Explains the role of innovation in the value chain. Defines what a competitive advantage is and describes how it can be obtained throughout the value chain. Conclusion:
Explains the role of innovation in the value chain.
Defines what a competitive advantage is and describes how it can be obtained throughout the value chain.
Conclusion:
Choose an example from a real-life business. Apply the concept of the value chain to the business you chose. Describes how each of the components of the value chain is manifested in the selected business. Then, answer the following question: which of the activities in the value chain presented is the most important for the operations of that type of business and why?
The value chain is greatly impacted by innovation since it fosters development and competition. Product innovation and process innovation are two subcategories of it. While process innovation focuses on increasing the efficacy and efficiency of internal processes, product innovation entails developing new or enhanced goods or services that suit client demands.
Competitive Benefit:
A company's distinct advantage over competitors that enables it to outperform them in the market is known as a competitive advantage. The following techniques may be used to do it throughout the whole value chain:
The first activity is: Operations, outbound logistics, marketing and sales, and service are a few of them. A business may get a competitive edge by innovating in any of these areas. For instance, effective supply chain management may save costs and accelerate delivery.
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