________ is the process of managing the sequence of activities and information along the entire value chain for a product
A) Supply chain management
B) Value chain management
C) Supply management
D) Customer management
Answer: B
Explanation: Value chain management is the control of the entire value chain (both inputs and outputs), adding value as defined by customers during each step of the process. For example, the snowplow operator who salts and scrapes the road is adding value to a ski resort by allowing customers to reach the resort after a heavy snowstorm. Therefore, managing the value chain for the ski resort requires taking care of not just the snowplow operator, but also the mechanic who services the plow operator's truck. Both individuals are key parts of a value chain management system for the resort. This makes value chain management the correct response and rules out all other responses.
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