Core competencies are the values, capabilities, and resources that give business an edge over their competitors. It is the unique competence that is characteristic of your company. It is the foundation of a company that further decides the brand reputation, business and marketing strategy.
The assets of a company, its talent pool, patents, capital etc, contribute to the core competencies of a company. Companies tend to grow and update their existing competencies and add new competencies over time to accommodate and adapt to the changing world.
Core competencies makes you a differentiator, lets you stay in the market and give you an edge over your competitors, for a long time. Now, it is necessary to ensure that your core competency should offer a superior quality, and cannot be easily imitated by a competitor. It helps you build a stronghold in the market, wherein you can enjoy major market share.
Issues arise when companies do not identify their core competencies correctly. That would mean they spend their time and resources at places which are not beneficial to them and ignoring qualities that would otherwise give them an advantage in the market.
Some examples of core competencies include:
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