Core competency | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-14

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Core_competency


00:04:25 1 Core competencies and product development
00:05:54 2 See also



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SUMMARY
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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. Core competencies fulfill three criteria:
Provides potential access to a wide variety of markets.
Should make a significant contribution to the perceived customer benefits of the end product.
Difficult to imitate by competitors.For example, a company's core competencies may include precision mechanics, fine optics, and micro-electronics.  These help it build cameras, but may also be useful in making other products that require these competencies.A core competency results from a specific set of skills or production techniques that deliver additional value to the customer. These enable an organization to access a wide variety of markets.
In an article from 1990 titled "The Core Competence of the Corporation", C. K. Prahalad and Gary Hamel illustrate that core competencies lead to the development of core products which further can be used to build many products for end users. Core competencies are developed through the process of continuous improvements over the period of time rather than a single large change. To succeed in an emerging global market, it is more important and required to build core competencies rather than vertical integration. NEC utilized its portfolio of core competencies to dominate the semiconductor, telecommunications and consumer electronics market. 
The use and understanding of the concept of core competences can be very important to enterprises. They can use core competences in order to excel at the contrivance of core products.  Enterprises could also use core competences to raise the values of customers and stakeholders.Alexander and Martin (2013) state that the competitiveness of a company is based on the ability to develop core competences.  A core competence is, for example, a specialised knowledge, technique or skill. The core capability is the management ability to develop, out of the core competences, core products and new business. Competence building is therefore an outcome of strategic architecture which must be enforced by top management in order to exploit its full capacity.Please note: according to C. K. Prahalad and Gary Hamel(1990) definition, core competencies are the "collective learning across the corporation". They can therefore not be applied to the SBU (Strategic Business Unit) and represent resource combination steered from the corporate level. Because the term "core competence" is often confused with "something a company is particularly good at", some caution should be taken not to dilute the original meaning.
In Competing for the Future, the authors C. K. Prahalad and Gary Hamel show how executives can develop the industry foresight necessary to adapt to industry changes and discover ways of controlling resources that will enable the company to attain goals despite any constraints. Executives should develop a point of view on which core competencies can be built for the future to revitalize the process of new business creation. Developing an independent point of view of tomorrow's opportunities and building capabilities that exploit them is the key to future industry leadership.For an organization to be competitive, it needs not only tangible resources but intangible resources like core competences that are difficult and challenging to achieve. It is critical to manage and enhance the competences in response to industry changes in the future. For example, Microsoft has expe ...