Core competency An Integral Part of Business

Definition: 

Core competency can be defined as an integrated combination of numerous resources or dexterity that characterizes a firm in the marketplace.

Core competencies must fulfill three criteria:

• Delivers probable accessibility a new range of markets.
• It must make a noticeable contribution to the anticipated customer benefits of the final product.
• Not very easy to replicate by the competitors.

Core competency is the outcome of a definite skill sets, or production procedures, which tend to generate additional value for the customer. This is how; an organization can access an array of markets.

Textbooks on Core Competency:

• Core competency based strategy, Campbell Andrew, and Luchs, Kathleen Sommers, 1997.
• Constructing core competencies, Bock, Heather and Ruyak Robert, 2006.

Examples of Core Competency: -

The following are the examples of core competency:

Example 1:

Analytical Thinking Capabilities: Analytic thinking capabilities refer to the logical abilities to analyze and solve the problem in order to successfully complete the task.

Example 2:

Customer Services: Customer or client servicing refers to the ability of responding promptly to the customers and predict their requirements.

Example  3:

Flexibility and Adapting Capabilities: Flexibility refers to the capability of adapting as per the changing situation without shifting focus from goals and applying pervious experiences or knowledge to overcome complications and new circumstances. 

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