The Value Chain in My Life

The Value Chain in my Life

Value chain and value chain analysis are new concepts to me. Based on what I have learned so far from our text and discussions, the value chain perspective is based on Porter's (1985) model; it forms a conceptual basis that allows managers to identify the processes that contribute or add value, and disregard the ones that do not. Firms that want to apply effective and efficient value chain need to understand that "value chain is an integrated management activity" (Walters & Rainbird, 2007). Managers start with thorough research of the market, implemention of market opportunity analysis, and finally look for available alternatives that can help achieve their firm's objectives; maximize customer satisfaction and increase profit (Walters & Rainbird, 2007).

This can also be applied on a personal level if I look at myself as a product. I can start with a market opportunity analysis to reexamine my choices (education and experience) in order to understand what the market needs and what is required for me to gain a competitive advantage in the business world. In today's challenging economy, many people including myself are changing their careers. This requires exploring all available options and understanding what is needed to successfully enter the workforce. Researching the market ( potential employment opportunities) will help me gain a better understanding of the customer value drivers and enable me to develop my own value proposition which in turn will enable me to strategically market myself in the most effective way. Developing my own value proposition is important because it can help me identify what I have to offer in order to meet potential customers' (employers) expectations (Walters & Rainbird, 2007).

In my value chain, it is important to understand the value I can deliver to the customer. In an effort to help me identify the areas I need to work on or improve in order to meet or exceed customer's expectations, understanding the customer value drivers is important. As explained by Walter & Rainbird (2007), a strong understanding of customer value drivers is " the basis for planning an effective product-market strategy from which a value proposition may be developed" (p.20 p. 1). I feel that I have recently applied this concept in my personal life. After exploring the market and understanding what employers are looking for, I decided to pursue my MBA in order to add personal value. Pursuing the MBA program is not easy, it requires dedication, determination, consistency, and perseverance. Therefore, my success in this program may increase my value and employment opportunity because it is a tribute to the type of hard working individual that can add value to a firm.

Finally, in order to successfully penetrate new markets, it is important to create competitive advantage that would set me apart