The paper "Value Chain in Entrepreneurship" is a good example of business coursework. Competitive advantage for a business not only looks towards matching or surpassing what the competitors do but looks towards ensuring that the different wants and customers' expectations are met and even look towards exceeding their expectations. The process of globalization has provided an opportunity for customers to search for different information and accept different products and services which meet their expectations. This has thereby made it imperative that entrepreneurs look to remove the complacency and develop the required value chain which provides better opportunities for improving the manner in which different activities are taking place.
This paper thereby looks to present and analyze the value chain from the perspective of an entrepreneur and the manner in which different implications can be used to develop and improve the manner in which entrepreneurs will look to develop their business. In addition to it, the paper also evaluates the term ‘ value ecosystem’ and discusses the implications for entrepreneurs as well as determines the trade-off for young firms. A strategic tool which will help to measure the manner in which customer perceives the value which they get will be analyzed through the usage of value chain analysis.
This will help entrepreneurs to determine the manner in which strategic advantage can be achieved and value addition can be carried out so that business is able to garner competitive advantage in the different activities which they provide (Hergert and Morris, 2009). The concept of the value chain was generated by Michael Porter in (1985) which looks to bring forward the manner in which customers look to accumulate value through a series of steps and activities which ultimately leads towards the consumption of products or services.
It has been described by Porter as an internal chain process that an organization looks to carry out so that different developments can be taken with regard to design, produce, market, and final delivery of the goods or services to the customers (Ramsay, 2005). It has further been stated that entrepreneurs through the process of the value chain are able to devise strategies which will help to implement different mechanism through which the different underlying activities can be better controlled and coordinated. Porter has further stated that the value chain helps entrepreneurs to identify the manner in which different business activities are carried out and constitutes of primary and support activities.
Primary activities are directly related to transforming inputs to outputs and also look to provide after-sale services so that better customer satisfaction is enhanced. Secondary activities on the other hand look as different functions and process which helps to carry out the primary activities (Clemmer, 2000). This supports the main activity and helps the business to develop the required parameter based on which service or product delivery takes place.
The combination of both the factor helps to provide value addition through which better customer expectations are meant and helps to ensure that the process looks towards meeting the different end needs of the customers. Sherer, (2005) states that that value chain creates value for the customer through the process of looking from the basic raw materials and ends up when the good is finally consumed by the consumers. This thereby looks towards covering up the entire process which leads towards meeting the different expectations of the customers and even looks to exceed the different expectations so that better customer satisfaction can be ensured.
The process looks at creating a process that aims towards value addition and helps to provide better services to the customers.
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