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VRIO Analysis of Open Innovation Modeling Using Game Theory
Posted by Zachary Edwards on Mar-22-2018
The VRIO Analysis of Open Innovation Modeling Using Game Theory will look at each of its internal resources one by one to assess whether these provide sustained competitive advantage. The Open Innovation Modeling Using Game Theory VRIO Analysis also mentions at each stage whether these resources could be improved to provide a greater competitive advantage. Lastly, the resources analysed are summarised as to whether they offer sustained competitive advantage, has an unused competitive advantage, temporary competitive advantage, competitive parity or competitive disadvantage.
Valuable
- The Open Innovation Modeling Using Game Theory VRIO Analysis shows that the financial resources of Open Innovation Modeling Using Game Theory are highly valuable as these help in investing into external opportunities that arise. These also help Open Innovation Modeling Using Game Theory in combating external threats.
- According to the VRIO Analysis of Open Innovation Modeling Using Game Theory, its local food products are a valuable resource as these are highly differentiated. This makes the perceived value for these by customers high. These are also valued more than the competition by customers due to the differentiation in these products.
- The Open Innovation Modeling Using Game Theory VRIO Analysis shows that Open Innovation Modeling Using Game Theory's employees are a valuable resource to the firm. A significant portion of the workforce is highly trained, and this leads to more productive output for the organisation. The employees are also loyal, and retention levels for the organisation are high. All of this translates into greater value for the end consumers of Open Innovation Modeling Using Game Theory's products.
- According to the VRIO Analysis of Open Innovation Modeling Using Game Theory, its patents are a valuable resource as these allow the firm to sell its products without competitive interference. This results in greater revenue for Open Innovation Modeling Using Game Theory. These patents also provide Open Innovation Modeling Using Game Theory with licensing revenue when it licenses these patents out to other manufacturers.
- The Open Innovation Modeling Using Game Theory VRIO Analysis shows that Open Innovation Modeling Using Game Theory’s distribution network is a valuable resource. This helps it in reaching out to more and more customers. This ensures greater revenues for Open Innovation Modeling Using Game Theory. It also ensures that promotion activities translate into sales as the products are easily available.
- According to the VRIO Analysis of Open Innovation Modeling Using Game Theory, its cost structure is not a valuable resource. This is because the methods of production lead to greater costs than that of competition, which affects the overall profits of the firm. Therefore, its cost structure is a competitive disadvantage that needs to be worked on.
- The Open Innovation Modeling Using Game Theory VRIO Analysis shows that the research and development at Open Innovation Modeling Using Game Theory is not a valuable resource. This is because research and development are costing more than the benefits it provides in the form of innovation. There have been very few innovative features and breakthrough products in the past few years. Therefore, research and development are a competitive disadvantage for Open Innovation Modeling Using Game Theory. It is recommended that the research and development teams are improved, and costs are cut for these.
Rare
- The financial resources of Open Innovation Modeling Using Game Theory are found to be rare according to the VRIO Analysis of Open Innovation Modeling Using Game Theory. Strong financial resources are only possessed by a few companies in the industry.
- The local food products are found to be not rare as identified by Open Innovation Modeling Using Game Theory VRIO Analysis. These are easily provided in the market by other competitors. This means that competitors can use these resources in the same way as Open Innovation Modeling Using Game Theory and inhibit competitive advantage. This means that the local food products result in competitive parity for Open Innovation Modeling Using Game Theory. As this resource is valuable, Open Innovation Modeling Using Game Theory can still make use of this resource.
- The employees of Open Innovation Modeling Using Game Theory are a rare resource as identified by the VRIO Analysis of Open Innovation Modeling Using Game Theory. These employees are highly trained and skilled, which is not the case with employees in other firms. The better compensation and work environment ensure that these employees do not leave for other firms.
- The patents of Open Innovation Modeling Using Game Theory are a rare resource as identified by the Open Innovation Modeling Using Game Theory VRIO Analysis. These patents are not easily available and are not possessed by competitors. This allows Open Innovation Modeling Using Game Theory to use them without interference from the competition.
- The distribution network of Open Innovation Modeling Using Game Theory is a rare resource as identified by the VRIO Analysis of Open Innovation Modeling Using Game Theory. This is because competitors would require a lot of investment and time to come up with a better distribution network than that of Open Innovation Modeling Using Game Theory. These are also possessed by very few firms in the industry.
Imitable
- The financial resources of Open Innovation Modeling Using Game Theory are costly to imitate as identified by the Open Innovation Modeling Using Game Theory VRIO Analysis. These resources have been acquired by the company through prolonged profits over the years. New entrants and competitors would require similar profits for a long period of time to accumulate these amounts of financial resources.
- The local food products are not that costly to imitate as identified by the VRIO Analysis of Open Innovation Modeling Using Game Theory. These can be acquired by competitors as well if they invest a significant amount in research and development. These also do not require years long experience. Therefore, the local food products by Open Innovation Modeling Using Game Theory provide it with a temporary competitive advantage that competitors can too acquire in the long run.
- The employees of Open Innovation Modeling Using Game Theory are also not costly to imitate as identified by the Open Innovation Modeling Using Game Theory VRIO Analysis. This is because other firms can also train their employees to improve their skills. These companies can also hire employees from Open Innovation Modeling Using Game Theory by offering better compensation packages, work environment, benefits, growth opportunities etc. This makes the employees of Open Innovation Modeling Using Game Theory a resource that provides a temporary competitive advantage. Competition can acquire these in the future.
- The patents of Open Innovation Modeling Using Game Theory are very difficult to imitate as identified by the VRIO Analysis of Open Innovation Modeling Using Game Theory. This is because it is not legally allowed to imitate a patented product. Similar resources to be developed and getting a patent for them is also a costly process.
- The distribution network of Open Innovation Modeling Using Game Theory is also very costly to imitate by competition as identified by the Open Innovation Modeling Using Game Theory VRIO Analysis. This has been developed over the years gradually by Open Innovation Modeling Using Game Theory. Competitors would have to invest a significant amount if they are to imitate a similar distribution system.
Organisation
- The financial resources of Open Innovation Modeling Using Game Theory are organised to capture value as identified by the VRIO Analysis of Open Innovation Modeling Using Game Theory. These resources are used strategically to invest in the right places; making use of opportunities and combatting threats. Therefore, these resources prove to be a source of sustained competitive advantage for Open Innovation Modeling Using Game Theory.
- The Patents of Open Innovation Modeling Using Game Theory are not well organised as identified by the Open Innovation Modeling Using Game Theory VRIO Analysis. This means that the organisation is not using these patents to their full potential. An unused competitive advantage exists that can be changed into a sustainable competitive advantage if Open Innovation Modeling Using Game Theory starts selling patented products before the patents expire.
- The distribution network of Open Innovation Modeling Using Game Theory is organised as identified by the VRIO Analysis of Open Innovation Modeling Using Game Theory. Open Innovation Modeling Using Game Theory uses this network to reach out to its customers by ensuring that products are available on all of its outlets. Therefore, these resources prove to be a source of sustained competitive advantage for Open Innovation Modeling Using Game Theory.
From the VRIO Analysis of Open Innovation Modeling Using Game Theory, it was identified that the financial resources and distribution network provide a sustained competitive advantage. The patents are a source of unused competitive advantage. There exists a temporary competitive advantage for employees. There exists a competitive parity for local food products. Lastly, the cost structure of Open Innovation Modeling Using Game Theory is a competitive disadvantage. Research and Development is also a competitive disadvantage.
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