I need to respond to this in 300-400 words with references
Proverbs 16:3 teaches, “Commit your work to the Lord, and your plans will be established” (ESV). Whether it is mission work, working as a cashier, or a business leader, we are commanded to put out the best that we can. This is relevant to the value chain because the value chain is the process of adding value to the entire lifecycle of the service/product. From start to finish, each step is evaluated and tweaked until, in theory, the best product is put out at the best price.
By utilizing a value-based business model, the organization can develop a strategy that is focused on creating value vice creating wealth. Williamson & Schaad (2018) contend that utilization of a value chain-based approach to develop cross-industry business strategies “may contribute to a more sustainable future” (p. 93). Through cooperation and focus on value, both companies create security.
For a value-based strategy to be formed, the company would need to conduct a SWOT analysis to identify strengths, weaknesses, opportunities, and threats. A SWOT analysis has its limitations. If taken at face value, it only presents a qualitative view of things. The information provided needs to be analyzed and alternatives identified to make the most of the opportunities identified and nullify any threats (Peng, Wang, & Gao, 2014, p. 41).
When the weakness section in the SWOT analysis shows the gap between the competitors and the current company, the organization may need to develop a new operational plan to curb the weakness. Often the way to do it is to change the way the company had been operating and take a new approach. New products are one way to shake thing up. Overall, SWOT analysis reveals the key information about the system. However, this information needs to be interpreted responsibly to generate correct alternatives.
References
Peng, D., Wang, T., & Gao, C. (2014). Integrating nonhomogeneous preference structures in swot analysis to evaluate multiple alternatives. Economic Computation & Economic Cybernetics Studies & Research, 48(3), 40-63. Retrieved from http://eres.regent.edu:2048/login?url=http://search.ebscohost.com/login.aspx?direct=true
Williamson, J., & Schaad, G. (2018). Re-Combining value chains: cross-industry cooperation for business model innovation. Journal of Business Models, 6(2), 90-95. Retrieved from
http://eres.regent.edu.2048/login?url=http://ebscohost.com/login.aspx?direct=true&db=bt
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