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A value chain is a progression of activities that a business or firm performs in order to deliver goods and services of value to an end customer.The concept comes from the field of business management and was first described by Michael Porter in his 1985 best-seller, Competitive Advantage: Creating and Sustaining Superior Performance.
A global value chain (GVC) refers to the full range of activities that economic actors engage in to bring a product to market. [1] The global value chain does not only involve production processes, but preproduction (such as design) and postproduction processes (such as marketing and distribution).
Global Value Chains and Development: Redefining the Contours of 21st Century Capitalism is a 2018 book by American economic sociologist and academic Gary Gereffi published by Cambridge University Press and part of their Development Trajectories in Global Value Chains series. [1]
In sophisticated supply chain systems, used products may re-enter the supply chain at any point where residual value is recyclable. Supply chains link value chains. [6] Suppliers in a supply chain are often ranked by "tier", with first-tier suppliers supplying directly to the client, second-tier suppliers supplying to the first tier, and so on. [7]
In 1990s the concept of value chain gained its credit among economists and business scholars. (Its prominent developer Michael Porter). The concept combined sequenced and interconnected activities in the process of value creation. Value chain concept focused on business activities, but not on the corporate power and institutional context.
Vertical integration is often closely associated with vertical expansion which, in economics, is the growth of a business enterprise through the acquisition of companies that produce the intermediate goods needed by the business or help market and distribute its product.
From April 2008 to April 2012, if you bought shares in companies when George L. Mikan III joined the board, and sold them when he left, you would have a -48.3 percent return on your investment, compared to a 0.3 percent return from the S&P 500.
Horizontal integration is the process of a company increasing production of goods or services at the same level of the value chain, in the same industry. A company may do this via internal expansion or through mergers and acquisitions. [1] [2] [3]