Resources must possess four characteristics that may be summed up in the VRIO framework for businesses to convert them into a sustained competitive advantage (Bruin, 2016).

Valuable - The RBV states that a firm's resources are deemed valid when they allow it to execute strategies that increase efficiency and effectiveness by taking advantage of opportunities or averting risks. A resource's Net Present Value (NPV), which states that the expenses incurred to acquire the help should be less than the predicted future cash flows discounted back in time, may also be used to determine the value of an investment. The targeted business will likely be at a competitive disadvantage if its resources are not regarded as valid (Bruin, 2016).

Rare - Resource scarcity is the second need. Rare resources are exclusively accessible to a single or small number of businesses. Every participant in the industry has the potential to exploit a valuable resource in the same way if it is owned by many other players, resulting in the implementation of a common approach that denies any player a competitive edge (Bruin, 2016).

Imitate - Resources that are challenging to replicate are tough for competitors to duplicate. Several legal tools, such as trademarks, patents, and copyrights, protect some resources that are challenging to replicate. Other resources are difficult to replicate because they change over time and are exclusive to the company (Reed Kennedy et al., n.d.).

Organization - When a company has organizational systems, procedures, and structures in place to capitalize on a resource for a competitive advantage, the resource is organized to capture value. Due to this, the company may have more clout in the market (Reed Kennedy et al., n.d.).

To gain a sustainable competitive advantage, the presence of these four attributes is a must; otherwise, the company will not be able to achieve its goals of beating out competitors.

References

Bruin, L. (2016, November 20). VRIO Framework EXPLAINED with EXAMPLES | B2U. B2U - Business-to-you.com. Retrieved April 27, 2023, from https://www.business-to-you.com/vrio-from-firm-resources-to-competitive-advantage/

Reed Kennedy, A. B., Jamison, W. E., Simpson, J., Kumar, P., Kemp, A., Awate, K., & Manning, K. (n.d.). 4.3 Resource-Based View - Strategic Management. 4.3 Resource-Based View - Strategic Management. https://pressbooks.lib.vt.edu/strategicmanagement/chapter/4-3-resource-based-view/

This is a discussion forum and I need reply for this forum with two or three references?