A chain of activities used in the production of goods and services that add value is a(n):
A) Value chain
B) Vertical chain
C) Activity chain
D) None of these answers

Question

Quizplus · Accepted Answer

A value chain is a series of activities that an organization performs to create and deliver a valuable product or service to its customers. It includes activities from the initial design and development of the product or service all the way through to its delivery to the customer and beyond. By focusing on the value chain, organizations can identify areas where they can improve efficiency, reduce costs, and enhance the overall value that they offer to customers. A value chain is a series of activities that businesses perform in order to deliver a valuable product or service to their customers. These activities include things like research and development, design, manufacturing, marketing, sales, and customer service. By optimizing each stage of the chain, businesses can increase efficiency, reduce costs, and ultimately generate greater profits. The term "value chain" was first introduced by Michael Porter in his 1985 book "Competitive Advantage."

A Chain of Activities Used in the Production of Goods