question archive 1)Explain the value chain and list the ways (minimum 4 ways/ points) value chain analysis benefits organizations

1)Explain the value chain and list the ways (minimum 4 ways/ points) value chain analysis benefits organizations

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1)Explain the value chain and list the ways (minimum 4 ways/ points) value chain analysis benefits organizations. (5marks) 2. Woodworks Sdn Bhd produces a wide variety of furniture for both household and industry use. Competition in the industry has recently increase with new players in the market. In addition, cheap furniture imports from China is also eroding the market share of Woodworks Sdn Bhd. Management of Woodworks Sdn Bhd wants to cut cost for it's furniture products and also reduce price to remain competitive in the market. The CEO of Woodwork Sdn Bhd has directed the Management Committee (comprising of the Financial Controller, Design Engineer, General Manager for Marketing and the Human Resource Manager) to identify four (4) potential areas for cost reduction. After a series of discussion, the Management Committee has identified the following areas for cost reduction: Potential Cost Reductions Potential area for cost reduction Design Phase 1. 2. Manufacturing process 1. 2. Administration 1. 2. Change in quality or function 1. 2. Required a. For each of the potential areas for cost reduction, identify two (2) potential cost reduction actions. (16marks) b. Define and explain the term “supply chain" and its importance to cost management. (4marks)

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