Business Administration 3300K Study Guide - Quiz Guide: Session 9, Virtuous Circle And Vicious Circle, Invisible Hand

• School: Western University
• Department: Business Administration
• Course: Business Administration 3300K
• Professor: Alexander Miller

Document Summary

Concept of shared value: creating economic value in a way that also creates value for society by addressing its need and challenges. 2. 2 redefining productivity in the value chain: a firm"s value chain affects & is affected by societal issues opportunities to create shared value that are often mutually reinforcing: Resource use: better resource utilisation will permeate all parts of value chain (spread to suppliers) Distribution: using profitable business models like kindlegoogle scholar to offer simplicity & reduce paper usage. Employee productivity: focusing more on employee health through programs is less costly than the missed workdays & diminished employee productivity. Location: strongest firms are those that establish deeper roots in important communities moving things closer to home and having fewer major production locations (instead of moving production to locations with lowest labour costs) Conclusion: reimagining value chains from perspective of shared value can lead to new ways to innovate that firms have missed.