- The chain of activities by which a good or service is produced, distributed, and marketed. Each step of the chain (which may consist of the activities of one company or of several) creates different amounts of value for the consumer. There are five value-creating activities:• inbound distribution• operations• outbound distribution• marketing• after-sales service; and four supporting activities:• buying• research and development• human resource management• infrastructure of the firm. For management, the main application of the value-chain concept is that a company should examine its costs and performance at each stage, and decide, among other things, whether it is best to carry out a particular stage in house or externally. The value chain can provide the basis for a strategic analysis in terms of the search for competitive advantage.
Big dictionary of business and management. 2014.
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