Please answer the following FIVE questions…Answers MUST be AT LEAST 8 sentences long.
1) Define and explain the importance of the VRIN model.
Example of answer– The VRIN model stands for how Valuable, Rare, Inimitable, and non-substitutable a competitive advantage is. This model is important because it helps determine what your competitive advantage is and how sustainable it is. How valuable a resource is and how relevant this resource, product, or asset is to a company’s strategy. How rare a resource is something that your rivals lack and isn’t easily accessible. How Inimitable a resource is determined is your rivals can easily reproduce or copy the resource, product, or asset. How non-substitutable a resource is how hard it is for this resource, product, or asset to be substituted by another resource or capability.
2) Define and explain the importance of dynamic capabilities.
Example of answer– Dynamic capabilities are important because they allow companies to keep their competitive advantages and grow through continuous improvement. Even though they may hold a resource that others don’t have at the beginning if left mismanaged it can depreciate like all other assets.
3) Define and give an example of Best Cost Provider
4) Define and give an example of Broad Differentiation.
5) Define and give an example of Focused Cost Leadership.
