Explain the essential purpose of a business and how value chain can support that purpose

What will be an ideal response?

Answer: The essential purpose of a business is adding value–transforming lower-value inputs into higher-value outputs. The details vary widely from industry to industry, but all businesses focus on some kind of transformation. The value chain is a helpful way to consider all the elements and processes that add value as input materials are transformed into the final products made available to the ultimate customer. Each industry has a value chain, and each company has its own value chain as well.