Understanding Value Chains and Networks

What is the primary purpose of a value chain in a business?

• To increase the cost of production

• To identify activities that create value for customers

• To reduce the number of employees

• To eliminate competition

Which of the following is a support activity in a value chain?

• Inbound logistics

• Operations

• Human resource management

• Marketing and sales

Which of the following is considered a primary activity in a value chain?

• Procurement

• Technology development

• Outbound logistics

• Firm infrastructure

What is a value system?

• A network of value chains within an organisation

• A set of principles for ethical business conduct

• A method for reducing production costs

• A system for managing employee performance

How does a value network benefit a business?

• By increasing the number of suppliers

• By enhancing collaboration and innovation

• By reducing the quality of products

• By increasing the complexity of operations

What does SWOT analysis stand for?

• Strengths, Weaknesses, Opportunities, Threats

• Strategy, Work, Organisation, Technology

• Systems, Workforce, Operations, Targets

• Sales, Wages, Output, Trends

Which of the following is an example of corporate social responsibility?

• Maximising shareholder profits

• Reducing employee benefits

• Implementing environmentally friendly practices

• Increasing product prices

What is the focus of a resource-based strategy?

• Acquiring new customers

• Leveraging internal resources and capabilities

• Expanding into new markets

• Reducing production costs

In the VRIN framework, what does the "R" stand for?

• Rare

• Reliable

• Resourceful

• Robust

Which of the following is NOT a component of the VRIN framework?

• Valuable

• Imitable

• Non-substitutable

• Negotiable