BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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when customers demand it
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when a firm updates their software
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when a firm’s competencies change
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when a firm outsources
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Detailed explanation-1: -As an organization grows, develops and adjusts to the new environment, so do its core competencies also adjust and change. Thus, core competencies are flexible and developing with time. They do not remain rigid and fixed.
Detailed explanation-2: -What are core competencies? Core competencies are the defining products, services, skills and capabilities that give a business advantages over its competitors. Put another way, business core competencies are competitive advantages that no competitor can reasonably offer or replicate.
Detailed explanation-3: -Core competencies differentiate an organization from its competition and create a company’s competitive advantage in the marketplace. Typically, a core competency refers to a company’s set of skills or experience in some activity, rather than physical or financial assets.
Detailed explanation-4: -To develop Core Competencies a company must take these actions: Isolate its key abilities and hone them into organization-wide strengths. Compare itself with other companies with the same skills to ensure that it is developing unique capabilities.