BUS208: Principles of Management

Read this section, which further explores the importance of well-thought-out managerial strategies. You will learn how to evaluate resources, potential capabilities, and core competencies, and then use them to support the development and implementation. This section focuses on identifying 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 business needs. Pay attention to 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.