- Research and development – generating and experimenting with ideas related to new products, services or processes.
- Design of products and processes detailed planning, engineering and testing of products and processes some representations of the value chain collectively refer to the first two steps as technology development
- Production: procuring, transporting and storing called in bound logistics, coordinating and assembling (called operations) resources to produce a product or deliver or service.
- Marketing (including sales) – promoting and selling products or services to customers or prospective customers.
- Distribution: processing orders and shipping products or services to customers (also called outbound logistics).
- Customer service: providing after sales service to customers
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