The term "value chain" refers to a series of activities that are involved in creating and delivering a product or service. It is an approach used by businesses to analyze their operations, identify areas for improvement, and ultimately increase efficiency and reduce costs. The value chain consists of primary activities such as design, production, marketing, and sales; secondary activities such as research and development, human resources, and information technology; and support activities such as procurement, logistics, and maintenance. By examining each stage in the process, businesses can determine how to optimize their value chain for maximum efficiency and profitability.