MNGT 481 - Fall 2019: Strategic Resource Analysis of Howard Bank

This report provides an analysis of Howard Bank's strategic resources, as required for a Strategic Management (MNGT 481) assignment. The report begins by defining strategic resources and then identifies key resources responsible for Howard Bank's success, focusing on technology, experienced leadership, and a strong workforce. The report then explains how these resources create value for the bank, such as facilitating online banking and efficient customer service. Furthermore, it applies the VRIO framework to assess the value, rarity, imitability, and organization of these resources. Finally, the report suggests strategies for leveraging these resources to create additional financial resources and enhance the bank's market position. The analysis highlights the importance of a skilled workforce, technology, and leadership in maintaining a competitive advantage for Howard Bank.

Business Management

Table of Contents
Introduction.................................................................................................................................................2
Main body...................................................................................................................................................2
Strategic Resources responsible for Howard business success................................................................2
Example of how this strategic resource creates value for Howard bank..................................................2
Application of VRIO test to strategic resource........................................................................................3
One way by which Howard bank could leverage this resource for creating another resource..................3
Conclusion...................................................................................................................................................4
References...................................................................................................................................................5
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Introduction
The strategic resources are key resources of an organization that help in gaining competitive
advantages. These organizational resources are valuable, rare, inimitable and non-substitutable.
These strategic resources support the firms in creating effective strategies to capitalize on the
opportunities and defend against the threats. The competitors cannot imitate these resources
easily; hence the strategic resources are a sustainable competitive advantage to the respective
firms. The undertaken firm Howard Bank has also a number of strategic resources, which
support gaining competitive advantages (Duff, 2018).
Main body
Strategic Resources responsible for Howard business success
The success of Howard bank is reliant upon its technology. With the help of technology, they
easily manage to tackle the issues related to technology. Moreover, they offer their customers
with online activities such as mobile banking and relatable solutions. This helps its customers to
overcome any sort of money issue. Howard Bank is also flourishing with well-experienced
leadership. Without them, they are unable to carry out their business activities (Howardbank,
2018). Their leadership includes branch managers, relationship officers, executive officers, and
private bankers. Howard bank is blessed to have a strong workforce. The employees deliver
excellent services to their customers. they also provide services to other business owners for
tackling the financial essentialities.
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Example of how this strategic resource creates value for Howard bank
The employees of Howard bank have several years of experience in accomplishing the business.
Keeping this aside they also help the other business owners and their employees in managing up
their financial requirements. Thus, it can be said that they enjoy a strong capital market. With the
entire support from their leadership, technology, and workforce they had produced $2 billion in
assets. They had also successfully opened up various branches.
Application of VRIO test to strategic resource
The VIRO analysis is an effective strategic management tool to categorize the organizational
resources based on factors like valuable, rare, inimitable and organized (Mirkovic, 2018).
Strategic
resources
Valuable Rare Inimitable Organized Impact on organization
competitive advantage
Peoples’ skill
and knowledge
Yes Yes Yes Yes Sustainable competitive
advantage
Leadership Yes Yes Yes Yes Sustainable competitive
advantage
Cutting edge
technology
Yes Yes Yes Yes Sustainable competitive
advantage
Figure: VIRO analysis of Howard Bank
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One way by which Howard bank could leverage this resource for creating another resource
All these strategic resources of Howard Bank are important and these can be used to leverage in
creating huge financial resources for the organization. Moreover, with increased financial
resources, the Howard bank will gain a strong position in the market.
Conclusion
Howard Bank is one of the leading banks in Baltimore City, which successfully meets the needs
of local peoples and organizations in this city. The financial firm has several strategic resources
that provide competitive advantages to the organization. The bank has effective, experienced
employees, who are fully aware of the local needs and thus they can successfully help the local
communities to meet their specific needs. The leadership and technologies are also important
strategic resources for the organization, which help in making a positive image of Howard bank
in the market.
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References
Duff, V. (2018). Three Basic Strategic Resources in Business. Retrieved 4 October 2019, from
https://smallbusiness.chron.com/three-basic-strategic-resources-business-47141.html
Howardbank. (2018). Our Story. Retrieved 4 October 2019, from
https://www.howardbank.com/banking-with-us/about/our-story
Mirkovic, M. (2018). VRIO Framework: Creating Sustained Competitive Advantage. Retrieved
4 October 2019, from https://www.executestrategy.net/blog/vrio-framework
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