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What is Core competence?

What is Core competence?

Discuss What is Core competence? within the Principles of Management / Perspective Management forums, part of the Resolve Your Query - Get Help and discuss Projects category; hi friends i am looking for Meaning of Core competence. can anyone like to help ?...

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What is Core competence?
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Rajesh Nimbunkar
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Gyaan Raja
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What is Core competence? - August 28th, 2013

hi friends i am looking for Meaning of Core competence. can anyone like to help ?
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J Murli
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Re: What is Core competence? - August 28th, 2013

Core Competency is all those capabilities that make a company or organisation unique, provides it the competitive advantage in the market. So focussing on these competencies can help a company in achieving a distinct status which is unimitable by others.
Example, Dell has its unique features that are unimitable by other brands.
Various aspects of core competencies to be taken up by company include:-

- Design competitive positions and strategies that capitalize on corporate strengths
- Unify the company across business units and functional units, and improve the transfer of knowledge and skills among them
- Help employees understand management's priorities
- Integrate the use of technology in carrying out business processes
- Decide where to allocate resources
- Make outsourcing, divestment and partnering decisions
- Widen the domain in which the company innovates, and spawn new products and services
- Invent new markets and quickly enter emerging markets
- Enhance image and build customer loyalty
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Dharmik Moni
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Re: What is Core competence? - August 28th, 2013

Quote:
Originally Posted by Gyaan Raja View Post
hi friends i am looking for Meaning of Core competence. can anyone like to help ?
Here the Meaning of Core Competence.

A core competence is a particular skill area which a company has which will enable it to add value to its customers, and to manage its cost base.

An example of a core competence is Virgin Groupís expertise in brand development.
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