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Why is learning about the company's value chain so important in strategic management?

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What does the company's value chain tell us about a firm's competitive advantage and competitive position in the industry?

Why is learning about the company's value chain so important in strategic management?

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This concept is introduced by Michael Porter. The primary value chain activities are:

Inbound Logistics: the receipt of raw material and its issuance to the manufacturing
Operations: the processes of transforming inputs into finished products and services.
Outbound Logistics: the warehousing and distribution of finished goods.
Marketing & Sales: the identification of customer needs and the generation of sales.
Service: the support of customers after the products and services are sold to them.

Value chain helps in identifying the core competencies of the organization. It helps in reducing the cost and improving the quality of the each of the activity in the value chain. It also helps in improving the focus where non value added activities are removed from the activities of the organization. ...

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