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Thrivent Financial for Lutherans 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 Thrivent Financial for Lutherans to do better resource allocation and build a defensible value and supply chain.
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What is a Valuable Resource for Thrivent Financial for Lutherans? Defining Valuable in VRIO
A resource or capability is considered valuable for Thrivent Financial for Lutherans , if it allows the
Thrivent Financial for Lutherans to exploit opportunities or negate threats
emerging out of both the micro business environment and the macro environment. If a resource does not allow Thrivent Financial for Lutherans to minimize threats or exploit opportunities, than it doesn't contribute signficantly to building a sustainable competitive advantage for Thrivent Financial for Lutherans.
What are Rare Resources for Thrivent Financial for Lutherans? Defining Rare in VRIO
In an industry that Thrivent Financial for Lutherans operates in, valuable resources are held by number of competitors. So valuable resources themselves don’t provide a sustainable competitive advantage. Thrivent Financial for Lutherans require rare resources to compete in the industry. If Thrivent Financial for Lutherans don’t have rare resources that are required to succeed in the industry then Thrivent Financial for Lutherans won’t be able to compete successfully in the marketplace. Secondly holding rare resources can provide Thrivent Financial for Lutherans competitive advantage against players that don’t have those rare resources. HBR Case Study Solution
What is a Inimitable (Difficult to Immitate) Resource for Thrivent Financial for Lutherans? Defining Inimitable in VRIO
A valuable and rare resource can provide a competitive advantage to Thrivent Financial for Lutherans 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. Thrivent Financial for Lutherans 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 Thrivent Financial for Lutherans
What is a Organization for Thrivent Financial for Lutherans? Defining Organization in VRIO
Even if the Thrivent Financial for Lutherans 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 Thrivent Financial for Lutherans 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 Positioning of Thrivent Financial for Lutherans 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 |
Sales Force and Channel Management of Thrivent Financial for Lutherans | Yes | No | Can be imitated by competitors | Still there is lot of potential to utilize the excellent sales force | Can provide Thrivent Financial for Lutherans sustainable competitive advantage. Potential is certainly there. |
Opportunities in the E-Commerce Space for Thrivent Financial for Lutherans - using Present IT Capabilities | Yes, the e-commerce space is rapidly growing and Thrivent Financial for Lutherans 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 |
Successful Implementation of Digital Strategy at Thrivent Financial for Lutherans | Yes, without a comprehensive digital strategy it is extremely difficult to compete | No, as most of the firms are investing into digitalizing operations | Can be imitated by competitors | One of the leading player in the industry | Digital strategy has become critical in the industry but it can't provide sustainable competitive advantage to |
Vision of the Leadership for Next Set of Challenges | Yes | No | Can't be imitated by competitors of Thrivent Financial for Lutherans | Not based on information provided in the case | Can Lead to Strong Competitive Advantage |
Opportunities for Brand Extensions for Thrivent Financial for Lutherans products | Yes, new niches are emerging in the market | No, as most of the competitors are also targeting those niches | Yes can be imitated by the competitors | Brand extensions will require higher marketing budget | Temporary Competitive Advantage |
Opportunities in the Adjacent Industries that Thrivent Financial for Lutherans can exploit & New Resources Required to Enter those Industries | Can be valuable as they will create new revenue streams | No | Can be imitated by competitors | All the capabilities of the organization are not fully utilized yet | Has potential |
Track Record of Project Execution | Yes, especially in an industry where there are frequent cost overun | Yes, especially in the segment that Thrivent Financial for Lutherans operates in | No, none of the competitors so far has able to imitate this expertise | Yes, Thrivent Financial for Lutherans is successful at it | Providing Strong Competitive Advantage |
Brand awareness of Thrivent Financial for Lutherans products and services | Yes, the brand awareness of Thrivent Financial for Lutherans products are high | Yes, Thrivent Financial for Lutherans has one of the leading brand in the industry | No | Thrivent Financial for Lutherans has utilized its leading brand position in various segments | Sustainable Competitive Advantage |
Distribution and Logistics Costs Competitiveness | Yes, as it helps Thrivent Financial for Lutherans in delivering lower costs | No | Can be imitated by competitors of Thrivent Financial for Lutherans but it is difficult | Yes | Medium to Long Term Competitive Advantage |
Supply Chain Network Flexibility of Thrivent Financial for Lutherans | Yes | Yes | Near competitors also have flexible supply chain and share some of the suppliers | Fully utilized by Thrivent Financial for Lutherans organizational structure and capabilities | Keeps the business running |
Access to Cheap Capital for Thrivent Financial for Lutherans | Yes, as a leading player in the industry and current macro economic conditions, Thrivent Financial for Lutherans has access to cheap capital | No | Can be imitated by the competitors of Thrivent Financial for Lutherans | Not been totally exploited | Not significant in creating competitive advantage |
Customer Community of Thrivent Financial for Lutherans | Yes, as customers are co-creating products | Yes, the Thrivent Financial for Lutherans has able to build a special relationship with its customers | It is very difficult for Thrivent Financial for Lutherans competitors to imitate the culture and community dedication | Going by the data, there is still a lot of upside in building on Thrivent Financial for Lutherans customers community ecosystem | Providing Strong Competitive Advantage |
Position among Retailers and Wholesalers – Thrivent Financial for Lutherans retail strategy | Yes, Thrivent Financial for Lutherans has strong relationship with retailers and wholesalers | Yes, Thrivent Financial for Lutherans has dedicated channel partners | Difficult to imitate though not impossible | Yes, over the years company has used it successfully | Sustainable Competitive Advantage |
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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