A value chain refers to the series of activities that a company performs to deliver a valuable product or service to the market.
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The value chain meaning centers on optimizing each step, from raw material acquisition to final delivery, to maximize efficiency and customer satisfaction.
Value chain management focuses on strategically managing these activities to enhance competitiveness and profitability. To define value chain, it is the full range of activities that businesses go through to bring a product from conception to distribution.
Understanding what is a value chain and its components helps businesses identify areas for improvement. When comparing value chain vs supply chain, the primary difference lies in the value chain's focus on adding value at each stage, whereas the supply chain emphasizes the flow of goods and services from suppliers to customers.
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