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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: Creating and Sustaining Superior Performance." Porter divides value chain activities into two broad categories: primary activities and support activities. Primary activities are directly involved in the creation, sale, and maintenance of a product or service. These include inbound logistics, operations, outbound logistics, marketing and sales, and service. Support activities, on the other hand, provide the necessary infrastructure for primary activities to take place. These include procurement, technology development, human resource management, and firm infrastructure.

By understanding and optimizing its value chain, a company can gain a competitive advantage. This might involve streamlining operations to lower production costs, developing innovative marketing strategies to increase sales, or providing superior customer service to build loyalty. Analyzing the value chain helps companies identify their core competencies and areas where they can excel, ultimately contributing to increased profitability and market share. It is a fundamental tool in strategic management for understanding how a business operates and how it can be improved.