Step 7: Critical Resources
Now that you’ve examined the organizational big picture—MVGOs, size, and structure—you’re going to analyze the critical resources of your organization.
- Consider whether your organization has the critical resources needed to accomplish its MVGOs, whether these are being used effectively, and whether they are being leveraged for competitive advantage.
- Read about these two theories to learn more about how and why certain resources may serve as a source of strength for an organization: Resource-Based Theory and Resource Dependency Theory.
- Additionally, you should consider whether your organization has valuable, rare inimitable, and non-substitutable (VRIN) (characteristics of resources) that it can use to competitive advantage and whether these are sufficient given the market or markets in which your organization is operating.
Types of critical resources
For each of the items below prepare a simple-to-understand “high level” description of the organization’s situation that will prove helpful for people new to the organization. Depending upon your personal and professional interests and priorities and the characteristics of your organization, you may opt to limit the scope of your overview and analysis of these resources. Be sure to consult with your faculty when/if you have questions about how to handle this part of the project.
Briefly describe all resources, analyze their alignment with and support for MVGOs, and identify issues that may merit further attention.
When Step 7 is complete, submit your findings and analysis for review and feedback.