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Core
Competency helps company or organization to have advantage over their competitors
with unique features and diverse production skills. It is a resource based
approach to corporate strategy. (DefinitonCoreCompetency)Organization should
have their own agenda and goals to have their own unique features and that
cannot be mimicked by their competitors. They analyze the market conditions and
users of their product and try to bring their own unique features and strengths
which will top them from their competitors. It gives a competitive advantage
over other companies. Company will have to analyze and agree upon the
strategies they will be investing on which marks their strength in the market.
They will invest in multiple technologies, research committee, collective
learning etc. which all contributes to their goal of differentiating them from
their competitors. This will allow them stand unbeaten from the competition in
the market. They can set their own standards, prices and expectations when they
have their core advantages. Every company should have their own core advantage
so that they stand out in the market which are widely accepted by the
customers. Company should invest in understanding what their core competency
should be. Learning collectively about market and users will help company to
get to position where they determine their own core competencies.

 

          (Management)Companies identify
their core competencies and try to embed into the organization. It should make
itself self-sufficient to handle and deliver their core competencies which
gives them competitive advantage over their competitors. Core competencies help
companies to deliver the value to their customers. Core competency is not only
about bringing their own unique ability but it should be of value to the
customers. It wouldn’t matter if users does not find it helpful and useful.
Company should be comparing itself to their peers in the market to see if they
are really having unique core competencies. Developing unique core competent
strengths is the first step and maintaining them is the major part after
developing their strengths. A long term goal is created in the company to
achieve their core competencies and short term goals are formed to achieve
their long term goal. A road map is defined by the companies to achieve heir
goals so that Organization is on the same page with the company’s soul core
competencies. (Management)Licensing their core
competencies is an important factor as that would be their unique strength from
their peer competitors that they would not want their competitors to imitate.
Companies involve and communicate their core capability development across the
organization so that it promotes collective learning and brings out the diverse
production skills. Company that has core competencies try to preserve them even
though they grow into larger organization or expansion of management. They
would not lose their identity core competent features. Company concentrates
more on the core competent capabilities by outsourcing non-core competent
capabilities which are common things which are not unique from their
competitors. Company developing core competencies are the companies that are
trying to make themselves self-sustainable in the market.

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       (CoreCompetency)Users tend towards
their product looking at core competent features no the other common features
that they see in all other peer competitors. Core competencies should make the
company standout and mark their strength in the market. It would make the
company available in wide variety of the markets. It is beneficial for
consumers or the users as they have more consumer benefits when trying to give
their own unique capability. Competition is good for the consumer as they end
up with unique features and capacities a product can do. (CoreCompetencyinBusiness) It excludes small
business as small business might not be eligible to diversify into wide variety
of markets.

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