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Concept of Core Competence in Strategic Management

Concept of Core Competence in Strategic Management

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Published by ganivinu
concept of corecompentence in stragic mangement
concept of corecompentence in stragic mangement

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Published by: ganivinu on Nov 10, 2010
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08/07/2013

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Concept of core competence in strategic management
Core competence
 Core competencies are the most significance value of creating skillswithin your corporation and key areas of expertise which are distinctive to your company and critical to the company's long term growthYour company's core competencies are the things that youdo better than your competitors in the critical, central areas of your company wherethe most value is added to your products. These areas of expertise may be in anyarea product development to employee dedication. A competence which is central to your business's operations but which is notexceptional in some way should not be considered as a core competence, as it willnot generate a diffetiante advantage over rival businesses. It follows from theconcept of Core Competencies that resources that are standardized or easilyavailable will not enable a business to achieve a competitive advantage over rivals.The concept of core competencies was developed in the management fieldin1990 by
C.K. Prahalad
and
Gary Hamel
in the Harvard Business Reviewarticle titled
³Core Competence of the CorporationCore competence diagram
 
 objectives of core competence :-Core Competence as a Team Sport
  A core competence is a combination of 
complementary 
skills and knowledgebases embedded in a group or team that taken together makes it possible toprovide a
superior 
product.
The Seven Dimensions of Strategic Innovation
 The Strategic Innovation framework weaves together seven dimensions to producea range of outcomes that drive growth.
Core Technologies and Competencies
is the set of internal capabilities,organizational competencies and assets that could potentially be leveraged todeliver value to customers, including technologies, intellectual property, brandequity and strategic relationships... More
Building Synergies
  A corporation that builds on core competencies utilizes skills that combine tostrengthen value chains and build greater competitive advantages. This leads to
synergies
among business units, whereby they become more productive together than independently
Strategeic management core competence :
 
Core Products :Identifying the core competence :
1,Does this competence provide potential access to a wide variety of markets?2 Does this competence make a significant contribution to the perceived customer benefits of the end product? Is this competence difficult for competitors toimitate?3, Is this competence difficult for competitors to intimate

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