Value chain analysis (VCA) is a process which a firm identifies their primary and support activities that add value for the final output (product), and then they analyze whether to reduce cost or increase differentation.
In other words, VCA also represent the internal activities of firm in tranforming the process from inputs to outputs.
Futher reading
For the additional information about VCA: Porter's Value Chain - Strategy Skills Training from MindTools.com , http://www.strategicmanagementinsight.com/tools/value-chain-analysis.html
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