Virtaketjuun

Virtaketjuun, or "value chain" in English, refers to the sequence of processes involved in the production and delivery of a product or service, from raw material sourcing to the final consumer. The concept was introduced by management guru Michael Porter in his 1985 book *Competitive Advantage: Creating and Sustaining Superior Performance*. Porter argued that a company’s competitive advantage lies not just in its individual operations but in the entire chain of activities that create value for the customer.

The value chain consists of primary activities—such as inbound logistics, operations, outbound logistics, marketing and sales, and service—that directly contribute to producing and delivering a product or service. Secondary activities, including firm infrastructure, human resource management, technology development, and procurement, support these primary functions. By analyzing each link in the chain, businesses can identify opportunities for cost reduction, efficiency improvements, or differentiation to enhance competitiveness.

In modern business strategy, the value chain has evolved to include broader considerations such as sustainability, digital transformation, and supply chain resilience. Companies now emphasize optimizing the entire ecosystem, including partnerships with suppliers, distributors, and even customers, to create a seamless and value-driven process. The concept remains a foundational framework in strategic management, helping organizations assess how they can best deliver value while maintaining a sustainable competitive edge.