Question: What is a Business Strategy?
Answer: Business Strategy is a compendium of deliberate choices that an organization makes to maximize its value over a given period of time – Sun Wu (2019).
Question: What is a Value Proposition?
Answer: Value Proposition reflects the choices made by a business concerning the customer segment it will target, the kind of needs its product will serve for those customers and the prices at which it will offer its products to them.
Question: What is a Value Chain?
Answer: Value Chain disaggregates a company into its strategically relevant activities to understand the behaviour of costs and potential sources of differentiation.
Question: What is the connection between Value Proposition and Value Chain?
Answer: The value proposition explains the benefits that a particular set of customers receive from a product or service. The value chain represents the activities involved in creating the value proposition.
Question: What is Supply Chain Management (SCM)?
Answer: Supply Chain management handles the entire production flow of a good or service — starting from the raw components to delivering the final product to the consumer.