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Exam 3What makes up a value chain Describe the roles of primary activities and support activities in the value chainThe value chain includes all of the value-adding activities performed by a firm and the functions that allow those activities to occur These value-adding activities are called primary activities and the functions that support those activities are called support activities Primary activities deal with the products design its creation and delivery marketing and customer service Research and development RD activities use the design of the product and production processes to add value to the product by increasing the functionality of products hence making them more attractive to consumers Service industries may also add value to their services through RD A prime example could be banks and the development of ATMs and debit cards which has made their services more attractive In addition online banking has also made banking more efficient while lowering production costs Production activities add value through the actual creation of the good or service Production generally refers to manufacturing but can also refer to the delivery of the service to the customer One example of service production is broadcast television and their processes for creating programming and broadcasting content The principle still remains that if they can produce as efficiently as possible then their costs will be lower which adds value Marketing and sales activities also add value to a product or service through brand positioning and advertising A good example of this is the Apple iPhone While the Windows Phone has many of the same features as the iPhone even technology comparable to Siri it lacks luster and buzz The concept of marketing and sales is about increasing the perceived value of the product or service so that price can also increase In addition marketing and sales serve to discover consumer needs and deliver that information to RD and production so those needs can be met Customer service activities have the opportunity
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