What is a core competency?Answer areaA company's primary productAn activity a company perform better than is competitorsMission statement of a competitorA company's market share
Question
What is a core competency?Answer areaA company's primary productAn activity a company perform better than is competitorsMission statement of a competitorA company's market share
Solution
A core competency is an activity a company performs better than its competitors. It is a unique capability that creates high value and differentiates an organization from its competition. Core competencies can take various forms, including technical/subject matter know-how, a reliable process, and/or close relationships with customers and suppliers. It may also involve product development capabilities, marketing skills, or an understanding of customers. However, what makes these competencies core is that it provides the company with a competitive advantage because it does something better than anyone else.
Similar Questions
According to Prahalad and Hamel, a company's core competences are those capabilities that are fundamental to its strategy ad to its performance.Group of answer choicesTrueFalse
A firm focusing on _____ will benefit by basing each value creation activity it performs at that location where economic, political, and cultural conditions, including relative factor costs, are most conducive to the performance of that activity.a.technical skill setsb.core competencyc.organizational advantaged.competitive gains
Which of the following is an option for formulating strategy via core competencies?Multiple choice question.pursue a strategic alliance to become less vertically integratedcombine core competencies with rivals in new marketsleverage existing core competencies to improve current market positionbuild new core competencies to entice shareholders to invest in the company
What is the purpose of the core competence–market matrix?Multiple choice question.to assess how to respond to PESTEL forcesto help firms moderate levels of vertical and horizontal integrationto alert executives of potential market instabilityto provide guidance regarding how to diversify in order to grow the company
The concept of ___ competency refers to a unique strength that provides an organization with a competitive edge.
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