The value chain is the sequence of events a product goes through to get to its consumer and ideally turn a profit.

The value chain functions like this:

Design ===> Develop ===> Produce ===> Market ===>Deliver

The product is designed, what will it look like, what will it do, how will it work, etc. The product is developed, the design is implemented so that one product is made. The product is then produced in a quantity to meet its demand in the market. The product is then marketed to the world to create awareness and demand for it. The product is delivered to its place to be sold, or to its final consumer. All of these events should be evaluated to the fullest extent to see how they can add value to the product.