Define value chain and explain the difference between a firm value chain, an industry value chain, and a value web
What will be an ideal response?
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 transbusiness system that coordinates the value chains of several firms.
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What does one hope the storyboard will do when presented?
a. generate questions b. gain approval c. encourage people to invest in the idea d. answer all questions