Stan Shih, who is a business tycoon from Taiwan, put forward the concept of the Smiling Curve. As per the concept, in the product life cycle, the stages –
Product conceptualization, research and development, branding the product, design, distribution, marketing and after sales service add the real value to the product. On the other hand, manufacturing the product, this seems to be a more time and labour consuming job scores low on the value addition of any product.