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M15EFACFS Lecture7ValueChainAnalysis Objectives ExplaintheconceptofavaluechainTolinknotionofValueChaintoStrategicCapability ResourcesandCompetencesUseavaluechainframeworktoidentifystrengthsandweaknessToexplainthenotionof Value andlinkthistogainingcompetitiveandfinancialadvantageToidentifythecomponentsoftheValueChainToexplaintherelevanceof CostDrivers Torecognisetheimportanceofthewider ValueSystem orthe ValueNetwork Linkwith StrategicCapability Lastweekwelookedathowtoanalyse ResourcesCompetences theabilitytocarryoutactivities HowresourcesaredeployedValueChainAnalysishelpswith Identificationofcompetences corecompetencesBothCompetencetoundertakeseparatevalueactivitiesandabilitytomanagelinkagesbetweenthese TheValueChain Thevaluechainconceptcanbehelpfulinunderstandinghowvalueiscreatedandlost Thevaluechaindescribestheactivitieswithinandaroundanorganisationwhichtogethercreateaproductorservice JohnsonandScholes 2002 p 160 ValueChainandValueNetwork Canhelpmanagers TodiagnosestrategiccapabilityTounderstandhowvalueiscreatedorlostintermsoftheactivitiesundertaken Thevaluechaindescribestheactivitieswithinandaroundanorganisationwhichtogethercreateaproductorservice JSW 2005 PG136 Strengths Strengthscanarisefromresourcescompetenceslinkagesbetweenresourcesand orcompetencesSustainedcompetitiveadvantageariseswhenthestrengthsarevaluable rare non imitableandorganised VRIOframework LinkwithnotionofCompetitiveandFinancialAdvantage Gainedbyidentifying satisfyingcustomerneedsbetterthancompetitorswhilstmakingasatisfactoryprofitie GivingbetterVALUE fromcustomerperspectiveValue RelationshipbetweenbenefitsprovidedasperceivedbycustomerandpricepaidSouseValueChaintoAnalyseactivitiestoseehowtheseperformRELATIVETOCOMPETITORS The ValueChain Porter 1985 AStrategicManagementtooltoidentifytheVALUEofwhatacompanydoesViewsacompanyasa chain ofactivitiesfortransforminginputsintooutputsthatcustomersvalueThisprocessoftransforminginputsintooutputscomprisesanumberof PRIMARYactivitiesSUPPORTactivitiesEachoftheseactivitiesshouldADDVALUEtotheendproduct service TheValueChain Source M E Porter CompetitiveAdvantage CreatingandSustainingSuperiorPerformance FreePress 1985 UsedwithpermissionofTheFreePress adivisionofSimon Schuster Inc 1985 1988byMichaelE Porter Allrightsreserved Itisthecompetencestoperformparticularactivitiesandtheabilitytomanagelinkagesbetweenactivitieswhicharethesourceofcompetitiveadvantage J S 1999 p157 SoneedtounderstandallactivitiesThe Goal ofActivities TocreateVALUEthatEXCEEDStheCOSTofprovidingtheproductofservice generatingaPROFITMARGIN Margin AddedValue ValueChain PRIMARYACTIVITIESInboundLogistics Receiving warehousing andinventorycontrolofINPUTSHowgoodsarereceivedfromacompany ssuppliersHowtheyarestoreduntilneededontheproduction assemblylineHowtheyaremovedaroundtheorganisation Operations ValuecreatingactivitiesthattransformtheinputsintothefinalproductIncludeshowgoodsaremanufactured assembledeg Roomservice hotel Packingofbooks videos games onlineretailerlikeAmazon Finaltunefornewcarengine OutboundLogistics ActivitiesrequiredtogetthefinishedproducttocustomerIncludeswarehousing orderfulfilment etc Howthegoodsaresentalongthesupplychainnowtheyarefinishedeg Towholesalers retailersorfinalconsumerbypost lorry air etc MarketingandSalesActivitiesassociatedwithgettingbuyerstopurchasetheproductIncludingchannelselection advertising pricing etc HowtheorganisationpreparestheofferingtomeettheneedsoftargetedcustomersThisareafocusesstronglyonmarketingcommunicationsandthepromotionsmix ServiceActivitiesthatmaintainandenhancetheproduct svalueIncludes customersupport repairservices etc Howallareasofserviceareconductede g installation after salesservice complaintshandling training etc PointstoRemember Any allprimaryactivitiesmaybevitalindevelopingcompetitiveadvantageeg LogisticsforadistributorServiceforon sitemaintenancecontractorSomeactivitieswillproducegreaterreturnsthanothers VALUECHAIN SupportActivitiesProcurement Functionofpurchasingrawmaterialsandotherinputsusedinthevalue creatingactivitiesHowgoods servicesandmaterialsarepurchasedforuseinany alloftheprimaryactivities soitoccursinmanypartsoftheorganisationAimistosecurelowestprice highestqualitypossible TechnologyDevelopment IncludesR D processautomation othertechnologydevelopmentusedtosupportvalue chainactivitiesAllvalueactivitieshavea technology evenifitissimply knowhow Innovationisimportant toreducecosts protect sustaincompetitiveadvantageMaybeconcernedwith a Product eg R Dproductdesignb Process eg Processdevelopmentc Resource eg Rawmaterialsimprovement HumanResourceManagement Activitiesassociatedwithrecruiting developingandcompensatingemployeesEmployeesareanexpensiveandvitalresourceTranscendsallareasoforganisation eg RecruitmentRewards Remuneration etc FirmInfrastructure Systemsofplanning finance qualitycontrol informationmanagement legalaffairs etc crucialtoeffectivenessofPrimaryActivitiesIncludesstructuresandroutinesthatsustainanorganisation scultureIncludesMIS mechanismsforplanning control eg accountingdept PointstoRemember Theseare generic activitiescommontoallorganisations specificactivitieswillvarybyindustrySupportactivitiesoftenseenas overheads BUTcanbeusedtodevelopadvantageeg Innovativemgtofinformationsystemstodevelopcostadvantage BasicConceptEverybusinessconsistsofacollectionofactivitiesEachactivityhasacostThecombinedcostsofallactivities theinternal coststructure Bycomparingactivitycostswiththoseofcompetitors identifywhicharesourceof costadvantage costdisadvantage VChelpsustounderstandthebehaviourofcosts Identifywhichactivities producethegreatestreturns addmosttocustomervalueFocusontheseCompetitiveadvantagecomesfromcarryingoutthesegenericactivitiesinamorecost effectivewaythancompetitors SouseValueChainAnalysisto Identify costdrivers asanimportantpartofStrategicandFinancialAnalysisSeparateactivitiestogainaninsightintohowthesecontributetocostsComparedifferencesincostsofactivitieswithcompetitorsIdentifyifitwouldbebettertooutsourceactivitiesto Reducecosts contributetocostleadership Improvequality contributetodifferentiation Porter 1985 NotenoughtolookatactivitiesindividuallyAlsolookathowtheyarelinked interactionsbetweenlinks stagesinchainofactivitiesDoingwell badlyinonestageaffectsthenext link inthe ValueChain So Linkages existwheretheperformanceorcostofoneactivityaffectthatofanotherCompetitiveandfinancialadvantagemaybeobtainedbymaximising coordinatinglinkedactivities Wider VALUESYSTEM Firm sValueChainalsolinkstothoseofitssuppliers upstreaminchainfromrawmaterialtoenduser eg electroniccomponentsforTVmanufacturer Firm sValueChainalsolinkstothoseofitsbuyers customers downstream eg ClothingmanufacturersupplyingM SLarger stream ofactivities ValueSystem ImplicationsofPorter s 1985 ValueChain 1 Conceptualisesthevaluecrea