Core competencies are the unique strengths of a business. A successful company will use its core competencies to create its main products or services.
- The term "core competency" first appeared in a 1990 article by C.K. Prahalad and Gary Hamel called "The Core Competence of the Corporation."
- A core competency provides access to a variety of markets, leads to providing a better product or service and is difficult for competitors to copy.
- A core competency combines the efforts of all parts of the organization to bring a product or service to the market. It is not based on the skills of one team in the company.
- To develop core competencies, a company must determine its unique strengths in the marketplace, create and reach goals to improve those strengths, encourage intra-company communication and outsource work that does not increase its core capabilities.
- Capitalizing on core competencies can make a business more successful in its market.
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