Define and explain the importance of the VRIN model.
Example of answer– The VRIN model stands for how Valuable, Rare, Inimitable, and non-substitutable a competitive advantage is. This model is important because it helps determine what your competitive advantage is and how sustainable it is. How valuable a resource is and how relevant this resource, product, or asset is to a company’s strategy. How rare a resource is something that your rivals lack and isn’t easily accessible. How Inimitable a resource is determined is your rivals can easily reproduce or copy the resource, product, or asset. How non-substitutable a resource is how hard it is for this resource, product, or asset to be substituted by another resource or capability.