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...simple business model called the product business model. Now, the product business model is not about whether you sell products, because it also includes services. It's about the idea that you design something, you make it, or you produce it. The customer comes and collects it or uses it. And the customer pays for that product or service. And typically, they take away the...

...simple metaphor of a ‘chain’ suggests. Value is added incrementally by various people, activities and procedures. Often their contribution is not easy to see as a simple sequence of events. Chains of value run through economies, industries and organisations from suppliers to customers, with numerous, often complicated, systems and processes. Many processes are not...