This article is a corollary to three articles published earlier in Management Decision. More precise definitions of a modern value chain are proposed, in terms of it being a business system that creates end‐user satisfaction and realises the objectives of other member stakeholders. Comparisons are drawn with the current notion of supply chain management and an explanation is given as to how the supply chain fits into the wider perspective put forward in this paper. Ideas are advanced in relation to value chain relationships and options. Models are then suggested relating to a number of well‐known international companies, where the authors have researched, at primary or secondary level.
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