BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Resources
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Core Competence
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Benchmarking
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Strategy
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Detailed explanation-1: -Define core competencies and explain how they provide the foundation for business strategy. core competence: A unique skill and/or knowledge an organization possesses that gives it an edge over competitors.
Detailed explanation-2: -The IPEC panel identified four core competency domains: 1) values and ethics; 2) roles and responsibilities for collaborative practice; 3) interprofessional communication; and 4) teamwork and team-based care.
Detailed explanation-3: -Companies can achieve a competitive advantage a number of ways. Three common and effective strategies which companies have used to find success are cost leadership, differentiation, and market segmentation.
Detailed explanation-4: -Some personal core competencies include analytical abilities, creative thinking, and problem resolution skills.