efficiency so that a company can deliver maximum value for the least possible cost.

What are value chain activities?

A value chain is a set of activities that a firm operating in a specific industry performs in order to deliver a valuable product (i.e., good and/or service) for the market. The concept of value chains as decision support tools, was added onto the competitive strategies paradigm developed by Porter as early as 1979.

What is supply and value chain?

The difference between a value chain and a supply chain is that a supply chain is the process of all parties involved in fulfilling a customer request, while a value chain is a set of interrelated activities a company uses to create a competitive advantage.

What is a value chain example?

Value Chain Analysis Example
Value chain analysis allows businesses to examine their activities and find competitive opportunities. For example, McDonald's mission is to provide customers with low-priced food items. Below is an example of a value chain analysis for McDonald's and it's cost leadership strategy.

What is value added in supply chain?

Value Addition in Supply Chain Management is about processes and activities that enables products (goods or services) to be more desirable by the customer - it has nothing to do with price or cost of production.

How does supply chain add value?

Adding Value to Your Supply Chain
  1. Expand product offerings.
  2. Get products shelf ready.
  3. Enhance customization capabilities.
  4. Manage inventory more efficiently.
  5. Reduce the number of suppliers.
  6. React faster to changing business needs.
  7. Manage transportation costs.
  8. Control labor costs.

What is Porter's value chain used for?

Value chain analysis is a strategy tool used to analyze internal firm activities. Its goal is to recognize, which activities are the most valuable (i.e. are the source of cost or differentiation advantage) to the firm and which ones could be improved to provide competitive advantage.

What is supply chain management with diagram?

A supply chain is a network of retailers, distributors, transporters, storage facilities, and suppliers who take part in the production, delivery, and sale of a product that convert and move the goods from raw materials to end users, it describes the processes and organisations involved in converting and conveying the

What is the best definition of value chain quizlet?

Definition of Value Chain. -Network of facilities and processes that describe flow of goods, services, information, and transactions from supplier through facilities and processes that create goods/services and delivers them to customers. -goal: create value for customers.

Which of the following industries has the lowest barrier to entry?

Term A firm can be said to have competitive advantage when it has higher stock market valuations than its competitors. (true/false) Definition TRUE
Term Which of the following industries has the lowest barrier to entry? A) Automotive B) Computer-chip C) Restaurant D) Airline Definition C. restaurants

What are the primary activities of value chain?

The primary activities of Michael Porter's value chain are inbound logistics, operations, outbound logistics, marketing and sales, and service. The goal of the five sets of activities is to create value that exceeds the cost of conducting that activity, therefore generating a higher profit.

What is supply chain analysis?

In an economic development context, supply chain analysis is a tool for identifying growth opportunities related to a given industry within a region. That industry purchases inputs (raw materials, parts, knowledge) from certain industries, creates an output, and then sells that output on to another industry.

What is logistics value chain?

Logistics chain is a value chain. Value can be created with logistics. In addition to supply chain it is also referred to value chain, because supply chain management aims to increase value for customer at the lowest total cost.

How does supply chain management result in enhanced customer value?

The implementation of supply chain management results in enhanced customer value because the flexibility of a company is appealing to consumers (ex: Costco's return policy). This increases the probability that a customer will be loyal.

Why do contemporary supply chains need to be fast and agile?

Fast and agile are important attributes of contemporary supply chains in part because customer needs and wants can change relatively quickly. Failure to be fast and agile can result in decreased market share, reduced profitability, lower stock price, and/or dissatisfied customers for supply chain participants.

What is supply chain management investopedia?

Supply chain management is the management of the flow of goods and services and includes all processes that transform raw materials into final products. It involves the active streamlining of a business's supply-side activities to maximize customer value and gain a competitive advantage in the marketplace.

What is the supply value chain How does the supply value chain help organizations manage their supply chains?

The following are the methods in which supply value chain helps the firms to manage their supply chain: The value chain breaks down the activities of the business into its component parts to determine and diminish internal competition.