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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.
Value theory, also known as axiology and theory of values, is the systematic study of values.As the branch of philosophy examining which things are good and what it means for something to be good, it distinguishes different types of values and explores how they can be measured and compared.
Global value chains are a network of production and trade across countries. The study of global value chains requires inevitably a trade theory that can treat input trade. However, mainstream trade theories (Heckshcer-Ohlin-Samuelson model and New trade theory and New new trade theory) are only concerned with final goods.
Fjeldstad and Stabell define a value network as one of three ways by which an organisation generates value. [3] The others are the value shop and value chain. Their value networks consist of the following components: customers, a service that enables interaction among them, an organization to provide the service, and
A value stream is the set of actions that take place to add value to a customer from the initial request through realization of value by the customer. The value stream begins with the initial concept, moves through various stages of development and on through delivery and support. A value stream always begins and ends with a customer.
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.
The idea of GVCs did not have a single source. While there are connections to the notions of “commodity chain” introduced by Immanuel Wallerstein and “value chain” analyzed by Michael Porter, the GVC framework included distinctive elements that differentiated it from previous paradigms. The emphasis on the power of lead firms in global ...
Value in marketing, also known as customer-perceived value, is the difference between a prospective customer's evaluation of the benefits and costs of one product when compared with others. Value may also be expressed as a straightforward relationship between perceived benefits and perceived costs: Value = Benefits - Cost .