"USE OF PORTER’S 5 FORCES AND VRIO THEORIES IN RESTAURANT AND BARS7VIRO AnalysisVIRO on another hand is the business analysis tool which is a part of a businesses'strategic scheme development. The internal, external, as well as strategic business choices,are been made clear in this analysis. The model asks four basic questions about the values, ararity of the business offerings, and Imitability capacity of the business as well as theorganizational questions of its preparedness to accept changes.The Value: The value of a business is represented by the firm to exploit its opportunities sothat they may use the same to curb the external competitions.This also answers the businessabout the value that it has created over other competing brands and thus the ways to curbthose threats. Hence it boils down to the value created by the business to generate value foritself that may override the competitor’s threats and challenges(Parker, 2012). The rarity of Business: The business resources in such specialized sectors have few raritieslike special cuisines and uniqueness in its offerings that exceeds the competitor’s offerings.Short of resource and persistence over the time to build such competitive advantages are onekey aspect that a business has to enhance its rarity in the market for image building anddevelop the competitive advantage over other similar businesses in the same sector in themarket of operations. Here the job role and continuous development of the business personnelforms an important part to develop the needed rarity in the business. Therefore, this helps thebusiness to develop its rarities to enhance their businesses and enhance the unique aspects ofthe business to make and keep it unique and attractive(Knott, 2015). The Imitability: The business market is such that few have a special resource while othersdon’t have them. However, the needed capacity development of the brand regardingresources, capacity and ability to challenge the existing businesses makes up for USE OF PORTER’S 5 FORCES AND VRIO THEORIES IN RESTAURANT AND BARS8itscapabilities to imitate. The decision is in business to either use those external elements toimitate or destroy them so that no one has the edge over the advantage of gaining thecompetitive advantage. The limit of a business makes its reach the aspects of those businesseswhich have an edge and develop the competitive advantage to get back the previous marketconditions for a competitive business in a specific market. However, this aspect of imitationcomes at a cost where a use of right resources is important to gain the lost space in the fieldof competitive advantage. Some may not imitate others and are also unwilling to change theirways of work where the problem comes into being making the business obsolete with time.There are various forms and cost variances for imitation(Kim, Lee, & Shin, 2015). The Organization: The organization comprises of its limited resources like workforce, skillsets, budget, etc. which are important for a business growth and sustenance. Hence a businessmanager has to take into account all the resources that they have at their disposal and theways to use it in the best ways to generate the needed organizational competence. Thechanges in market and food habits need the organization to understand and adopt the samemaking the business gather value of its own in a competitive environment(Charlebois, 2015).In a more comprehensive term, the capability of the organization to change with the changingneeds is considered as its organizational capacity to adapt to the changes. This helps the firmin gaining the most recent inputs in the business as well as make the organization competentin such a diverse business environment is key to such organization structure in VIROmodel(Darity, 2012). Developing the Long Term Benefits for Restaurants and BarsThe restaurant and Bar managers can use these two models to develop their long-termbusiness prospects. The Porter's five force model gives an overview of the business and thusalso generates a great analysis of stakeholders to understand the challenges and scopes those USE OF PORTER’S 5 FORCES AND VRIO THEORIES IN RESTAURANT AND BARS9may occur. This study helps them to build a strategy to strengthen their position in the marketso that new entrants can’t share the market or have a cut on their clients. Further, the qualityof suppliers and consumer's choices are given ample care so that all may feel a sensation ofsatisfaction to be associated with such a brand of food service. The competitors would bethere, but the business may incorporate some new innovative steps with which it may curbthe edge of the competition in the same sector. This may include maximum utilization ofresources, giving healthy meal at a competent cost, creating loyalty schemes to make thepeople return to the outlet again. Such steps are essential to be recognized and be executedfor the best of business venture(Kamran, 2011). The VIRO model, on the other hand, gives the business an idea of how to use itsresources for best use to be competent in the ever changing food business and createsomething which is easy to achieve to keep its client flow steady. The values of the businessare recognized and are strived to be kept where the organization identifies the utility of itsresources and makes them at par with the business market. The readiness of the people andresources in the organization to adapt to the changing business are key to the model.TheVIRO model also helps the business to identify the areas where it needs to follow a certainstyle or imitate a much-needed business aspect. Thus the training needs and resourceallocation is made clear in this step helping the business to develop its competencies rapidly.Further, the rarity of the business offerings is also set in this model utilization helping thepeople involved to gain the needed competence to stand out of the rest of the sector(Min,Min, Jang, Han, & Kang, 2016). Hence, the two models give the business managers a clue of what needs to be done aswell as the competitor’s actions which are gaining importance. It’s a great tool to identify thescopes and utilize them as and when needed for best business outcomes. The business can "