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Core Competencies - Working Smarter, Not Harder'

A core competency concept has been introduced by Gary Hamel and C. K. Prahalad. The concept is defined as a combination of multiple skills and resources that make a company unique in the marketplace.

Core competencies used to reach the following three purposes: potential access to many markets, a valuable contribution to the customer benefits, being difficult to be imitated by competitors.

For instance, a company's core competencies may include fine optics, precision mechanics, and micro-electronics. These are used for building cameras, but may also be used in making other products. By increasing a range of products, a company can access more markets.

The developers of the concept believed that core competencies might lead to the making many products that can be delivered to more customers. Core competencies are developed over the period. In order to succeed on a global market, building core competencies is extremely important.

Core competencies of NEC allow it to dominate the telecommunications, semiconductor, and electronics market. Identifying core competencies is very important because it is not that easy to retain those competencies. Management has to understand that stakeholders to core competencies are an asset that can be used to build the competencies.

Prahalad and Hamel showed how top management could develop the industry foresight in order to be able to adapt to industry changes and find new ways to control resources that can be used by a company in future. It is important to plan which core competencies can be used for the future goals.

In order to be competitive, an organization needs to use tangible resources and intangible resources, for instance, core competencies that are hard and challenging to achieve. It is important to enhance and manage the competencies in response to future changes in the industry. For instance, Microsoft is one of the best regarding providing IT-based innovations because there are no many other companies who have the same core competencies as Microsoft to compete with this corporation.

The most of the attention of top management is directed to cost cutting, productivity, and quality, but not enough attention is given to the company’s development in the future. It is important to mind the future opportunities and even if not all the questions will be answered, such a strategy will bring many benefits to the company and its employees.

A core competency concept has been introduced by Gary Hamel and C. K. Prahalad. The concept is defined as a combination of multiple skills and resources that make a company unique in the marketplace.

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Assignment ID
100002935
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CREATED ON
November 9, 2016
COMPLETED ON
November 10, 2016
Price
$43
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Essay Example Comments
shiloe0128
December 4, 2016
shiloe0128
good work
shiloe0128
December 4, 2016
shiloe0128
great Work!
shiloe0128
December 4, 2016
shiloe0128
great work!