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Wynn Resorts 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 Wynn Resorts to do better resource allocation and build a defensible value and supply chain.
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What is a Valuable Resource for Wynn Resorts? Defining Valuable in VRIO
A resource or capability is considered valuable for Wynn Resorts , if it allows the
Wynn Resorts to exploit opportunities or negate threats
emerging out of both the micro business environment and the macro environment. If a resource does not allow Wynn Resorts to minimize threats or exploit opportunities, than it doesn't contribute signficantly to building a sustainable competitive advantage for Wynn Resorts.
What are Rare Resources for Wynn Resorts? Defining Rare in VRIO
In an industry that Wynn Resorts operates in, valuable resources are held by number of competitors. So valuable resources themselves don’t provide a sustainable competitive advantage. Wynn Resorts require rare resources to compete in the industry. If Wynn Resorts don’t have rare resources that are required to succeed in the industry then Wynn Resorts won’t be able to compete successfully in the marketplace. Secondly holding rare resources can provide Wynn Resorts competitive advantage against players that don’t have those rare resources. HBR Case Study Solution
What is a Inimitable (Difficult to Immitate) Resource for Wynn Resorts? Defining Inimitable in VRIO
A valuable and rare resource can provide a competitive advantage to Wynn Resorts 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. Wynn Resorts 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 Wynn Resorts
What is a Organization for Wynn Resorts? Defining Organization in VRIO
Even if the Wynn Resorts 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 Wynn Resorts 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 |
---|---|---|---|---|---|
Sales Force and Channel Management of Wynn Resorts | Yes | No | Can be imitated by competitors | Still there is lot of potential to utilize the excellent sales force | Can provide Wynn Resorts sustainable competitive advantage. Potential is certainly there. |
Track Record of Project Execution | Yes, especially in an industry where there are frequent cost overun | Yes, especially in the segment that Wynn Resorts operates in | No, none of the competitors so far has able to imitate this expertise | Yes, Wynn Resorts is successful at it | Providing Strong Competitive Advantage |
Product Portfolio and Synergy among Various Product Lines of Wynn Resorts | Yes, it is valuable in the industry given the various segmentations & consumer preferences. | Most of the competitors are trying to enter the lucrative segments | Can be imitated by the competitors | The firm has used it to good effect, details can be found in case exhibit | Provide short term competitive advantage but requires constant innovation to sustain |
Global and Local Presence of Wynn Resorts | Yes, as it diversify the revenue streams and isolate company's balance sheet from economic cycles | Yes | Can be imitated by competitors of Wynn Resorts but at a relatively high cost | Yes, it is one of the most diversified companies in its industry | Providing Strong Competitive Advantage |
Successful Implementation of Digital Strategy at Wynn Resorts | 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 |
Talent to Manage Regulatory and Legal Obligations | Yes | No | Can be imitated by competitors | Yes | Not critical factor |
Intellectual Property Rights, Copyrights, and Trademarks | Yes, they are extremely valuable for Wynn Resorts to thwart competition | Yes, IPR and other rights are rare and competition of Wynn Resorts will find it extremely difficult to copy | Risk of imitation is low but given the margins in the industry disruption chances are high | So far the firm has not utilized the full extent of its IPR & other properties | Providing Strong Competitive Advantage |
Position among Retailers and Wholesalers – Wynn Resorts retail strategy | Yes, Wynn Resorts has strong relationship with retailers and wholesalers | Yes, Wynn Resorts has dedicated channel partners | Difficult to imitate though not impossible | Yes, over the years company has used it successfully | Sustainable Competitive Advantage |
Brand awareness of Wynn Resorts products and services | Yes, the brand awareness of Wynn Resorts products are high | Yes, Wynn Resorts has one of the leading brand in the industry | No | Wynn Resorts has utilized its leading brand position in various segments | Sustainable Competitive Advantage |
Marketing Expertise within Wynn Resorts | 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 Wynn Resorts are often matched by competitors | Yes, Wynn Resorts is leveraging both its inhouse marketing department and external expertise | Temporary Competitive Advantage |
Distribution and Logistics Costs Competitiveness | Yes, as it helps Wynn Resorts in delivering lower costs | No | Can be imitated by competitors of Wynn Resorts but it is difficult | Yes | Medium to Long Term Competitive Advantage |
Opportunities for Brand Extensions for Wynn Resorts 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 |
Customer Community of Wynn Resorts | Yes, as customers are co-creating products | Yes, the Wynn Resorts has able to build a special relationship with its customers | It is very difficult for Wynn Resorts competitors to imitate the culture and community dedication | Going by the data, there is still a lot of upside in building on Wynn Resorts customers community ecosystem | Providing Strong Competitive Advantage |
Supply Chain Network Flexibility of Wynn Resorts | Yes | Yes | Near competitors also have flexible supply chain and share some of the suppliers | Fully utilized by Wynn Resorts organizational structure and capabilities | Keeps the business running |
Wynn Resorts 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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