E005 - Value in Supply Chain

A cocoa bean costs very less. A chocolate bar costs a lot more. Same material, different price! So, what changed in between? This episode breaks down value, value addition and why cost, price and value are not the same thing. We trace a steel water bottle through six steps where value gets added, touch on Prof. Michael Porter's Value Chain idea and end with a 250-year-old puzzle about water and diamonds that still explains pricing today.