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Value chain is also known as value chain analysis and it is a term which was first described by Michael Porter in 1985. A value chain can be defined as the chain of activities. It includes all of the steps from which a product passes to get some value in it. In other words it is the sum of the value additions to the product. Value chain include both the qualitative values as well as the quantitative values like cost of making product.
A simple example is of diamond cutter. When diamond is in raw form it does not have any value but as it passes through various processes and activities it's value and price increases. All of the steps which are used to bring value in diamond come under the value chain of diamond. The activities which usually come in a value chain include inbound logistics, product, outbound logistics, distribution, marketing and post-purchase services,
A simple example is of diamond cutter. When diamond is in raw form it does not have any value but as it passes through various processes and activities it's value and price increases. All of the steps which are used to bring value in diamond come under the value chain of diamond. The activities which usually come in a value chain include inbound logistics, product, outbound logistics, distribution, marketing and post-purchase services,
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