The successive stages during which value is created when producing, distributing, and servicing a product. Distinct stages in the value chain may include: (1) receiving and distributing raw materials, (2) converting raw materials into a finished product, (3) identifying customers and distributing the product, and (4) providing customer support. Identifying the value chain allows a firm to refine its operations in an effort to improve quality, add efficiencies, and increase profits.