What do you mean by value chain analysis? Delineate the support activities in value chain analysis, as stated by Michael Porter.

Value chain analysis is a strategic tool used to examine each business activity to determine how it adds value, helping firms improve efficiency, identify cost-saving opportunities and gain competitive advantage through better coordination and performance of internal processes. Support Activities in Value Chain Analysis (Michael Porter) Michael Porter identified four main categories of support activities that support the primary activities and help the organization achieve competitive advantage: 1. Procurement: Refers to the processes involved in acquiring the various resource inputs needed for the primary activities. It focuses on how resources are sourced rather than the resources themselves. Procurement occurs across many parts of the organization. 2. Technology Development: Every value activity has associated technology or know-how. This includes R&D, product design, process development and improvements in resources such as raw materials. Technology development enhances the efficiency and effectiveness of value activities. 3. Human Resource Management: This area spans across all primary activities and involves recruiting, managing, training, developing and rewarding employees. Effective HR management is vital for ensuring that the organization has the right people to perform its activities successfully. 4. Infrastructure: Infrastructure consists of the systems and routines that support the entire organization, including planning, finance, quality control, information management and organizational culture. It sustains and coordinates primary and support activities and is crucial for overall organizational performance.