What is a value chain?

A value chain is a set of activities and processes that a company undertakes to deliver a product or service to the market, from initial conception to final delivery. It encompasses all steps, including inbound logistics, operations, outbound logistics, marketing, and service, highlighting how each contributes to value creation. By analyzing the value chain, businesses can identify areas for improvement, enhance efficiency, and gain a competitive advantage. Ultimately, it helps in understanding how resources are transformed into value for customers.