Question

Describe "the value chain" and illustrate with an example.

Answer 1

Value Chain is defined as the coordinated series of functional activities needed to transform resources into products and services customers want to buy. Consists of primary activities and secondary (or supporting) activities

Value Chain Analysis helps you identify the ways in which you create value for your customers (both internal & external to your firm -

e.g. employees, other departments/divisions, etc. are your customers too!), then helps you think through how you can maximize this value: through superb products, great services, or jobs well done.