In a document, provide responses to the following questions:
1. What is your understanding of a value chain and its relationship with the supply chain? Select a big-box retailer and explain/depict its supply chain, value chain, and extended value chain.
2. Explain electronic procurement and just-in-time purchasing. Also, briefly explain how electronic procurement tools can benefit just-in-time purchasing.
3. Discuss the differences and key objectives for the following:
1. involving purchasing after completion of the new product development process
2. involving purchasing throughout the new product development process