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Value Chain Management: Functional Strategies for Competitive Advantage McGrawHill/Irwin Contemporary Management, 5/e Copyright 169。 2023 The McGrawHill Companies, Inc. All rights reserved. chapter nine Learning Objectives ? Explain the role of functional strategy and valuechain management in achieving superior quality, efficiency, innovation, and responsiveness to customers ? Describe what customers want, and explain why it is so important for managers to be responsive to their needs ? Explain why achieving superior quality is so important and the challenges facing managers and anizations that seek to implement total quality management 3 Learning Objectives ? Explain why achieving superior efficiency is so important and the different kinds of techniques that need to be employed to increase it ? Differentiate between two forms of innovation, and explain why innovation and product development is a crucial ponent of the search for petitive advantage 4 Four Ways to Create a Competitive Advantage 5 Toyota’s Product Lineup Figure 6 Functional Strategies and ValueChain Management ? Functionallevel strategy – plan of action to improve the ability of each of an anization’s departments to performs its taskspecific activities in ways that add value to an anization’s goods and services 7 Question? What is coordinated sequence of functional activities necessary to transform inputs into finished goods? A. Input chain B. Transformation series C. Value chain D. Value string 8 Functional Strategies and ValueChain Management ? Value chain – coordinated series or sequence of functional activities necessary to transform inputs into finished goods or services customers value and want to buy 9 Functional Activities and the Value Chain 10 Functional Strategies and ValueChain M