As a strategic management consultant, you have been hired to assist a client in conducting value chain analysis. However, you recognize that it is important for the client to fully understand the concept of Value Chain Analysis and its relationship to gaining and sustaining a competitive advantage. Give explanation to which addresses the following:

a) Assessment of the core elements of a value chain.

b) Explanation of why an understanding of these elements is so important in managing costs and gaining or sustaining competitive advantage. Establish all important linkages in your answer