Chapter 3 - MGMT 6850

Value Chain Analysis
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Terms in this set (26)
human resource managementactivities involved in the recruiting, hiring, training, development and compensation of all types of personnelgeneral administrationgeneral management, planning, finance, accounting, legal and government affairs, quality management, and information systems; activities that support the entire value chain and not individual activitiesinterrelationshipscollaborative and strategic exchange relationships between value-chain activities either (a) within firms or (b) between firms. Strategic exchange relationships involve exchange of resources such as information, people, technology, or money that contribute to the success of the firm.resource based view of the firmperspective that firms' competitive advantages are due to their endowment of strategic resources that are valuable, rare, costly to imitate, and costly to substitutetangible resourcesorganizational assets that are relatively easy to identify, including physical assets, financial resources, organizational resources, and technological resourcesintangible resourcesorganizational assets that are difficult to identify and account for and are typically embedded in unique routines and practices, including human resources, innovation resources, and reputation resourcesorganizational capabilitiesthe competencies and skills that a firm employs to transform inputs into outputspath dependencya characteristic of resources that is developed and/or accumulated through a unique series of eventscausal ambiguitya characteristic of a firm's resources that is costly to imitate because a competitor cannot determine what the resource is and/or how it can be re-createdsocial complexitya characteristic of a firm's resources that is costly to imitate because the social engineering required is beyond the capability of competitors, including interpersonal relations among managers, organizational culture, and reputation with suppliers and customersfinancial ratio analysisa method of evaluating a company's performance and financial well-being through ratios of accounting values, including short-term solvency, long-term solvency, asset utilization, profitability, and market value ratiosBalanced Scorecardcustomer perspectivea method of evaluating a firm's performance using performance measures from the customer, internal, innovation and learning, and financial perspectiveinternal business perspectivemeasures of firm performance that indicate how well firms are satisfying customer's expectationsinnovation and learning perspectivemeasures of firm performance that indicate how well firms are changing their product and service offerings to adapt to changes in the internal and external environmentsfinancial perspectivemeasures of firms' financial performance that indicate how well strategy, implementation and execution are contributing bottom-line improvement