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A value chain is a business concept that describes the full range of activities needed to create a product or service. It begins with the initial conception of a product and ends with the delivery of that product to the final consumer. Each step in the value chain adds value to the product or service. The concept was first introduced by Michael Porter in his 1985 book, Competitive Advantage: Creating and Sustaining Superior Performance.

The value chain is typically divided into primary activities and support activities. Primary activities are those directly involved in the creation, sale, and servicing of a product or service. These include inbound logistics, operations, outbound logistics, marketing and sales, and service. Support activities, on the other hand, are those that enable the primary activities to function. These include procurement, technology development, human resource management, and firm infrastructure.

By analyzing its value chain, a company can identify areas where it can improve efficiency, reduce costs, and enhance its competitive advantage. Understanding the entire process from raw materials to the end customer allows for strategic decision-making regarding resource allocation and operational improvements. Companies can also identify opportunities to innovate and differentiate their offerings by focusing on specific parts of the value chain. The goal is to maximize the value created at each stage, ultimately leading to greater profitability and customer satisfaction.