Developing and monitoring key performance indicators

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Reference no: EM133940502

Internal Analysis

The group should perform a thorough internal analysis to understand the strengths and weaknesses within the firm.

VRIN Analysis of Firm Resources
Identify the four most important resources of the firm and explain why they are the four most important resources for this specific firm. Provide an analysis of each selected resource using the VRIN framework. The resources can be tangible (e.g., financial assets, physical assets) or intangible (e.g., brand reputation, technological patents, skilled workforce). This analysis helps determine the firm's sustainable competitive advantage by assessing if its resources are Valuable, Rare, Inimitable, and Non-substitutable.

Valuable: Explain how each resource adds value to the firm. Does it enable the firm to exploit opportunities or neutralize threats in the environment?
Rare: Assess the rarity of each resource. Is it controlled by a small number of competing firms, or is it widely available?
Inimitable: Determine the imitability of each resource. Is it difficult for competitors to duplicate or acquire?
Non-substitutable: Evaluate the substitutability of each resource. Are there comparable resources that could be substituted by competitors with the same effect?

Competitive Strategy Analysis
Determine which of the five generic competitive strategies best describes the firm's current strategic approach. Consider factors such as the firm's target market scope (broad vs. narrow) and the type of competitive advantage it seeks (cost vs. differentiation). The five strategies are low-cost leadership, broad differentiation, best-cost provider, focused differentiation, and focused low-cost. Get the best assignment help from top tutors.

In one paragraph, explain why the identified strategy is the most fitting for the firm. For this justification, the group can use evidence from the firm's operations, market positioning, and competitive actions to support your analysis.

Metrics and Indicators
Developing and monitoring key performance indicators (KPIs) is essential for tracking the firm's strategic performance and aligning its operations with its vision and mission. In this section, the group should identify and analyze specific metrics that will help gauge the firm's success.

Reference no: EM133940502

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