Value Chain: Skills, Equipment, Materials, Products & Services
Value Chain: Skills, Equipment, Materials, Products & Services is about the general relationship between the skills and equipment and materials to create a product, deliver a service or as part of a value chain.
Skills: The expertise to complete a task.
Equipment: The equipment used to complete a task.
Materials: The raw materials or consumables used to complete a task.
Product: A product that is produced from skills, materials and equipment.
Service: A service that is rendered using skills and whatever equipment and materials are required.
Skills is the know-how, Materials are used to make a product, while Equipment is a tool used in the same process, equipment can also be used to achieve a task rather than create something or be hired out in a hiring service business. A product is an item either bought or sold or made and sold to make money.
Example: leather offcuts is a material, a leather punch tool is equipment and leather keyrings are a product.