What are core
competencies?
- Core competencies are the main strengths or strategic
advantages of a business
- It is a unique ability that a company develops that cannot be
easily imitated
- core competencies provides an added competitive advantage over
other companies in the same field
- Core competencies of business distinguishes it from other
businesses
Why is it
important to understand them?
- It is very important for a company to understand its core
competencies because,
- So that company could work on those core competencies to gain a
competitive advantage
- core competencies could add a differentiation to the
products
- core competencies could help in lowering the operational costs
because company is good at doing it