Define Value Chain and Explain the Difference Between a Firm

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The Answer is A value chain is the set of activities performed that transforms raw inputs into final products and services. A firm value chain is the set of activities a firm engages in to create final products from raw inputs. The key steps and support activities in a firm's value chain are inbound logistics, operations, outbound logistics, sales and marketing, and after sales service. With an industry value chain, the chain broadens to include six generic players: suppliers, manufacturers, transporters, distributors, retailers, and customers. A value web coordinates a firm's suppliers with its own production needs using an Internet-based supply chain management system. It is a networked trans-business system that coordinates the value chains of several firms.

Define Value Chain and Explain the Difference Between a Firm

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Define Value Chain and Explain the Difference Between a Firm

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