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Chapter 3

ADMS 4900 Chapter 3: ch 3

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Administrative Studies
ADMS 4900
Kelly Thompson

chapter 3 1. What is value? 1. The amount a customer is willing to pay 2. What is the difference between value from a 2. Competitive: total revenue competitive perspective vs. economicaccounting economic: value exceeds costs involved in perspective? creating productservice 3. Value system? 3. hierarchy of values all moral agents posses, demonstrated by their choices 4. Porters 2 categories of activities 4. Primary: contribute to physical creation, sales and transfer service after sale 1) inbound logistics: receiving, storing and distributing inputs to products 2) operations: transform input into nal product 3) outbound logistics: collecting, storing and distributing product to buyers 4) marketing and sales: gather market intelligence and understand customers 5) service: enhancing or maintaining value of product Secondary: provide and facilitate primary activities to ensure they take place efciently and effectively 1. Procurement: purchase inputs to be used in rms value chain 2. Technology development: component feature design 3. Human resource management 4. General administation: planning, acct 5. prot pool 5. spaces in value chain were opportunity to make more money 6. Prosumer concept 6. customerproducer integrated in value chain causes production processes to customize precisely and individually which generates cost savings and innovative ideas for rm 7. Resource based view 7. Resource provides rm w competitive advantage if: 1) Valuable: contributes value to customer 2) Rare 3) Inimitable physical uniqueness: difcult to copy ex. location, technology path dependency: unique in course of developmentaccumulation causal ambiguity: high level of social complexity ex. reputation 4) difcult to substitute
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