Core Competencies Assignment Help

Core Competencies Assignment Help

Core competencies can be defines as the strengths that are available to an individual or institution, which enable them to perform their functions and operations in an effective and efficient manner. These core competencies act as the foundation upon which various strategies are developed to achieve ulterior goals and objectives. In his regard, it may also be mentioned that one of the key features of core competencies is that their proper utilization can provide the individual or institution with various opportunities that may ultimately prove to be beneficial for their growth and development. The concept of core competencies can be utilized in various aspects such as in terms of individual characteristics as well as the tangible and intangible resources that are available to business institutions or other organizations. These core competencies in either cases can be identified as being the harmonized combination of features, characteristics and elements that provide strengths to the individuals or institutions and thereby enable them to enact the strategies aimed towards the achievement of ultimate goals, targets and objectives.  

Core Competencies in Business

In the field of business management, the concept of core competency was developed by Gary Hamel and C. K. Prahalad, to identify the harmonized combination of the various skills and resources that are available to a business organization and thereby act as distinguishing factors from the competitors operating in the marketplace. As the developers of the concept have suggested, the important characteristics of core competencies in business include their ability to act as strengths for the business organization, as well as the potential of providing a competitive advantage among the competitors in the market. There are three important criteria that must be fulfilled in order for skills and resources to be considered as core competencies for a business organization. Firstly, these resources and skills must be able to provide a potential access to a wide range of market places in which the business organization may be able to operate and thereby interact with the potential customers to grow and expand the scope of their activities. Secondly, the resources and skills must also be able to make a significant contribution towards the customer in terms of their perceived value from the consumption of the products and services thus offered by the business organization using the specified skills and resources. Thirdly and finally, it is also essential for the resources and skills to be difficult to imitate by the various competitors that may be present within the market in which the business organization currently operates or has the potential to operate in the long term.

A business organization may be observed to have more than one core competency depending upon the set of skills and resources that have the capacity to fulfill the above mentioned criteria. These core competencies in turn help in defining the strengths of the business organization and thereby lay the foundation upon which the operations and activities of business may be able to grow. Furthermore, it has also been observed that the core competencies that are available to business organizations play an integral role in aiding them to seize valuable opportunities that may be present in the market and thereby deliver optimum levels of value as perceived by the potential and targeted customers. In this manner, through the facilitation of utilizing the available opportunities in the market and thereby providing optimum value to the customers, the core competencies provide the potential of gaining a sustained competitive advantage to the business organization among the rivals that are present in the market place.

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Identification of Business Core Competencies

The core competencies of a business organization can be identified with the help of differentiating those skills and resources which are unique to their business operations and activities. These unique skills and resources in turn can be identified to help the organization in the process of growth through the development of new products and services or even through the expansion of their business activities and operations in new markets. Furthermore, it may also be mentioned that the core competencies that are available to business organizations have the unique characteristic of being able to provide the targeted or potential segment of customers with a high level of value as compared to the products and services that are offered by the different competitors in the market. Significantly, this aspect of the core competencies of a business organization helps it to attain a sustained competitive advantage in the market. There are various types of core competencies that may be identified in terms of the business operations of organizations. These core competencies may be identified to include the skills and expertise of the workforce, innovative and creative technology available to the organization for the purpose of increasing the quality of products and services delivered to the customers, as well as significant amount of financial resources that may be utilized for the purpose of conducting growth strategies like product development or market development. In addition to this, other core competencies that may be available to business organizations can also be identified to include the likes of positive brand image and identity in the market which would enable the business organization to develop sustained relationships with stakeholders, high level of customer loyalty in the market as well as a positive organizational culture within the organization, allowing high level of efficiency in the conduction of business opkerations and functions.

Core Competencies Examples

The examples of core competencies as pertaining to individuals can be identified to include the following:

1. Skills towards strategic planning and decision making
2. Leadership skills and effective personnel management
3. Organizational skills in terms of management of workforce and resources
4. Attention to detail in terms of conduction of different functions and roles assigned
5. Communication and relationship building skills

Examples of core competencies as pertaining to the operations of a business organization may be identified to include the following:

1. Consistency in quality management
2. High level of value perceived from consumption of products and services offered
3. Ceaseless innovation and creative ideation
4. Effective marketing
5. Exceptional customer service