Value Chain

The value chain is a way to understand all the steps a company takes to create a product or service, from raw materials to delivery to customers. It includes activities like designing, manufacturing, marketing, and customer support. Each step adds value, meaning it makes the product better or more useful, helping the company stand out and succeed. By analyzing the value chain, businesses can identify areas to improve efficiency, reduce costs, and enhance customer satisfaction, ultimately increasing their competitive advantage in the marketplace.