Which of the following best describes the primary activities of a firm?

The primary activities of a firm in the context of the value chain framework are accurately outlined as inbound logistics, operations, outbound logistics, sales and marketing, and service. These activities are fundamental to how a company creates value and delivers its products or services to the market.

Inbound logistics refers to the management of materials and resources that come into the company, such as receiving, warehousing, and inventory management. Once the materials are in place, operations encompass the processes that transform these inputs into the final product or service. Outbound logistics involves the distribution of the final product to customers, ensuring that it reaches the market efficiently.

Sales and marketing play a critical role in promoting the product or service and ultimately driving customer demand. Lastly, service activities involve all aspects of supporting the product after purchase, such as customer service and maintenance, which are essential for customer satisfaction and retention.

This framework helps firms analyze their activities to improve efficiency, reduce costs, and create greater value for customers, which is intrinsic to maintaining a competitive edge in the market. The options that mention "technology" or "procurement" as primary activities do not align with this established concept, as procurement is generally categorized as a support activity rather than a primary activity in the value creation process.