The fundamental model we teach MBAs for thinking about manufacturing is the value chain, a simple model that describes the value adding steps that take a low value material like iron ore and turn it into a high value product like a Ferrari Testarossa.

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It started at the simplest of activities in the value chain, then, decision by decision, every time that Dell outsourced the next lowest-value-adding of the remaining activities in its business, Asus added a higher value-adding activity to its business.

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