Value chain and supply chain are two important concepts in business. Value chain is the process by which a company creates value for its customers. Supply chain is the network of suppliers and distributors that helps a company to obtain the raw materials and products it needs to operate.
Value chain includes all the activities a company performs to create value for its customers. These activities can be divided into four main categories: inbound logistics, operations, outbound logistics, and marketing and sales. Inbound logistics refers to the process of acquiring the raw materials needed to produce a product or service. Operations refer to the process of transforming these raw materials into finished products or services. Outbound logistics refers to the process of distributing these finished products or services to customers. Marketing and sales refer to the process of promoting and selling products or services to customers.
Supply chain includes all the activities that a company performs to obtain the raw materials and products it needs to operate. These activities can be divided into three main categories: procurement, manufacturing, and distribution. Procurement refers to the process of acquiring the raw materials needed to produce a product or service. Manufacturing refers to the process of transforming these raw materials into finished products or services. Distribution refers to the process of distributing these finished products or services to customers.
Both value chain and supply chain are important concepts in business. Value chain helps a company to create value for its customers. Supply chain helps a company to obtain the raw materials and products it needs to operate.
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