Personal finance allows the management of your financial matters in a customized manner. For example, tax calculations or financial budgeting can be done through personal finance software. Popular software packages for personal finance are Quicken, MS Money and Money 2003 etc. In finance online online data is imported automatically into the register of transactions maintained by the software package as the account/transaction details are downloaded through the internet. This information can then systematically be used to calculate taxes or prepare a budget for certain activities.
Value Chain
EC includes so many activities that it is difficult to figure out where and how to use it in the business. One way to overcome this difficulty is to break business into many value adding activities. A strategic business unit is a combination of a particular product, distribution channel and customer type. In 1985 Michael Porter gave the idea of value chains in his famous book “Competitive advantage”finance online. A value chain is a way of organizing activities that each strategic business unit undertakes to design, produce, promote, market, deliver and support the products or services it sells.
Primary and Support activities
Porter identified that there are some primary activities as well as certain supporting activities in a strategic business unit. Following is the example of value chain for a strategic business unit finance online ‘Identify customers’ refer to those activities which try to find new customers and ways to serve
better to the existing ones, e.g, surveys and market research management; ‘Design’ activities take a product form concept stage to manufacturing stage. They include concept research, engineering, drawings preparation, test marketing etc.
‘Purchase materials and supplies’ activities relate to procurement of material, vendor selection/qualification, negotiating supply contracts, monitoring quality and timely delivery etc. ‘Manufacture product or create service’ activities relate to transformation of materials and labor into finished products, e.g, fabricating, assembling, packaging etc.
‘Market and sell’ activities give buyers a way to purchase and provide inducement for them to do so, e.g, advertising, promotions, managing salespersons, monitoring distribution channel, pricing,management etc. ‘Deliver’ activities relate to storage, distribution and shipment of final product, e.g, warehousing, selecting shippers, material handling, timely delivery to customers etc.
‘Provide after sales service and support’ refer to those activities that aim at promoting a continuing
relationship with customers, e.g, installing, testing, repairing, maintaining a product, fulfilling
warranties finance online etc.
Note that left to right flow does not mean a strict time sequence for these activities. For example,
marketing activity can take place before purchasing materials.
Importance of each primary activity depends on the product/service and the type of customers.
For example, for certain type of businesses/products manufacturing activities are more critical and
for others marketing activities may be more important.
Support activities provide infrastructure for a business unit’s primary activities as indicated in Fig. 1
above. Following are the support activities:
‘Finance and administration’ activities relate to accounting, paying bills, borrowing funds and
complying with government regulations etc.
‘Human resources’ refer to the activities that coordinate management of employees, e.g, recruiting,
hiring, compensation and benefits etc.
‘Technology development’ relates to activities which help improve product/service that a business
is selling and also help improve processes in every primary activity, e.g, fields tests, maintenance of
procedures, process improvement studies finance online etc.
EC includes so many activities that it is difficult to figure out where and how to use it in the business. One way to overcome this difficulty is to break business into many value adding activities. A strategic business unit is a combination of a particular product, distribution channel and customer type. In 1985 Michael Porter gave the idea of value chains in his famous book “Competitive advantage”finance online. A value chain is a way of organizing activities that each strategic business unit undertakes to design, produce, promote, market, deliver and support the products or services it sells.
Primary and Support activities
Porter identified that there are some primary activities as well as certain supporting activities in a strategic business unit. Following is the example of value chain for a strategic business unit finance online ‘Identify customers’ refer to those activities which try to find new customers and ways to serve
better to the existing ones, e.g, surveys and market research management; ‘Design’ activities take a product form concept stage to manufacturing stage. They include concept research, engineering, drawings preparation, test marketing etc.
‘Purchase materials and supplies’ activities relate to procurement of material, vendor selection/qualification, negotiating supply contracts, monitoring quality and timely delivery etc. ‘Manufacture product or create service’ activities relate to transformation of materials and labor into finished products, e.g, fabricating, assembling, packaging etc.
‘Market and sell’ activities give buyers a way to purchase and provide inducement for them to do so, e.g, advertising, promotions, managing salespersons, monitoring distribution channel, pricing,management etc. ‘Deliver’ activities relate to storage, distribution and shipment of final product, e.g, warehousing, selecting shippers, material handling, timely delivery to customers etc.
‘Provide after sales service and support’ refer to those activities that aim at promoting a continuing
relationship with customers, e.g, installing, testing, repairing, maintaining a product, fulfilling
warranties finance online etc.
Note that left to right flow does not mean a strict time sequence for these activities. For example,
marketing activity can take place before purchasing materials.
Importance of each primary activity depends on the product/service and the type of customers.
For example, for certain type of businesses/products manufacturing activities are more critical and
for others marketing activities may be more important.
Support activities provide infrastructure for a business unit’s primary activities as indicated in Fig. 1
above. Following are the support activities:
‘Finance and administration’ activities relate to accounting, paying bills, borrowing funds and
complying with government regulations etc.
‘Human resources’ refer to the activities that coordinate management of employees, e.g, recruiting,
hiring, compensation and benefits etc.
‘Technology development’ relates to activities which help improve product/service that a business
is selling and also help improve processes in every primary activity, e.g, fields tests, maintenance of
procedures, process improvement studies finance online etc.
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