"USE OF PORTER’S 5 FORCES AND VRIO THEORIES IN RESTAURANT AND BARS10thus utilize the resources to its maximum while also plan for future training, and productvariation needs to stay competent in such an oligopolistic market. Nevertheless, thecompetitor's steps and innovations get to see a challenge and competition as well if themodels are well utilized giving the business to spare no space for new ventures orcompetitors.ConclusionsThe food and beverage business is a sector that may have multiple players in themarket where the difference between two players are very nominal considering the price ofoffering and service provided. However, there are ways which may help a business todevelop its niche in the sector which is highly competitive. Actions and policies thosebusiness needs to adopt for the best business outcome would mean that it incorporates all theaspects of competitors and make its policies to counter them. The Porter's 5 Force and VIROare such classic models that a business enterprise can use to make use of studies in marketchanges and adopting them by the business capacity to be competent and growing. Trainingof people, use of the new menu, an inclusion of a variety of tastes as well as low-calorie foodare few to name which are direct outcomes of a well-analyzed study of the market enables bythe theorems above.USE OF PORTER’S 5 FORCES AND VRIO THEORIES IN RESTAURANT AND BARS11ReferencesAllen, R. & Helms, M. (2013). Linking strategic practices and organizational performance toPorter's generic strategies. Business Process Management Journal, 12(4), 433-454.Amrollahi, A. & Akhgar, B. (2013). Analyzing Open Source Business with Porter’s FiveForces.IJCTE, 162-165.Bresser, R. & Powalla, C. (2012). Practical implications of the resource-basedview. Zeitschrift Für Betriebswirtschaft, 82(4), 335-359.Cardeal, N. (2012). Valuable, rare, inimitable resources and organization (VRIO) resourcesor valuable, rare, inimitable resources (VRI) capabilities: What leads to competitiveadvantage?. AFRICAN JOURNAL OF BUSINESS MANAGEMENT, 6(37).Carraresi, L., Mamaqi, X., Albisu, L., & Banterle, A. (2015). Can Strategic CapabilitiesAffect Performance? Application of RBV to Small FoodBusinesses. Agribusiness, 32(3), 416-436.Charlebois, S. (2015). Market Performance and Food Safety Compliance for Small FoodBusinesses: The Case of Fifth Town Artisan Cheese. Critical Reviews In FoodScience And Nutrition, 07-12.Darity, W. (2012). International encyclopedia of the social sciences (3rd ed.). Detroit, Mich.:Macmillan Reference USA.Dzwolak, W. (2015). Practical Aspects of Traceability in Small Food Businesses withImplemented Food Safety Management Systems. Journal Of Food Safety, 36(2), 203- 213. USE OF PORTER’S 5 FORCES AND VRIO THEORIES IN RESTAURANT AND BARS12Hussain, M. & Dawson, C. (2013). Economic Impact of Food Safety Outbreaks on FoodBusinesses.Foods, 2(4), 585-589.Kamran, Q. (2011). Complexity the Sixth Competitive Force that Shapes Strategy: ACybernetics Approach to 'Porter's Five Forces Model' in Turbulent and ComplexEnvironments. SSRN Electronic Journal.Kim, S., Lee, J., & Shin, K. (2015). The impact of project management assets on the VRIOcharacteristics of PM process for competitive advantage. International Journal OfProductivity And Quality Management, 15(2), 153.Knott, P. (2015). Does VRIO help managers evaluate a firm’s resources?. ManagementDecision, 53(8), 1806-1822.Lin, C., Tsai, H., Wu, Y., & Kiang, M. (2012). A fuzzy quantitative VRIO -based frameworkfor evaluating organizational activities. Management Decision, 50(8), 1396-1411.Min, B., Min, J., Jang, W., Han, S., & Kang, S. (2016). VRIO Model Based EnterpriseCapability Assessment Framework for Plant Project. Korean Journal Of ConstructionEngineering And Management, 17(3), 61-70.Parker, S. (2012). THEORIES OF ENTREPRENEURSHIP, INNOVATION AND THEBUSINESS CYCLE. Journal Of Economic Surveys, 26(3), 377-394.Tanwar, R. (2013). Porter’s Generic Competitive Strategies. IOSR Journal Of Business AndManagement, 15(1), 11-17. "