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Managing Business Responsibly

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Value to the goods, tey nonetheless understand that this is what happens, tat is, tat firms process goods to be sold to the customers (Folsom, 2005). Fr instance, i is not hard for an average person to understand that steel firms are involved in the processing of steel. Hwever, seing this process as a value addition, o figuring out that the steel manufacturing firms are actually adding value to the iron ore, cn be hard. Vlue chain and value addition go together. I the text, tese two phrases constantly.

Te author assumes that every person reading the text is familiar with the concept of value addition, ad therefore, te concept of a value chain. Aain here, te term of conflict would be the word chain. A individual who is not aware of the concept of value chain can get the wrong idea of what a value chain is. H can see the value chain from his understanding of what a chain is. I such a person understands the meaning of the word chain based on other context, will not have any rational meaning to him, gven the context of business and production in particular.

Istead of talking about the value chain, te author could have talked about the stages of production. Fom there he could have explained and about how manufacturing or production of goods or even services is not done in one step, bt rather a series of steps. H could have then explained that these steps do not have to be done by one organization at once but that this can be done several who do part of the production and then pass on the unfinished product to another firm that then does the next step of processing until the product is finally finished.

Tis way, h could have managed to make it very clear that the process of production is a chain of process that can either be done within one organization or shared among many organizations that work together towards the end of the finished product. B giving this kind of explanation, te author could have made it clear what value means, een without having to use the term value chain.

Te term value chain and value addition are just concepts or ideas that are used to describe the activities that go on in the production and processing of goods. T explain this may not need one to necessarily talk about value chain or value addition. Tere is a better way for doing this even without talking about these terms or phrases. Cmpetitive arena is also another concept that is discussed. ..

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preview essay on Managing Business Responsibly
  • Pages: 6 (1500 words)
  • Document Type: Essay
  • Subject: Management
  • Level: Undergraduate
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