According to the TOGAF Series Guide to Value Streams (Version 1), a value stream stage is defined as “a distinct part of a value stream that represents a group of activities contributing to an overall result” 5. A value stream stage can be expressed as a noun phrase that indicates what outcome or state is achieved by completing the stage5. For example, some possible value stream stages are “Product Ordered”, “Payment Processed”, or “Customer Satisfied”. The example value stream shows how an online retailer creates and delivers value for its customers by performing five value stream stages: “Acquire Retail Product”, “Advertise Channels”, “Display Products”, “Enable Selection”, “Process Payment”, and “Deliver Product(s)” 5. Therefore, the value stream is decomposed into five value stream stages.

https://pubs.opengroup.org/togaf-standard/business-architecture/value-streams.html Table 1: Acquire Retail Product Value Stream Stages