Provide a comprehensive overview of Michael Porter\'s Value Chain (a) Explain it
ID: 111295 • Letter: P
Question
Provide a comprehensive overview of Michael Porter's Value Chain(a) Explain its purpose, components, uses, and benefits.
(b) Discuss how the model reminds healthcare marketers to focus on the big picture. Provide a comprehensive overview of Michael Porter's Value Chain
(a) Explain its purpose, components, uses, and benefits.
(b) Discuss how the model reminds healthcare marketers to focus on the big picture. Provide a comprehensive overview of Michael Porter's Value Chain
(a) Explain its purpose, components, uses, and benefits.
(b) Discuss how the model reminds healthcare marketers to focus on the big picture.
Explanation / Answer
Harvard Business School's Michael E. Porter was the first to introduce the concept of a value chain.
He discussed the value chain concept in his book "Competitive Advantage: Creating and Sustaining Superior Performance". "Competitive advantage cannot be understood by looking at a firm as a whole," Porter wrote. "It stems from the many discrete activities a firm performs in designing, producing, marketing, delivering and supporting its product. Each of these activities can contribute to a firm's relative cost position and create a basis for differentiation"
a) Explain it's purpose, components ,uses, and benefits.
i) Purpose of value chain: To look at every production step required to create a product and identifying ways to increase the efficiency of the chain. To deliver maximum value for the least possible total cost and create a competitive advantage.
ii) components of value chain: The primary activities of Michael Porter's value chain are inbound logistics, operations, outbound logistics, marketing and sales, and service.
The secondary activity is operations and encompasses all efforts needed to convert raw materials into a finished product or service.
Support activities facilitate the efficiency of the primary activities in a value chain. The four support activities are procurement, technological development, human resource management and company infrastructure.
Uses of value chain:
The most critical processes can then be broken down into value activities for more detailed analysis of what the business is trying to achieve and how it is currently operating. That opens the opportunity for focused process improvement on the areas of constraint which offer most leverage.
Benefits of value chain:
b) Discuss how the model reminds healthcare marketers to focus on the big picture.
The Healthcare Supply Chain organizations across the value chain, focused on working together to solve challenges involving supply chain inefficiencies and healthcare quality. Leaders are building data-driven capabilities to enhance efficiency and improve patient outcomes.
The most critical processes can then be broken down into value activities for more detailed analysis of what the business is trying to achieve and how it is currently operating. That opens the opportunity for focused process improvement on the areas of constraint which offer most leverage. Hence the model reminds healthcare marketers the main objective High Quality patient care at optimum Economic cost.
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