What do you mean by value chain?

“The value chain describes the full range of activities that firms and workers do to bring a product from its conception to its end use and beyond. This includes activities such as design, production, marketing, distribution and support to the final consumer.

What is the meaning of value chain management?

Value Chain Management Definition. Manufacturing value chain management (VCM) is the process of monitoring and managing all the components that comprise manufacturing, including procurement, production, quality control and distribution.

How does value chain work?

Value chain analysis is a strategy tool used to analyze internal firm activities. Value chain represents all the internal activities a firm engages in to produce goods and services. VC is formed of primary activities that add value to the final product directly and support activities that add value indirectly.

What is organizational value chain?

A value chain is a set of activities that an organization carries out to create value for its customers. Porter proposed a general-purpose value chain that companies can use to examine all of their activities, and see how they’re connected.

How do you define value chain?

A value chain is a set of activities that a firm operating in a specific industry performs in order to deliver a valuable product (i.e., good and/or service) for the market.

How would you describe a value chain?

What is ‘Value Chain’. A value chain is a high-level model developed by Michael Porter used to describe the process by which businesses receive raw materials, add value to the raw materials through various processes to create a finished product, and then sell the finished product to customers.

What are the components of a value chain?

The primary components of a value chain are inbound logistics, operations, marketing and sales, outbound logistics, and after sales service & support.