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A value chain is a business model that describes the full range of activities needed to create a product or service. It starts with the initial conception of a product and continues through the delivery of that product or service to the final consumer. Each step in the value chain adds value to the product or service. Businesses analyze their value chains to identify areas where they can improve efficiency, reduce costs, or differentiate their offerings.
The concept of the value chain was popularized by Michael Porter in his 1985 book, "Competitive Advantage:
By understanding and optimizing its value chain, a company can gain a competitive advantage. This might involve