Value Chain

Business, Legal & Accounting Glossary

Definition: Value Chain


Value Chain

Quick Summary of Value Chain


The value chain is the chain of activities by which a good or service is produced, distributed, and marketed.




What is the dictionary definition of Value Chain?

Dictionary Definition


The value chain is the chain of activities by which a good or service is produced, distributed, and marketed.


Full Definition of Value Chain


A value chain is the sequence of activities required to transform an input into an output for the final customer. These activities include only actions that add value to the final output; non-value added activities are excluded. The value chain typically starts with suppliers, continues through the manufacturing process, and ends with aftermarket servicing. A company’s competitive position can be improved by eliminating non-value-added activities from its processes.

Each step of the chain creates different amounts of value for the consumer.

There are 5 value-creating activities:

  • Inbound Distribution
  • Operations
  • Outbound Distribution
  • Marketing
  • After Sales Support

Alongside 4 supporting activities:

  • Buying
  • Research & Development (R&D)
  • Human Resource Management (HRM)
  • Infrastructure of the organisation

For management, the primary application of the value-chain concept is that a company should critically examine it’s costs and performance at each stage, and decide, amongst other things, whether it ‘s best to carry out a particular stage in-house or externally.

The value chain can provide the basis for a strategic analysis in terms of the identification of an competitive advantage.


Synonyms For Value Chain


supply chain
value chains
value-added chain
value-chain
supply-chain


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Value Chain FAQ's


What Is A Value Chain?

The value chain is the process by which products start as simple raw materials and ultimately become finished products and are sold to consumers.

A simple example is steel. A mining company mines iron and coal, which are then combined to form steel. The steel is then sold to an auto manufacturer who uses it to form various car parts. The car is then sold to a consumer. Each step along the way is a link in the value chain.

Example Of A Value Chain

To improve its value chain, a company focuses on improving its inbound logistics. To accomplish this, it has persuaded several key suppliers to build facilities near the company’s main manufacturing centre, and has entered into just-in-time delivery agreements with each of them. Suppliers deliver goods directly to the firm’s production lines within one hour of when they are needed under these arrangements. This reduces the amount of non-value added labour associated with inventory storage.


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/value-chain/
Modern Language Association (MLA):
Value Chain. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
December 08, 2022 https://payrollheaven.com/define/value-chain/.
Chicago Manual of Style (CMS):
Value Chain. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/value-chain/ (accessed: December 08, 2022).
American Psychological Association (APA):
Value Chain. PayrollHeaven.com. Retrieved December 08, 2022
, from PayrollHeaven.com website: https://payrollheaven.com/define/value-chain/

Definition Sources


Definitions for Value Chain are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 13th April, 2022 | 0 Views.