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Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger
Edition 6ISBN: 978-1305103962Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger
Edition 6ISBN: 978-1305103962 Exercise 2
What is the value chain? Why is it important?
Explanation
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Value chain is the step by step process of producing a particular good or service. The value chain starts from the very conceptualization of the idea of the product till the product reaches the consumer. Thus the value chain is the set of all the activities that are involved in making the product and getting the same delivered to the customer.
The value chain involves designing of the product, producing of the product, marketing and delivering of the product and then after sales service to the customers.
Value chain is the detailed line of the process of production and distribution thus it is important. Value chain is important for the managers as they need to know how each process works and gets completed and thus they have to plan and control accordingly. The managers have to decide and plan for each step so that the product can move smoothly from one process to another.
The value chain involves designing of the product, producing of the product, marketing and delivering of the product and then after sales service to the customers.
Value chain is the detailed line of the process of production and distribution thus it is important. Value chain is important for the managers as they need to know how each process works and gets completed and thus they have to plan and control accordingly. The managers have to decide and plan for each step so that the product can move smoothly from one process to another.
Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger
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