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Voya Financial VRIO / VRIN Analysis | Assignment Help
What is VRIO / VRIN Analysis ?
VRIO stands for – Value of the resource, Rareness of the resource, Imitation Risk, and Organizational Competence.
VRIO is a resource focused strategic analysis tool.
To build a sustainable competitive advantage the resources that –casename— needs to be valuable, rare, and difficult to imitate. Secondly the –casename— needs to possess capabilities, organizational structure, and culture to optimize the available resources usage. VRIO analysis can help organizations such as Voya Financial to do better resource allocation and build a defensible value and supply chain.
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What is a Valuable Resource for Voya Financial? Defining Valuable in VRIO
A resource or capability is considered valuable for Voya Financial , if it allows the
Voya Financial to exploit opportunities or negate threats
emerging out of both the micro business environment and the macro environment. If a resource does not allow Voya Financial to minimize threats or exploit opportunities, than it doesn't contribute signficantly to building a sustainable competitive advantage for Voya Financial.
What are Rare Resources for Voya Financial? Defining Rare in VRIO
In an industry that Voya Financial operates in, valuable resources are held by number of competitors. So valuable resources themselves don’t provide a sustainable competitive advantage. Voya Financial require rare resources to compete in the industry. If Voya Financial don’t have rare resources that are required to succeed in the industry then Voya Financial won’t be able to compete successfully in the marketplace. Secondly holding rare resources can provide Voya Financial competitive advantage against players that don’t have those rare resources. HBR Case Study Solution
What is a Inimitable (Difficult to Immitate) Resource for Voya Financial? Defining Inimitable in VRIO
A valuable and rare resource can provide a competitive advantage to Voya Financial for certain period of time as all the competitors are going to try to imitate or replicate that resource. A sustained competitive advantage emerges, if the resource is difficult to imitate by the competitors. Voya Financial can create inmitability by innovating on the product side, reducing pain points on service delivery, and having an effective post sales servicing strategy.
Check out the SWOT analysis of Voya Financial
What is a Organization for Voya Financial? Defining Organization in VRIO
Even if the Voya Financial has all the valuable resources that are both rare and difficult to imitate, it won’t automatically result into a sustainable competitive advantage. The key to build the sustainable competitive advantage is to have organizational capabilities, expertise, and structure to exploit the resources. If Voya Financial is not organized based on its strengths then it won’t able to exploit all the resources that it possesses.
Resources | Value | Rare | Imitation | Organization | Competitive Advantage |
---|---|---|---|---|---|
Brand awareness of Voya Financial products and services | Yes, the brand awareness of Voya Financial products are high | Yes, Voya Financial has one of the leading brand in the industry | No | Voya Financial has utilized its leading brand position in various segments | Sustainable Competitive Advantage |
Vision of the Leadership for Next Set of Challenges | Yes | No | Can't be imitated by competitors of Voya Financial | Not based on information provided in the case | Can Lead to Strong Competitive Advantage |
Ability to Attract Talent in Various Local & Global Markets | Yes, Voya Financial strategy is built on successful innovation and localization of products | Yes, as talent is critical to firm's growth | Difficult to imitate for the current competitors of Voya Financial | To a large extent yes | Providing Strong Competitive Advantage |
Voya Financial Customer Network and Loyalty | Yes, 23% of the customers contribute to more than 84% of the sales revenue | Yes, firm has invested to build a strong customer loyalty | Has been tried by competitors but none of them are as successful as Voya Financial | Voya Financial is leveraging the customer loyalty to good effect | Provide Voya Financial medium term competitive advantage |
Opportunities in the E-Commerce Space for Voya Financial - using Present IT Capabilities | Yes, the e-commerce space is rapidly growing and Voya Financial can exploit the emerging opportunities | No, most of the competitors are investing in IT to enter the space | The AI and inhouse analytics can be difficult to imitate | It is just the start for the organization | In the long run it can provide sustainable competitive advantage |
Financial Resources of Voya Financial | Yes | No | Financial instruments and market liquidity are available to all the nearest competitors | Voya Financial has reasonably sound financial position | Voya Financial has relatively sustainable Competitive Advantage |
Alignment of Activities with Voya Financial Corporate Strategy | Yes | No | Each of the firm has its own strategy | Yes, company has organizational skills to extract the maximum out of it. | Still lots of potential to build on it |
Pricing Strategies of Voya Financial | Yes, Voya Financial has sound pricing strategies | No | Pricing strategies are regularly imitated in the industry | Yes, firm has a pricing analytics engine | It can only provide Voya Financial with a Temporary Competitive Advantage |
Talent to Manage Regulatory and Legal Obligations | Yes | No | Can be imitated by competitors | Yes | Not critical factor |
Sales Force and Channel Management of Voya Financial | Yes | No | Can be imitated by competitors | Still there is lot of potential to utilize the excellent sales force | Can provide Voya Financial sustainable competitive advantage. Potential is certainly there. |
Brand Positioning of Voya Financial in Comparison to the Competitors | Yes | No | Can be imitated by competitors but it will require big marketing budget | Yes, the firm has positioned its brands based on consumer behavior | Temporary Competitive Advantage |
Marketing Expertise within Voya Financial | Yes, firms are competing based on differentiation in the industry | No, as most of the competitors also have good marketing departments and expertise | Pricing strategies of Voya Financial are often matched by competitors | Yes, Voya Financial is leveraging both its inhouse marketing department and external expertise | Temporary Competitive Advantage |
Position among Retailers and Wholesalers – Voya Financial retail strategy | Yes, Voya Financial has strong relationship with retailers and wholesalers | Yes, Voya Financial has dedicated channel partners | Difficult to imitate though not impossible | Yes, over the years company has used it successfully | Sustainable Competitive Advantage |
Track Record of Leadership Team at Voya Financial | Yes | Yes | Can't be imitated by competitors | Yes | Providing Strong Competitive Advantage |
Voya Financial SWOT Analysis, SWOT Matrix, Weighted SWOT Case Study Solution & Analysis
Books and References
Ahir Gopaldas and Anton Siebert (2022 July August) "What You’re Getting Wrong About Customer Journeys",
Harvard Business Review , 92
Linda A. Hill, Emily Tedards, and Taran Swan (2021) "Drive Innovation with Better Decision-Making", Harvard Business Review 86
Dyer, J. H., & Hatch, N. (2004). Using Supplier Networks to Learn Faster. Sloan Management Review, 45(3), 57–63
Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99–120
Dyer, J. H., Kale, P., & Singh, H. (2004, July–August). When to ally and when to acquire. Harvard Business Review, 109–115
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