BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Configuration of the value chain
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Distinctive capabilities
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A unique way of configurating an activity
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A set of attributes that create competitive advantage
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Detailed explanation-1: -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-2: -Core competencies are proficiencies or resources that give businesses a competitive advantage. If companies are able to develop their core competencies, they have a greater shot at beating out the competition and reaping the benefits.
Detailed explanation-3: -A core competency is a concept in management theory introduced by C. K. Prahalad and Gary Hamel. It can be defined as “a harmonized combination of multiple resources and skills that distinguish a firm in the marketplace” and therefore are the foundation of companies’ competitiveness.
Detailed explanation-4: -Competencies fall into three main categories: Core, Cross-functional and Functional. All are important, but there is a hierarchy.
Detailed explanation-5: -Core competences means activities that underpin competitive advantage and are difficult for competitors to imitate or obtain. Core competencies are the resources and capabilities that comprise the strategic advantages of a business.