Developing Strategy Through Internal Analysis
Read this section, which further explores the importance of well-thought-out managerial strategies. In this section, you will learn how to evaluate resources, potential capabilities, and core competencies, and then use them to support the development and implementation of strategy. This section focuses in particular on how you can identify what your company does better than its competition, and how you can use this insight to your advantage when developing a business strategy. As a manager, you will need to understand your company's best assets and use them to meet the needs of the business. Pay particular attention to the discussion of the VRIO (valuable, rare, inimitable, organization) framework for internal analysis. This tool will help you to determine whether a company has identified its true core competencies.