Question
In: Accounting
Define value chain and discuss how companies can design and manage their value chain to create...
Define value chain and discuss how companies can design and manage their value chain to create values for their companies.
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Expert Solution
A Value Chain can be defined as the step-wise grouping of the activities that the companies undertake during its tenure to perform and deliver the valuables to the consumers and the market. The value chain is the progress of the management towards improvising the ideas to manufacture and service more and more values to the society.
The companies design and manage their Value Chain to create the improved values out of their companies to the customers and the society. The Value Chain is the continuous process to keep on creating values during its life and improving the products and the services through the consumption of same resources ie. materials, labor, finance, equipments, fixed assets and the management administration. Thus, the companies bring out the best employing the chain of activities providing more added values to their products and services. Hence, the companies bring values for them through applying “Value Chains”.
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