Business Management

The value chain is a major focus in today's business world, and many companies and managers allocate considerable resources to understanding and analysing their value chain. The main reason for doing this is either to eliminate activities that do not add value, or to improve on activities that do not add sufficient value. In order to ensure optimum customer satisfaction, businesses must integrate the activities of various departments and functions. This demands a sound understanding of the chain of activities and their interrelationship with other business activities.

The authors of Business management adopt the value chain as a framework in order to help business students to visualise how the value chain works. New ground is broken in that management is not dealt with merely from a functional perspective. While the goal is to introduce undergraduate learners to the concept of the value chain, it is not, however, to offer a comprehensive directory on the related literature. The book is divided into three parts.

Part A introduces the reader to business management, the value chain, the business environment, the entrepreneurial process, and the considerations that need to be taken into account when establishing a business. Part B examines the activities of the value chain, starting with general management and leadership, followed by the primary and support activities that constitute the value chain. In Part C, contemporary management issues are reviewed, including diversity management, business ethics, globalisation, creativity and innovation, environmental issues, corporate governance and black economic empowerment.

Business management - a value chain approach covers basic points of theory, but it also has a strong practical approach, and includes self-evaluation exercises, challenging experiential exercises, information about relevant websites, interesting discussion questions and case studies, as well as useful lists of key terms.

This revised second edition has been updated in respect of new legislation such as the Companies Act, the Co-operatives Act, the Consumer Protection Act and the National Credit Act. Statistics have also been aligned with Census 2011.