Final answer:
The correct answer is Value chain. The value chain refers to the series of business functions that add value to a company's products or services, such as research and development, product design, manufacturing, marketing, distribution, and customer service.
Step-by-step explanation:
The correct answer is b) Value chain.
The term 'value chain' refers to the series of business functions that add value to a company's products or services. These functions include research and development, product design, manufacturing, marketing, distribution, and customer service. Each function plays a role in enhancing the product or service and contributing to the overall value provided to customers.
For example, research and development activities help in creating innovative products, while marketing and distribution functions ensure that these products reach the intended customers efficiently. Similarly, customer service plays a crucial role in maintaining customer satisfaction and loyalty.