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Hi, I just meet a problem in management course, and could you please explain: the areas of 'innovation' and 'value chains' in terms of

Hi, I just meet a problem in management course, and could you please explain:

" the areas of 'innovation' and 'value chains' in terms of what business need to do in order to compete in today's marketplace are very important."

I just confuse what does it actually mean in the management.

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