Question

The set of linked activities and resources needed to create and deliver a product or service to the customer is referred to as: Select one: a. The value chain b. The production process c. The operating cycle d. The budget

Answer 1

Answer:

a. The value chain

Explanation:

The value chain refers to a series of activities that a firm carries out in order to deliver a particular product or service.

These are set of activities carried out by a firm that aims to create value for its customers. The primary activities of value chain are outbound logistics, inbound logistics, marketing and sales and service.

Answer 2

Answer: a. The value chain

Explanation: A company's value chain describes the full scope of activities that are required to create a product or service which comprises of all steps involved in bringing a product from conception to distribution. Such linked activities include: purchase of raw materials, manufacturing/processing functions, marketing activities etc. As a business model, value chain helps in increasing production efficiency, create competitive advantage, thus delivering maximum value at the lowest possible cost to the company.